Middleton Corporation reported utilities expense of $18,200 on its income statement for Year 1. For the year, the beginning balance in Utilities Payable was $2,500 and the ending balance was $1,500. The amount of cash that Mayes paid for utilities in Year 1 was $19,200.
Answer the following statement true (T) or false (F)
True
Ending balance of utilities payable of $1,500 = Beginning balance of utilities payable of $2,500 + Increase due to utilities expense of $18,200 ? Decrease due to payment of utilities payable (the unknown)
Outflow for payment of utilities = $2,500 + $18,200 ? $1,500 = $19,200
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