What amount of cash was paid to suppliers of inventory, assuming all accounts payable related to inventorypurchases?
Question:
Transcribed Image Text:
Ending Balance 2011 2012 Merchandise inventory 650,000 519,000 65,000 4,115,000 3085,000 104,000 Accounts payable Cost of goods sold
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
Note that 2011 cost of goods sold is irrelevant to this question Beginn...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Given the following information, what amount of cash was collected from customers? Assume all sales are onaccount. Ending Balance Accounts receivable Sales 2011 2012 600,000 480,000 2,850,000...
-
What amount of cash must be invested today in order to have $60,000 at the end of one year assuming the rate of return is 9%?
-
Accounts Payable Accounts Receivable Cash Inventory and Sales Revenue are not involved in the Other Accounts column in either the cash receipts or cash payments journal and are not involved in any...
-
Greety Food in Ashland, Kentucky, manufactures and markets snack foods. Sita Lee manages the company's fleet of 220 delivery trucks. Lee has been charged with *reengineering* the fleet-management...
-
Sami walks into a restaurant. She is given a menu, which indicates that lobster is $30. Sami orders the lobster. It arrives, and Sami thinks it is very tasty. When the bill arrives, Sami tries to...
-
Is the U.S. economy too dependent on Fiscal and Monetary Policy? Are government-mandated minimum wages, government spending and artificially low interest rates necessary for the economy to be...
-
Do we need coding standards even if they make no difference to the functionality of software?
-
1. What recent StuffDOT actions have added to its user-friendliness? 2. (a) Who are StuffDOTs major competitors and (b) what point(s) of difference should StuffDOT use to distinguish itself from...
-
Find g'(x) where, 9(x)=3x3 5 5
-
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020, John worked as a computer technician at a local university earning a salary of $152,000, and...
-
Molton Company experienced the following during 2012: 1. Issued preferred stock for $125,000. 2. Repurchased $70,000 of its own common stock 3. Borrowed $150,000 from a bank issuing a 5-year note. 4....
-
Each of the following events/amounts is independent of all others. 1. Decrease in inventory. 2. Loss on sale of an asset. 3. Amortization of a patent 4. Increase in wages payable. 5. Increase in...
-
1. What has Pure Brush Company done to make Connie Lynch believe that Dawson was authorized to act? 2. Is there anything else the company could have done?
-
Debit implies increase and credit implies decrease. Do you agree with the statement? Explain your answer.
-
Depreciation is a non-cash expense. Still it is an integral part of cash flows. Explain.
-
While interest payment is an expense, dividend payment, in contrast, is not reckoned expense. Explain.
-
Capital expenditures and deferred revenue expenditures need to be apportioned to determine true income. Explain. Give 3 examples of each.
-
State the rules of debit and credit as applied to (a) expense accounts, (b) asset accounts (c) capital account.
-
Show that y = Cerx is a solution of y" + ay' + by = 0 if and only if r is a root of P(r) = r 2 + ar + b. Then verify directly that y = C 1 e 3x + C 2 e x is a solution of y" 2y' 3y = 0 for any...
-
Anna, a high school counselor, devised a program that integrates classroom learning with vocational training to help adolescents at risk for school dropouts stay in school and transition to work...
-
Greystone Co. is a retailer of womens clothing and accessories. It operates in many countries around the world and has expanded steadily from its base in Canada. Its main market is 15- to...
-
Why is the activity-based costing described in this chapter unacceptable for external financial reports?
-
Why is the activity-based costing described in this chapter unacceptable for external financial reports?
-
Why is the first stage of the allocation process in activity-based costing often based on inter- views?
-
If you could model yourself after one or more of the historical leaders we discussed in this chapter, whom would you model yourself after? Please learn more about the leader you chose. Identify two...
-
You are a market researcher. You've been asked to compare the way 2 news sources present the same issue for possible consideration by your market research department and public relations staff....
-
Explain about the application software available for Unix operating system?
Study smarter with the SolutionInn App