Goldman Corp reported the following information for 2015 and 2016. Accounts payable, December 31, 2015 $ 51,000 Accounts payable, December 31, 2016 46,000 Purchases—2016 467,000 How much cash was paid for merchandise purchases during 2016?
a. $421,000
b. $462,000
c. $467,000
d. $472,000
d
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Refer to the following selected financial information from Gomez Electronics. Compute the company's debt-to-equity ratio for Year 2. Year 2 Year 1 Net sales$487,000? $427,950? Cost of goods sold 278,000? 251,820? Interest expense 11,400? 12,400? Net income before tax 68,950? 54,380? Net income after tax 47,750? 41,600? Total assets 320,500? 298,200? Total liabilities 172,900? 169,000? Total equity 147,600? 129,200?
A. 2.17. B. 1.85. C. 0.85. D. 3.30. E. 1.17.
Because accounting measures should be verifiable, liabilities should not be estimated
Indicate whether the statement is true or false
The terms self-leadership and teams do what with each other?
a. Contradict b. Oppose c. Relate d. Supplement
A partnership began its first year of operations with the following capital balances: Young, Capital:$143,000Eaton, Capital:$104,000Thurman, Capital:$143,000??The Articles of Partnership stipulated that profits and losses be assigned in the following manner:? Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. ? Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. ? The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. ? Each partner withdrew $13,000 per year.?Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year.?What was the balance in Young's
Capital account at the end of the second year? A. $ 84,760. B. $133,380. C. $ 71,760. D. $132,860. E. $105,690.