Accounting · Statement of Financial Position
The payables ledger control account for the year ended 31 May 20X7 in Lisbon Co.'s general ledger reflects the following details: - Opening Balance (Credit): $37,500 - Purchases (Credit): $357,500 - Contra with receivables (Debit): $3,925 - Bank payments to suppliers (Debit): $340,750 - Discount received (Debit): $1,325 - Returns outwards (Debit): $11,235 - Closing Balance (Debit balance to clear): $37,765 What numerical value should be included in the statement of financial position as at 31 May 20X7 within current liabilities?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1$357,500
- 2$395,000
- 3$37,765✓
- 4$37,500
Correct answer
$37,765
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