The cost of goods sold reported on the income statement was $185,000. The accounts payable balance increased

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The cost of goods sold reported on the income statement was $185,000. The accounts payable balance increased $8,000, and the inventory balance increased by $11,100 over the year. Determine the amount of cash paid for merchandise.

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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Corporate Financial Accounting

ISBN: 9781337398169

15th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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