Romero, Inc., had a $60,000 balance in its Accounts Payable account at the beginning of the year.
Question:
Romero, Inc., had a $60,000 balance in its Accounts Payable account at the beginning of the year. By year-end this balance had increased by $10,000. During the year, Romero made $630,000 of merchandise purchases (net) on account. Assuming these are the only events affecting this account, how much cash did Romero pay suppliers during the period?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Introduction To AccountingAn Integrated Approach
ISBN: 9781119600107
8th Edition
Authors: Penne Ainsworth, Dan Deines
Question Posted: