Dyna Corporation had cost of goods sold of $300,000 for the current year ended December 31 and an ending inventory balance of $50,000 The beginning balances in inventory and accounts payable were $20,000 and $16,000, respectively Dyna finances 80 percent of its inventory purchases with trade accoun...

Purchases Cost of Goods Sold Ending Inventory ...

Dyna Corporation had cost of goods sold of $300,000 for the current year ended December 31 and

Question:

Dyna had cost of goods sold of $300,000 for the current year ended December 31 and an balance of $50,000. The beginning balances in inventory and were $20,000 and $16,000, respectively. Dyna finances 80 percent of its inventory purchases with trade incurs purchases ratably throughout the year, and consistently pays for its purchases 30 days after acquisition. What was the amount of cash paid on during the year ended December 31?
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... 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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...