A merchandising company showed $250,000 in cost of goods sold on its income statement. The companys beginning
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A merchandising company showed $250,000 in cost of goods sold on its income statement. The company’s beginning inventory was $75,000, and its ending inventory was $60,000. The accounts payable balance was $50,000 at the beginning of the year and $40,000 at the end of the year. Using the direct method, adjust the company’s cost of goods sold to a cash basis.
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Related Book For
Introduction to Managerial Accounting
ISBN: 978-1259105708
5th Canadian edition
Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
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