Nick’s Burritos purchases its inventory, on account, daily. At December 31, 2016, the company had taken...
Nick’s Burritos purchases its inventory, on account, daily. At December 31, 2016, the company had taken receipt of $160,000 of inventory from its suppliers which had not been recorded in the accounts. If Nick’s Burritos makes the appropriate adjusting entry, how much will be reported on the December 31, 2016, balance sheet as accounts payable?
Select one: a. $119,616 b. $129,984 c. $160,000 d. $ 0
Homework Answers
The correct answer is c. $160,000
Note:
Accounts payable would be recorded as the amount of inventory taken on receipt. Hence $ 160,000 would be recorded.
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