The Twine Company has the ff information: December 31, 2016 December 31, 2017 Inventory 1,200,000 1,100,000 Accounts Payable 900,000 920,000 For the year 2017, the COGS was 8,200,000 and the cash purchases for inventory was 1,200,000 Compute the amount of the ff: a. cost of goods purchased in 2017. b. Cash paid for accounts payable in 2017.

The Twine Company has the ff information: December 31, 2016 December 31, 2017 Inventory 1,200,000 1,100,000 Accounts Payable 900,000 920,000 For the year 2017, the COGS was 8,200,000 and the cash purchases for inventory was 1,200,000 Compute the amount of the ff: a. cost of goods purchased in 2017. b. Cash paid for accounts payable in 2017.

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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