Question: please answer the quesiton and explain how you got that answer. thank you! On January 1. Year 1. ABC Merchandising Company was started. The company

please answer the quesiton and explain how you got that answer. thank you!

On January 1. Year 1. ABC Merchandising Company was started. The company experienced the following events during the first vear of ogeration 1. Started the business by issue common stock for $1,000cash. 2. Purchased $310 of inventory on account. 3. Sold merchandise costing $290 for $500 on account. 4. Collected $110 cash from accounts receivable. 5. Paid $130 of outstanding accounts payable. What is the value of ABC Merchandising Company's ending Accounts Payable for Year 1? $130 $200 $180 $20

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

please answer the quesiton and explain how you got that answer. thank you! On January 1, Year 1, ABC Merchandising Company was started. The company experienced the following events during the first...

please answer the quesiton and explain how you got that answer. thank you! ABC Company is a merchandising business. In Year 3, the business experienced the following events: 1. Purchasedinventory for...

please answer the quesiton and explain how you got that answer. thank you! ABC Cornpaoy is a merchandising business. In Year 1 , the business experienced the following events: 1. Acquired $1.000 cash...

please answer the quesiton and explain how you got that answer. thank you! ABC Company had the following transactions in Year 1 : - Earned 5990 of service revenue. Half was paid in cash, the other...

please answer the quesiton and explain how you got that answer. thank you! ABC Company ended Year 1 with a balance of 5700 in Accounts Recelvable in Year 2 . ABC Company earned 5500 of service...

please answer the quesiton and explain how you got that answer. thank you! ABC Compary tad the following transactioes in Year 1 - Earned 5700 of service revenue. Haif was paid in cast the other haif...

Please answer all questions, and explain how you got those answers, thank you! Case: The Dial Company specializes in producing a set of wood patio furniture consisting of a table and four chairs. The...

Reminder: Question 18 On January 1, Year 1, ABC Merchandising Company was started. The company experienced the following events during the first year of operation: 1. Started the business by issue...

20 On January 1, Year 1, ABC Merchandising Company was started. The company experienced the following events during the first year of operation: 1. Started the business by issue common stock for...

* * * B 2 , B 3 , and C Need to be answered, please place answer in its corresponding tables, thank you * * * On January 1 , Year 1 , Jana started a small flower merchandising business that she named...

Refer to the figure. Price (dollars) 10 9 8 2 1 O Market for Artichokes 50 100 D 150 S 200 Quantity (pounds of artichokes) 250 Tools .. ES

T.3.1. Essay: Analyzing the Competition It is important to know that identifying the competition is the vital part of a product or service and of the company. Ignoring it can have disastrous...

One benefit of going public is that it Group of answer choices creates a liquid asset that makes it easier to sell the company creates a liquid asset that makes it harder to sell the company creates...

Draw a class diagram and its relationship based on the following statements. You can use any UML tool/software to represent your class diagram. Do NOT copy and paste your diagram, use the attachment...