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Solutions
Cornerstones of Financial Accounti...
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
Introduction:
A company pays its supplier for inventory which it later sells to customer as represent by cost of goods sold. These purchased of inventory from suppliers may be either cash purchased,or credit purchase reflected as accounts payable. To compute cash paid to suppliers, it is necessary to analyze two accounts inventory and accounts payable.
To choose:
What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method.
Explanation for correct answers:
Cost of purchase = Cost of goods sold + increase in inventory
Cash paid to supplier = cost of purchase − i
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