At 1 April 20X9, the payables ledger control account showed a balance of $142,320. At the end of April the following totals are extracted from the subsidiary books for April:

?????????????????????????????????????????????????????????????????????????????????????????????? ?? ??$

Purchases day book???????????????????????????????????????????????????????????? ?? 183,800

Returns outwards day book????????????????????????????????????????????????? ?? ?27,490

Returns inwards day book????????????????????????????????????????????????????? ?? 13,240

Payments to payables, after deducting $1,430 cash discount?196,360

It is also discovered that:

(a)?The purchase day book figure is net of sales tax at 17.5%; the other figures all include sales tax.

(b)?A customer's balance of $2,420 has been offset against his balance of $3,650 in the payables ledger.

(c)?A supplier's account in the payables ledger, with a debit balance of $800, has been included on the list of payables as

a credit balance

What is the corrected balance on the payables ledger control account?

?Holding companies may give creditors of their subsidiary companies a 'letter of comfort' regarding the?ability of the subsidiary to pay its debts.??

What is the legal effect of a 'letter of comfort'??

In relation to contract law, which of the following describes a warranty??