Company A has given us the following information:
Purchases during 1st quarter $18,000
Cash payments for materials during 1st quarter 22,000
Accounts Payable balance at the end of 1st quarter 6,000
Note: The accounts payable account is used only for direct materials.
What was the balance in Company A's accounts payable account at the beginning of the 1st quarter?
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The solution explains how to calculate the balance in the accounts payable account given the purchases and payments