Reference no: EM132691476
Question - At the beginning of the current year, KENZO started an electrical and computer business. During the current year, the business paid trade creditors $2,000,000 in cash and suffered a net loss of $350,000. The ledger pre-closing balances at year-end included the following:
Accounts receivable $600,000
Accounts payable $750,000
Capital (total investment in cash) $2,000,000
Expenses (paid in cash) $100,000
Merchandise (unadjusted debit balance) $700,000.
There were no withdrawals. All sales and purchases were on credit. The "Merchandise" account is debited for purchases and credited for sales.
1. What is the amount of purchases for the year?
a) 2,750,000
b) 2,000,000
c) 2,050,000
d) 1,250,000
2. What is the amount of sales for the year?
a) 2,650,000
b) 700,000
c) 2,750,000
d) 2,050,000
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