Blackmon Company reported net income of $805,000 and cost of goods sold of $1,525,000 on its 2009

Question:

Blackmon Company reported net income of $805,000 and cost of goods sold of $1,525,000 on its 2009 income statement. In addition, Blackmon reported an increase in inventory of $65,000, a decrease in prepaid insurance of $12,000, and a decrease in of $51,000.

Required:
Compute the amount of cash payments to suppliers.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...

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Cornerstones of Financial and Managerial Accounting

ISBN: 978-0324787351

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Authors: Rich Jones, Mowen, Hansen, Heitger

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Question Posted: Jan 16, 2013 03:46 AM

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Blackmon Company reported net income of $805,000 and cost of goods sold of $1,525,000 on its 2009

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Given data Net income 805000 Cost of goods sold 1525000 Increase in inventory 6...View the full answer

Cornerstones of Financial and Managerial Accounting

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