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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Chapter11: The Statement Of Cash Flows
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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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