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Problem - Ryan's Express, a retail business, had the following beginning balances and purchases and payments activity in its accounts payable ledger during October. Prepare a schedule of accounts payable for Ryan's Express as of October 31, 20--.
Accounts Payable Ledger
Name
Balance Oct. 1, 20--
Purchases
Payments
Columbia Products
$4,350
$3,060
$2,060
Favorite Fashions
4,910
1,970
2,600
Rustic Legends
5,130
2,625
3,015
Current Ratio and Quick (Acid-Test) Ratio Smith Company has current assets equal to $250,000. Of these, $135,000 is cash, $55,000 is accounts receivable.
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