The following information is available for Day Company for 2014: Cash disbursements for purchase of merchandise .
Question:
Cash disbursements for purchase of merchandise . $290,000
Increase in trade accounts payable ........ 25,000
Decrease in merchandise inventory ......... 10,000
Required:
What is the cost of goods sold for 2014?
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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We can find cost of goods sold for 2014 by analyzing the inventory accoun...View the full answer
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Related Book For 
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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