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).
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 $520,000
Use these terms to complete the worksheets below:
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Beginning balance, Inventory |
Cash paid for inventory |
Ending balance, Inventory |
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Ending balance, Accounts Payable |
Goods available to sell |
Beginning balance, Accounts Payable |
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Inventory purchased |
Total obligation to pay inventory costs |
Cost of Goods Sold |
PLEASE NOTE: Use the term names exactly as shown above and list the items in the same order as shown in the textbook examples. You are to follow the format shown in the textbook. All dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345).
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Step01: Inventory Purchased |
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Step02: Cash paid for Inventory Purchases |
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