2019 2020 2019 2020 Cash $2,000 $1,600 Accounts payable $4,000 $3,500 Accounts receivable $4,200 $4,500 Utilities payable $800 $1,500 Inventory $2,600 $4,000 Salaries payable $2,200 $2,600 Prepaid rent $800 $500 Notes payable $10,000 $9,000 Equipment $16,000 $16,000 Interest payable $600 $900 Accum. depreciation ($2,200) ($2,800) Common stock $10,000 $10,000 Land $10,000 $6.500 Retained earnings $5,800 $2,800 $33,400 $30,300 $33,400 $30,300 Given the above information, how much was cost of goods sold during 2020 if inventory purchases were $26,00O? $24,100 O $25,100 $27,400 O $26,000 None of the above
2019 2020 2019 2020 Cash $2,000 $1,600 Accounts payable $4,000 $3,500 Accounts receivable $4,200 $4,500 Utilities payable $800 $1,500 Inventory $2,600 $4,000 Salaries payable $2,200 $2,600 Prepaid rent $800 $500 Notes payable $10,000 $9,000 Equipment $16,000 $16,000 Interest payable $600 $900 Accum. depreciation ($2,200) ($2,800) Common stock $10,000 $10,000 Land $10,000 $6.500 Retained earnings $5,800 $2,800 $33,400 $30,300 $33,400 $30,300 Given the above information, how much was cost of goods sold during 2020 if inventory purchases were $26,00O? $24,100 O $25,100 $27,400 O $26,000 None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![2019
2020
2019
2020
Cash
$2,000
$1,600
Accounts payable
$4,000
$3,500
Accounts receivable
$4,200
$4,500
Utilities payable
$800
$1,500
Inventory
$2,600
$4,000
Salaries payable
$2,200
$2,600
Prepaid rent
$800
$500
Notes payable
$10,000
$9,000
Equipment
$16,000
$16,000
Interest payable
$600
$900
Accum. depreciation
($2,200) ($2,800)
Common stock
$10,000 $10,000
Land
$10,000
$6,500
Retained earnings
$5,800
$2,800
$33,400
$30,300
$33,400 $30,300
Given the above information, how much was cost of goods sold during 2020 if inventory purchases
were $26,000?
$24,100
$25,100
$27,400
$26,000
None of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4804c7e2-0449-4e9d-b060-ae2abfeacec8%2F2a65dd76-6d95-4793-acb0-a7bf45d72bb6%2Fwrxlqh_processed.png&w=3840&q=75)
Transcribed Image Text:2019
2020
2019
2020
Cash
$2,000
$1,600
Accounts payable
$4,000
$3,500
Accounts receivable
$4,200
$4,500
Utilities payable
$800
$1,500
Inventory
$2,600
$4,000
Salaries payable
$2,200
$2,600
Prepaid rent
$800
$500
Notes payable
$10,000
$9,000
Equipment
$16,000
$16,000
Interest payable
$600
$900
Accum. depreciation
($2,200) ($2,800)
Common stock
$10,000 $10,000
Land
$10,000
$6,500
Retained earnings
$5,800
$2,800
$33,400
$30,300
$33,400 $30,300
Given the above information, how much was cost of goods sold during 2020 if inventory purchases
were $26,000?
$24,100
$25,100
$27,400
$26,000
None of the above
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