Pace Associates,a Small Consulting Firm,charges All of Its Expenses on Accounts

question 107

Multiple Choice

Pace Associates,a small consulting firm,charges all of its expenses on accounts payable.Pace's accounts payable balance was $1,500 at the beginning of the year.During the year,expenses were incurred on account in the amount of $13,500.The ending accounts payable balance was $3,500.What is the amount of cash paid for expenses during the year?

• A) $17,000
• B) $11,500
• C) $10,500
• D) $15,500

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Definitions:

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Eugenics

A discredited and controversial social philosophy advocating the improvement of human genetic traits through selective breeding or genetic manipulation.

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