Question

In its May 31, 2017 annual report, Maloneck Ltd. (Maloneck) reported that it had inventory of $175,000 and accounts payable of $104,000 on May 31, 2016, and inventory of $196,000 and accounts payable of $122,000 on May 31, 2017. Maloneck's income statement for the year ended May 31, 2017 reported cost of goods sold of $1,220,000.

Required:
Calculate the amount of cash that Maloneck paid to suppliers for purchases of inventory during fiscal 2017. Assume that accounts payable pertain only to the purchase of inventory on credit.



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  • CreatedFebruary 26, 2015
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