Question: 7. Consider the following facts concerning Mike, lnc: The only source of Accounts Payable for Mike Inc. is the purchase of inventory on credit

7. Consider the following facts concerning Mike, lnc: The only source of

Accounts Payable for Mike Inc. is the purchase of inventory on credit

7. Consider the following facts concerning Mike, lnc: The only source of Accounts Payable for Mike Inc. is the purchase of inventory on credit - The company did not pay any money to its suppliers during the year. - The balance in inventory and Accounts Payable at the beginning and end of the year were as follows: Inventory Accounts payable 1/1/201 12/31/201 $36,380 $63,540 $55,400 $89,220

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