Northern Lights Company's cost of goods sold for the calendar year 20-B amounted to $540,000. The beginning and ending balances of Merchandise Inventory and Accounts Payable were as follows: Dec. 31, 20-B Dec. 31, 20-A Merchandise Inventory $83,000 $79,000 Accounts Payable 33,000 30,000 Compute the amount of cash paid for merchandise in 20-B
Northern Lights Company's cost of goods sold for the calendar year 20-B amounted to $540,000. The beginning and ending balances of Merchandise Inventory and Accounts Payable were as follows: Dec. 31, 20-B Dec. 31, 20-A Merchandise Inventory $83,000 $79,000 Accounts Payable 33,000 30,000 Compute the amount of cash paid for merchandise in 20-B
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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Northern Lights Company's cost of goods sold for the calendar year 20-B amounted to $540,000. The beginning and ending balances of Merchandise Inventory and Accounts Payable were as follows:
Dec. 31, 20-B |
Dec. 31, 20-A |
||
Merchandise Inventory | $83,000 | $79,000 | |
Accounts Payable | 33,000 | 30,000 |
Compute the amount of cash paid for merchandise in 20-B.
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