7. The following information is available for Ace Company for 2014: (Cash) disbursements for purchases...
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7. The following information is available for Ace Company for 2014: (Cash) disbursements for purchases of merchandise inventory Increase in accounts payable Decrease in merchandise inventory $1,360,000 100,000 40,000 Cost of goods sold for 2014 was NOTE: Assume that all purchases of inventory are made on account and that the only transactions that run through the A/P account are related to merchandise inventory
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