Question

Burkhart Enterprises wants you to prepare a spreadsheet to answer the following questions:
A. Purchases (net of discount) of inventory were $ 500,000 during the period. The beginning balance of accounts payable was $ 40,000, while the ending balance was $ 25,000. A purchase of $ 4,000 (net) was returned during the period. How much cash was paid for inventory during the period?
B. Cash paid for inventory during the period was $ 400,000. The beginning and ending balances of ac-counts payable were $ 10,000 and $ 12,000, respectively. Cash discounts of $ 2,500 were lost during the period. No purchase returns were made during the year. What was the amount of purchases (net of discount) made during the period?
C. Purchases of inventory (net of discount) were $ 800,000, while cash paid for inventory was $ 950,000 during the period. A purchase of $ 5,000 (net) was returned during the period. If the ending balance of accounts payable was $ 35,000, what was the beginning balance?


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  • CreatedMarch 25, 2015
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