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Dunnsmore Company reported cost of goods sold of $318,450 on its 20X1 incom Dunnsmore is as follows: Inventories Accounts payable 1/1/20x1 $ 37,200 23,100 12/31/20x1 $ 43,400 29,900 Required: Prepare a schedule showing the amount of cash Dunnsmore paid to suppliers in

Dunnsmore Company reported cost of goods sold of $318,450 on its 20X1 incom Dunnsmore is as follows: Inventories Accounts payable 1/1/20x1 $ 37,200 23,100 12/31/20x1 $ 43,400 29,900 Required: Prepare a schedule showing the amount of cash Dunnsmore paid to suppliers in

FINANCIAL ACCOUNTING
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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Dunnsmore Company reported cost of goods sold of $318,450 on its 20X1 income statement. Other information for Dunnsmore is as follows: Inventories Accounts payable 1/1/20X1 $ 37,200 23,100 Required: Prepare a schedule showing the amount of cash Dunnsmore paid to suppliers in 20X1. Cost of goods sold Add: Increase in inventory 12/31/20X1 $ 43,400 29,900 X Answer is not complete. Inventory purchases Less: Increase in accounts payable Cash paid to suppliers $ 318,450 6,200 (6,800) $ 317,850
Transcribed Image Text:Dunnsmore Company reported cost of goods sold of $318,450 on its 20X1 income statement. Other information for Dunnsmore is as follows: Inventories Accounts payable 1/1/20X1 $ 37,200 23,100 Required: Prepare a schedule showing the amount of cash Dunnsmore paid to suppliers in 20X1. Cost of goods sold Add: Increase in inventory 12/31/20X1 $ 43,400 29,900 X Answer is not complete. Inventory purchases Less: Increase in accounts payable Cash paid to suppliers $ 318,450 6,200 (6,800) $ 317,850
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