The cost of goods sold reported on the income statement was $185,000. The accounts payable balance increased
Question:
The cost of goods sold reported on the income statement was $185,000. The accounts payable balance increased $8,000, and the inventory balance increased by $11,100 over the year. Determine the amount of cash paid for merchandise.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 20% (5 reviews)
Cost of goods sold 185000 ...View the full answer
Answered By
John Aketch
I am a dedicated person with high degree of professionalism, particularly in academic writing. My desire is to is to make students excel in their academic endeavor.
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9780357714041
16th Edition
Authors: Carl S. Warren, Jefferson P. Jones, William Tayler
Question Posted:
Students also viewed these Business questions
-
The cost of goods sold reported on the income statement was $240,000. The accounts payable balance increased $12,000, and the inventory balance increased by $19,200 over the year. Determine the...
-
The cost of goods sold reported on the income statement was $185,000. The accounts payable balance increased $8,000, and the inventory balance increased by $11,100 over the year. Determine the amount...
-
Cost of merchandise sold reported on the income statement was $130,000. The accounts payable balance increased $6,200, and the inventory balance increased by $11,400 over the year. Determine the...
-
Suppose that the Medicare rate of hospital reimbursement is reduced. Explain why the costs may not be shifted to other patients in the short run.
-
Dennis is an executive of Gold Corporation. He receives a one-for-one distribution of stock rights for each share of common stock he owns. On the date of distribution, the stock rights have a fair...
-
Your client, Red Horse Inc., prepared the following schedule for long term debt for the audit of financial statements for the year ended December 31, 2011: Required a. What type of evidence would you...
-
The November cash records of Stenback, Inc., follow: Stenbacks Cash account shows the balance of $6,172 on November 30. On November 30, Stenback received the following bank statement: Additional data...
-
Provide a comparison of the internal control frameworks of COSOs ERM and SAS No. 78. Discuss (in a manner prescribed by your professor) the implications to independent auditors of the differences.
-
Please solve the below including the formula in excel Consider the following information for two all-equity firms, A and B: Firm A Firm B Total earnings $3,000 $1,100 Shares outstanding 600 400 Price...
-
Assume that each server has an MTTF of 200 days and an MTTR of five days. The disk has an MTTF of 800 days and an MTTR of 20 days. In addition, each server is shut down for maintenance for one day...
-
The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of International Speedway Corporation (ISCA), owner and operator of...
-
Sales reported on the income statement were $225,000. The accounts receivable balance decreased $14,300 over the year. Determine the amount of cash received from customers.
-
When dividing a polynomial by x - c do you prefer to use long division or synthetic division? Does the value of c make a difference to you in choosing? Give reasons.
-
Explain whether each of the following events will increase, decrease or have no effect on LRAS. a. A country experiences a wave of immigration. b. A government raises the minimum wage above the...
-
What are the main differences between inflation targeting and NGDP targeting?
-
What might shift the AS curve to the left? Use the model of AD and AS to trace through the effects of such a shift.
-
A given capacitor of capacitance \(3.5 \mu \mathrm{F}\) is charged to \(65 \mathrm{~V}\). The charging battery is then disconnected and a \(15-\mathrm{mH}\) inductor is connected in series with this...
-
Explain why the following statements are false. a. The AD curve slopes downwards because it is the horizontal sum of the demand curves for individual goods. b. The LRAS curve is vertical because...
-
(a) Prove that the x2 distribution is stochastically increasing in its degrees of freedom; that is, if p > q, then for any a, P(x2p > a) P(X2q > a) with strict inequality for some
-
Representative data read from a plot that appeared in the paper Effect of Cattle Treading on Erosion from Hill Pasture: Modeling Concepts and Analysis of Rainfall Simulator Data (Australian Journal...
-
Why do accrual-basis financial statements provide more useful information than cash-basis statements?
-
Why may a trial balance not contain up-to-date and complete financial information?
-
Explain the differences between depreciation expense and accumulated depreciation.
-
What is the concentration in molarity of carbon dioxide in a carbonated drink if the CO2 partial pressure is 229 kPa? ( Henry's Law Constant for CO2 in water at 25 C is 3.4 X 102 M/atm) (1 atm =...
-
To complete this key resonance structure showing the effect OCH3 on OH Draw key resonance structure. Which symbol / word is needed? 1 OH 2 6 H3C 8- 8+ no .. -bond stable unstable ne A B C D E F G H I...
-
carbon dioxide is a nonpolar molecule, while sulfur dioxide is a polar molecule. Why? include in your answer a Lewis dot structure of each, showing appropriate geometry and bond polarity. Finally in...
Study smarter with the SolutionInn App