Accounts payable, 31 December 2016 $50 000 Accounts payable, 31 December 2017 $80 000 Inventory, 31 December 2016 $60 000 Inventory, 31 December 2017 $150 000 Cost of goods sold, 2017 $850 000 Assume that all merchandise purchases are on account. How much cash suppliers for inventory purchases during 2017?

Accounts payable, 31 December 2016 $50 000 Accounts payable, 31 December 2017 $80 000 Inventory, 31 December 2016 $60 000 Inventory, 31 December 2017 $150 000 Cost of goods sold, 2017 $850 000 Assume that all merchandise purchases are on account. How much cash suppliers for inventory purchases during 2017?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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