Question
In: Accounting
Use the following information about the current year's operations of a company to calculate the cash...
Use the following information about the current year's
operations of a company to calculate the cash paid for
merchandise.
| Cost of goods sold……………………………….. | $ 735,000 |
| Merchandise inventory, January 1………………. | 84,700 |
| Merchandise inventory, December 31…………… | 82,400 |
| Accounts payable, January 1……………………. | 54,500 |
| Accounts payable, December 31……………….. | 60,200 |
Solutions
Expert Solution
| cash paid for merchandise | 727,000.00 |
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| Please find below the answer | |
| Statementshowing Computations | |
| Paticulars | Amount |
| Cost of goods sold | 735,000.00 |
| Add Merchandise inventory, December 31 | 82,400.00 |
| Goods available for sale | 817,400.00 |
| Less Merchandise inventory, January 1 | (84,700.00) |
| Purchases | 732,700.00 |
| Purchases | 732,700.00 |
| Accounts payable, January 1 | 54,500.00 |
| TotalAmount to be paid | 787,200.00 |
| Accounts payable, December 31 | (60,200.00) |
| cash paid for merchandise | 727,000.00 |
ekkarill92 answered 2 years agoRelated Solutions
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