1. Suppose you buy one contract for May 2015 delivery at the closing price. If the contract closes in May at a price of $3.68 per bushel, what will be your profit or loss? (Each contract calls for delivery of 5,000 bushels.)
2. ABC ended the year with accounts payable of 23,465. During the year, the firm purchased 126,259 of goods from their suppliers and paid 126,070 for those purchases. What was ABC's accounts payable at the beginning of the year?