used car dealer reported the following information: Accounts payable, December 31, 2023 $95,000 Accounts payable, December 31, 2022 50,000 Cost of goods sold for 2023 560,000 Accounts payable, December 31, 2023: $95,000 Accounts payable, Decemeber 31, 2022:$50,000 Cost of goods sold for 2023: $560,000 Assuming there was no change in inventory during the period, how much cash was paid for merchandise purchases during 2023?
used car dealer reported the following information: Accounts payable, December 31, 2023 $95,000 Accounts payable, December 31, 2022 50,000 Cost of goods sold for 2023 560,000 Accounts payable, December 31, 2023: $95,000 Accounts payable, Decemeber 31, 2022:$50,000 Cost of goods sold for 2023: $560,000 Assuming there was no change in inventory during the period, how much cash was paid for merchandise purchases during 2023?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A used car dealer reported the following information:
| Accounts payable, December 31, 2023 | $95,000 |
| Accounts payable, December 31, 2022 | 50,000 |
| Cost of goods sold for 2023 | 560,000 |
Accounts payable, December 31, 2023: $95,000
Accounts payable, Decemeber 31, 2022:$50,000
Cost of goods sold for 2023: $560,000
Assuming there was no change in inventory during the period, how much cash was paid for merchandise purchases during 2023?
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