An analysis of the cash book and other records of TRAIN Company were as follows: Accounts payable, January 1, 2021 Accounts payable, December 31, 2021 Cash purchases during the year Payments on accounts payable during the year P 80,000 150,000 300,000 700,000 Purchase discounts taken 7,500 How much net purchases should TRAIN report on its statement of comprehensive income for the year ended December 31, 2021?

An analysis of the cash book and other records of TRAIN Company were as follows: Accounts payable, January 1, 2021 Accounts payable, December 31, 2021 Cash purchases during the year Payments on accounts payable during the year P 80,000 150,000 300,000 700,000 Purchase discounts taken 7,500 How much net purchases should TRAIN report on its statement of comprehensive income for the year ended December 31, 2021?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
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