Dunnsmore Company reported cost of goods sold of $318,450 on its 20X1 incom Dunnsmore is as follows: Inventories Accounts payable 1/1/20x1 $ 37,200 23,100 12/31/20x1 $ 43,400 29,900 Required: Prepare a schedule showing the amount of cash Dunnsmore paid to suppliers in

Dunnsmore Company reported cost of goods sold of $318,450 on its 20X1 incom Dunnsmore is as follows: Inventories Accounts payable 1/1/20x1 $ 37,200 23,100 12/31/20x1 $ 43,400 29,900 Required: Prepare a schedule showing the amount of cash Dunnsmore paid to suppliers in

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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Question

subject-Accounting

Dunnsmore Company reported cost of goods sold of $318,450 on its 20X1 income statement. Other information for
Dunnsmore is as follows:
Inventories
Accounts payable
1/1/20X1
$ 37,200
23,100
Required:
Prepare a schedule showing the amount of cash Dunnsmore paid to suppliers in 20X1.
Cost of goods sold
Add: Increase in inventory
12/31/20X1
$ 43,400
29,900
X Answer is not complete.
Inventory purchases
Less: Increase in accounts payable
Cash paid to suppliers
$ 318,450
6,200
(6,800)
$ 317,850

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