What are the balances for accounts payable

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During 20x7 milky way corporation made sales of $4600 (assume all on account) and collected cash of $4800 from customers. Operating expenses totalled $1100, all paid in cash. At year end, 20x7 milky way customers owed the company $500, milky way owed creditors $1200 on account. all amounts are in thousands.

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Problem 1: Under accrual accounting, what are the balances for: (a) operating expenses and (b) accounts payable?

Problem 2: Under cash accounting, what are the balances for: (a) operating expenses and (b) accounts payable?

Reference no: EM132620962

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