The following information is available for Smith Trading Co.: Balance Sheet Items: • • • Jan 1, 2023 Accounts Payable: $45,000 Dec 31, 2023 Accounts Payable: $38,000 Jan 1, 2023 Inventory: $62,000 Dec 31, 2023 Inventory: $55,000 Cash Flow Statement: Cash paid to suppliers in 2023: $95,000 Calculate Smith Trading Co.'s cost of goods sold for 2023.
The following information is available for Smith Trading Co.: Balance Sheet Items: • • • Jan 1, 2023 Accounts Payable: $45,000 Dec 31, 2023 Accounts Payable: $38,000 Jan 1, 2023 Inventory: $62,000 Dec 31, 2023 Inventory: $55,000 Cash Flow Statement: Cash paid to suppliers in 2023: $95,000 Calculate Smith Trading Co.'s cost of goods sold for 2023.
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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provide correct answer general accounting

Transcribed Image Text:The following information is available for Smith Trading Co.:
Balance Sheet Items:
•
•
•
Jan 1, 2023 Accounts Payable: $45,000
Dec 31, 2023 Accounts Payable: $38,000
Jan 1, 2023 Inventory: $62,000
Dec 31, 2023 Inventory: $55,000
Cash Flow Statement:
Cash paid to suppliers in 2023: $95,000
Calculate Smith Trading Co.'s cost of goods sold for 2023.
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