Question: increase or decrease ?? Cost of goods sold for the year amounted to $130,000, and during the year, accounts payable by $8,000 and inventory by

increase or decrease ?? Cost of goods sold for the year amounted

increase or decrease ??

Cost of goods sold for the year amounted to $130,000, and during the year, accounts payable by $8,000 and inventory by $7,000 resulting in cash paid to suppliers of $115,000. eTextbook and Media

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

COMPLETION STATEMENTS A statement of cash flows summarizes the operating, ____________, and ___________ activities of an entity. The cash effects of selling goods and services appears in the...

1. Cost of goods sold = $2300 000 Inventory increased from $300 000 to $610 000 Accounts payable increased from $200 000 to $295 000 Required: Calculate cash payments for purchases. 2. Income tax...

1. A company has cash transactions with investments classified as trading and with investments classified as available for sale. The classification of these activities in the EFE is: Investments To...

The following are four items that may appear in operational activities prepared under the indirect method. For each, type "A" if the item is added to net income and enter "B" if the item is...

Using the "Dupont" system of return on investment, discussed Deduct 0.5 for wrong out of 100 in "Ver" below in class prepare the various versions (senarios) of this formula using original information...

Using the "Dupont" system of return on investment,below in class prepare the various versions (senarios) of this formula using original information from the two statement to the right and with the...

The unadjusted trial balance of Peace Hill Inc. at December 31, 2017, is as follows: Additional information: 1. Actual advertising costs amounted to $1,350 per month. The company has already paid for...

(LO 6) (Convert operating activities from accrual to cash basisdirect method.) The following is a list of statement of income accounts that must be converted from the accrual basis to the cash basis...

On January 2, Year 4, Paypal Ltd. purchased 80% of the outstanding shares of Saypal Ltd. for $2,040,000. At that date, Saypal had common shares of $500,000 and retained earnings of $1,290,000 and...

The following transactions took place during 2016 for Palicio Security Service 1. Paid the salaries payable from 2015. 2. On March 1, 2016, Palicio established a $100 petty cash fund to handles...

What is the most important purpose of the cost of production report?

The technique of simulating a process that contains random elements and repeating the process over and over to see how it behaves is called a Monte Carlo procedure. It is widely used in business and...

a Use the formula T = mg to work out the value of T when m = 4.5 and g = 10. b Rearrange the formula T = mg to make m the subject. c Use your formula to work out the value of m when T = 320 and g =...

Add "Viggo Mortenslet cast = new Map ( ) ;en " to the cast as the key, with value "Aragorn".