At year-end, Rim Co. held several investments with the intent of selling them in the near term. The investments consisted of $100,000, 8%, five-year bonds, purchased for $92,000, and equity securities purchased for $35,000.
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During February, $186,500 was paid to creditors on account, and purchases on account were $201,400. Assuming the February 28 balance of Accounts Payable was $59,900, determine the account balance on February 1.
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