Answered: Cost of Goods Sold was $64,242,…

Name: Cost of Goods Sold was $64,242, Accounts payable increased by 13,127.a
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Cost of Goods Sold was $64,242, Accounts payable increased by 13,127.and inventory increased by $18,751What was the cash paid to suppliers? $________

Business

Accounting

Cost of Goods Sold was $64,242, Accounts payable increased by 13,127.and inventory increased by $18,751 What was the cash paid to suppliers? $________

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: During the current year merchandise is sold for 45,870,000. The cost of the merchandise sold is…

A: Gross Profit is one of the components of the profit and loss statement of your business. It is the…

Q: Shown below are selected financial data for Company a and Company B at the end of the current…

A: Company A Current assets =Cash +Account receivable +inventory Current assets…

Q: 1. Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and…

A: Introduction: Net sales: Net sales value to be shown in income statement. It tells the exact sales…

Q: Calculate the operating and cash cycles.

A: The operating cycle measures the time it takes for a company to convert its inventory into cash…

Q: For the fiscal year, sales were $25,565,000 and the merchandise sold cost of was Is $15,400,000.…

A: 1. Gross Profit: Calculating gross profit is a key financial indicator that offers information about…

Q: Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold…

A: A financial statement that displays the company's revenue and expenses is called an income…

Q: A company shows the following balances: Cost of goods sold $217,000 Income tax expense 33,600…

A: Step 1: Introduction to Sales Discount:When the commodities or merchandise is purchased, the seller…

Q: Bioware Co. reports cost of goods sold of $42,000. Its comparative balance sheet shows that…

A: Direct method: Under this method of cash flow, all the actual cash receipts and payments are taken…

Q: The cost of merchandise sold for Kohl’s Corporation for a recent year was $12,265 million. The…

A: There are various payments made in process of running business. When the merchandise is purchased,…

Q: Determine amounts a, b, and c. Additional information follows: ∙ Return on total assets is 16%…

A: Return on Total Assets = Net income/Average total assets Inventory turnover = Cost of goods…

Q: Cost of merchandise sold reported on the income statement was $403,600. The accounts payable balance…

A: Total Purchase of inventory = Cost of merchandise sold + Increase in inventory = $403,600 + $62,700…

Q: Calculate the Sales from the information given: Cost of goods sold is $38,000 Net income is $14,625…

A: The question is multiple choice question. Required Choose the Correct Option.

Q: Solve this one

A: Answer to Part a.Net Sales = Sales - Sales discounts- Sales returns and allowancesNet Sales =…

Q: During the current year, merchandise is sold for $141,000 cash and $615,200 on account. The cost of…

A: COST OF GOODS SOLD Cost of goods sold is the carrying value of goods sold during a particular…

Q: The Cost of Goods Sold amounted to ₱285,000. Net cost of purchases totaled ₱ 85,000. Beginning…

A: Gross profit is the excess of sales over cost of goods sold. Cost of goods sold is the cost at which…

Q: Determining Gross Profit During the current year, merchandise is sold for $45,870,000. The cost of…

A: The objective of the question is to calculate the gross profit, the gross profit percentage, and to…

Q: Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods…

A: 1) computation of net income Return on total asset = 16% Return on asset = Net income / Average…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Cost of Goods Sold was $64,242, Accounts payable increased by 13,127.and inventory increased by $18,751

What was the cash paid to suppliers? $________

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Formula for Calculation of Cash Paid to Suppliers

VIEW

Calculation of Cash paid to suppliers

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
Cost of Goods Sold was $50669, Accounts payable decreased by 10880.and inventory decreased by $15472 What was the cash paid to suppliers? $________
Determining cost of goods soldFor a recent year, Best Buy (BBY) reported sales of $39,528 million. Itsgross profit was $9,191 million. What was the amount of Best Buy's costof goods sold?
What is the gross profit on these general accounting question?
A company reported the following: Cost of Goods Sold $202,200 General, Selling, and Administrative Expenses 53,020 Income Tax Expense 3,820 Inventory 13,500 Net Income 24,980 Sales Revenue 289,500 Sales Discounts 2,940 Sales Returns & Allowances 2,540 What is the amount of income before income taxes? Multiple Choice $103,300 $110,650 $28,800 $135,000
Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement report net income?
Determining Gross Profit During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,400. a. What is the amount of the gross profit? 12,843,600 b. Compute the gross profit percentage (gross profit divided by sales). % c. When will the income statement necessarily report a net income?
Cost of goods sold reported on the income statement was $153,920. The accounts payable balance increased $6,260, and the inventory balance increased by $8,680 over the year. Determine the amount of cash paid for merchandise.
Determining Gross Profit During the current year, merchandise is sold for $900,000. The cost of the goods sold is $522,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). % c. Will the income statement always report a operating income?
During the current year, merchandise is sold for $237,500 cash and $625,000 on account. The cost of the goods sold is $422,300. What is the amount of the gross profit? a.$1,284,800 b.$442,000 c.$34,800 d.$440,200
A company has $550,000 in net sales and $193,000 in gross profit. This means its cost of goods sold equals a. $743,000. c. $357,000. e. $(193,000). b. $550,000. d. $193,000.