Using the following excerpts from the Michigan Company’s financial statements and the list of terms that follow, please complete the worksheets below to determine cash paid to suppliers for inventory in 2018.     From Balance Sheets:                                  Dec. 31, 2018                           Dec.31, 2017 Inventory                                                               $74,000                                    $82,000 Accounts Payable                                                   55,000                                      58,000 From Income Statement:                                          2018 Cost of Goods Sold                                               $520,000 Use these terms to complete the worksheets below: Beginning balance, Inventory Cash paid for inventory Ending balance, Inventory Ending balance, Accounts Payable Goods available to sell Beginning balance, Accounts Payable Inventory purchased Total obligation to pay inventory costs Cost of Goods Sold PLEASE NOTE: Use the term names exactly as shown above and list the items in the same order as shown in the textbook examples. You are to follow the format shown in the textbook. All dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345).

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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8. Using the following excerpts from the Michigan Company’s financial statements and the list of terms that follow, please complete the worksheets below to determine cash paid to suppliers for inventory in 2018.

    From Balance Sheets:                                  Dec. 31, 2018                           Dec.31, 2017

Inventory                                                               $74,000                                    $82,000

Accounts Payable                                                   55,000                                      58,000

From Income Statement:                                          2018

Cost of Goods Sold                                               $520,000

Use these terms to complete the worksheets below:

Beginning balance, Inventory

Cash paid for inventory

Ending balance, Inventory

Ending balance, Accounts Payable

Goods available to sell

Beginning balance, Accounts Payable

Inventory purchased

Total obligation to pay inventory costs

Cost of Goods Sold

PLEASE NOTE: Use the term names exactly as shown above and list the items in the same order as shown in the textbook examples. You are to follow the format shown in the textbook. All dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345).

Step01: Inventory Purchased

                            

 

 

 

 

 

 

 

 

 

 

 

Step02: Cash paid for Inventory Purchases

 

 

 

 

 

 

 

 

 

 

                       

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