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The following information is available for Pear Limited for 2020: Accounts payable, beginning $14,000 Cash payments on account during year 54,000 Purchase discounts taken during year on 2020 purchases 1,200 Accounts payable, ending 7,000 Assuming the company records purchases at gross amounts, the total purchases for 2020 would be $61,000
The following information is available for Pear Limited for 2020:
|
Accounts payable, beginning |
$14,000 |
|
|
Cash payments on account during year |
54,000 |
|
|
Purchase discounts taken during year on 2020 purchases |
1,200 |
|
|
Accounts payable, ending |
7,000 |
Assuming the company records purchases at gross amounts, the total purchases for 2020 would be
$61,000.
$55,200.
$48,200.
$59,800.
Expert Solution
Answer: c
Explanation:
$54,000 + $1,200 – $14,000 + $7,000 = $48,200
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