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.Use these terms to complete the worksheets below:Beginning balance, InventoryCash paid for inventoryEnding balance, InventoryEnding balance, Accounts PayableGoods available to sellBeginning balance, Accounts PayableInventory purchasedTotal obligation to pay inventory costsCost of Goods SoldPLEASE 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. $12,345).Step01: Inventory Purchased Step02: Cash paid for Inventory Purchases From Balance Sheets:InventoryAccounts PayableDec. 31, 2018$ 74,000Dec. 31, 2017$82,00058,00055,000From Income Statement:2018Cost of Goods Sold$520,000

Financial statements depicts the entity's profitability and exact final position.

Answered: Using the following excerpts from the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.

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

From Balance Sheets:
Inventory
Accounts Payable
Dec. 31, 2018
$ 74,000
Dec. 31, 2017
$82,000
58,000
55,000
From Income Statement:
2018
Cost of Goods Sold
$520,000

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