LaRoe Lawns’ inventory increased during the year by $6 million. Its accounts payable increased by $5 million during the same period. What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $25 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.

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A: Beginning inventory = Ending inventory +/- Decrease/Increase in inventory Purchases = Cost of goods…

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A: The ratio analysis helps to analyse the financial statements of the business.

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A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

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A: The cost of goods sold by a wholesaler or retailer is referred to as the cost of merchandise sold.…

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A: Sales RevenueSales revenue refers to the total amount of income generated from selling goods or…

Q: the sales revenues section of the income statement.

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A: The following formulas used as follows under:- Gross Profit =Total Sales - Cost of Goods Sold Gross…

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A: Average days in inventory depict the number of days for which a company holds its inventories before…

Q: What is the amount of gross profit?

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A: GROSS PROFIT : = SALES - SALES DISCOUNT - SALES RETURNS AND ALLOWANCES  - COST OF GOODS SOLD

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