Question: Direct Method Using the following data for Smith & Sons, calculate the cash paid for merchandise purchased: Cost of goods sold Inventory, January 1 Inventory,

the cash paid for merchandise purchased: Cost of goods sold Inventory, January

1 Inventory, December 31 Accounts payable, January 1 Accounts payable, December 31

$108,000 19,000 22,000 11,000 7,000 Cash paid for merchandise purchased s 0

Direct Method Using the following data for Smith & Sons, calculate the cash paid for merchandise purchased: Cost of goods sold Inventory, January 1 Inventory, December 31 Accounts payable, January 1 Accounts payable, December 31 $108,000 19,000 22,000 11,000 7,000 Cash paid for merchandise purchased s 0

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