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: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter12: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12.9E

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As of December 31, 2017 Cash $ 17,900 Accounts payable $ 29,500 Accounts receivable $ 39,600 Notes payable 15,400 Less: Allowance for doubtful accounts 3,200 36,400 Unearned revenue 3,800 Inventory 61,100 Total current liabilities $ 48,700 Prepaid expenses 7,400 Total current assets $ 122,800 The following errors in the corporation's accounting have been discovered: Keane collected $ 5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue. 1. The inventory amount reported included $ 2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $ 1,600 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 2. Sales for the first day in January 2018 in the amount of $ 11,100 were entered in the sales journal as of December 31, 2017. Of these, $ 7,000 were sales on…
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ABC LLCS accounting records shows the following for the year ending on 31st December 2017:Purchase Discounts RO 5,600, Purchases RO 300,000, Beginning Inventory RO 23,500 Ending Inventory RO 28,800, Purchase Returns 6,400 The value of cost of goods sold will be
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At December 31, 2017, Laramie Imports Inc. reported this information on its balance sheet. Accounts receivable $647,000 Less: Allowance for doubtful accounts 41,000 During 2018, the company had the following summary transactions related to receivables and sales. Laramie uses the perpetual inventory system. 1. Sales on account amounted to $2,369,000. The cost of the inventory sold was $2,155,790. 2. Sales returns and allowances with a total sales price of $38,000 and a cost of $34,580 were restored to inventory. 3. Collections of accounts receivable were $2,079,000. 4. Write-offs of accounts receivable deemed uncollectible, $46,200. 5. Recovery of bad debts previously written off as uncollectible, $13,600. Prepare the journal entry to record bad debts expense for 2018, assuming that aging the accounts receivable indicates that estimated uncollectible accounts receivable are $43,500. Account Titles and Explanation Debit Credit…
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Accounts Receivable as of December 31, 2020 should amount to: *A. 180,000B. 330,000C. 525,000D. 555,000
Aa.69.