At the end of 2015, Seiford Enterprises' Accounts Payable balance was $341,053; at the end of 2016,

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At the end of 2015, Seiford Enterprises' Accounts Payable balance was $341,053; at the end of 2016, it was $160,094. Assume that the company purchased $1,951,523 of inventory during 2016 and that Cost of Goods Sold for 2016 was $1,940,562.
Required
Calculate the company's cash payments to suppliers in 2016.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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Managerial Accounting

ISBN: 978-1119343615

3rd edition

Authors: Charles E. Davis, Elizabeth Davis

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