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The following information is available for Ace Company for 2021:                   Disbursements for purchases                                                             $1,150,000                   Increase in trade accounts payable                                                          75,000                   Decrease in merchandise inventory                                                          30,000             Costs of goods sold for 2021 was

The following information is available for Ace Company for 2021:                   Disbursements for purchases                                                             $1,150,000                   Increase in trade accounts payable                                                          75,000                   Decrease in merchandise inventory                                                          30,000             Costs of goods sold for 2021 was

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is available for Ace Company for 2021:

                  Disbursements for purchases                                                             $1,150,000
                  Increase in trade accounts payable                                                          75,000
                  Decrease in merchandise inventory                                                          30,000

            Costs of goods sold for 2021 was
 
 

a. P1,255,000.

b. P1,195,000.
c. P1,105,000.
d. P1,045,000.
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