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Ace Company has been in business for several years selling guitars. The company buys guitars from several vendors and sells them at a local store.

Ace Company has been in business for several years selling guitars. The company buys guitars from several vendors and sells them at a local store. At the end of Year Five, the company has a number of account balances including the following.\ \ Accounts payable $ 10,000\ Advertising expense 30,000\ Capital stock 30,000\ Cash 20,000\ Cost of goods sold 160,000\ Dividends paid to owners 8,000\ Gain on sale of delivery truck 5,000\ Income tax expense 25.000\ Inventory 40,000\ Salary expenses 100,000\ Sales revenue 400,000

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