Small Company reported cost of goods sold of $179,000 on its 2012 income statement The company 's beginning inventory was $35,000 The ending inventory was valued at $40,000 The Accounts Payable balance at January 1 was $25,000 The December 31 balance in Accounts Payable was $22,000 Instructions Com...

Small Company reported cost of goods sold of $179,000 on its 2012 income statement. The company's beginning

Question:

Small Company reported cost of goods sold of $179,000 on its 2012 income statement. The company's beginning inventory was $35,000. The was valued at $40,000. The balance at January 1 was $25,000. The December 31 balance in was $22,000.
Instructions
Compute cash payments to suppliers.
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...

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Horngrens Financial and Managerial Accounting

ISBN: 978-0133866292

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Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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Question Posted: Nov 24, 2017 10:38 AM

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