The financial statements of Seldin, Inc., provide the following information for the current year: Dec.31 Jan.1 Accounts
Fantastic news! We've Found the answer you've been seeking!
Question:
The financial statements of Seldin, Inc., provide the following information for the current year:
Dec.31 | Jan.1 | ||||||
Accounts receivable | $ | 35,000 | $ | 40,000 | |||
Inventory | $ | 55,000 | $ | 51,000 | |||
Prepaid expenses | $ | 12,000 | $ | 14,000 | |||
Accounts payable (for merchandise) | $ | 33,000 | $ | 32,000 | |||
Accrued expenses payable | $ | 15,000 | $ | 20,000 | |||
Net sales | $ | 260,000 | |||||
Cost of goods sold | $ | 130,000 | |||||
Operating expenses (including depreciation of $18,000) | $ | 80,000 | |||||
Compute the amount of Seldin's cash payments for purchases of merchandise during the current year.
Multiple Choice
$130,000
$125,000
$133,000
$127,000
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date: