GSW Corp. purchases its inventory from suppliers on account. During the year, its Inventory account decreased by $40 million and its accounts payable to suppliers increased by $10 million. If cost of goods sold was $650 million, GSW's cash outflows to inventory suppliers totaled: Select one: a. $700 million b. $600 million c. $650 million d. $620 million e. $680 million
GSW Corp. purchases its inventory from suppliers on account. During the year, its Inventory account decreased by $40 million and its accounts payable to suppliers increased by $10 million. If cost of goods sold was $650 million, GSW's cash outflows to inventory suppliers totaled: Select one: a. $700 million b. $600 million c. $650 million d. $620 million e. $680 million
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 5MC
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GSW Corp. purchases its inventory from suppliers on account. During the year, its Inventory account decreased by $40 million and its accounts payable to suppliers increased by $10 million.
If cost of goods sold was $650 million, GSW's
Select one:
a. $700 million
b. $600 million
c. $650 million
d. $620 million
e. $680 million
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