Monty Corporation had January 1 and December 31 balances as follows:1/1/2312/31/23Inventory$89,000$113,400Accounts payable59,10069,100For 2023, the cost of goods sold was $567,000. Calculate Monty's 2023 cash paid to suppliers of inventory.Cash paid to suppliersA

Step 1:Cash paid to suppliers means when the goods are purchased on credit the suppliers will…

Answered: Monty Corporation had January 1 and…

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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Monty Corporation had January 1 and December 31 balances as follows: 1/1/23 12/31/23 Inventory $89,000 $113,400 Accounts payable 59,100 69,100 For 2023, the cost of goods sold was $567,000. Calculate Monty's 2023 cash paid to suppliers of inventory. Cash paid to suppliers A