The following selected account balances were taken from Tyson Company's balance sheets for 2028: Inventory Salaries...

 

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The following selected account balances were taken from Tyson Company's balance sheets for 2028: Inventory Salaries payable Accounts receivable Retained earnings Accounts payable January 1 $14,000 $22,000 $36,000 $58,000 $49,000 December 31 $69,000 $13,000 $77,000 $82,000 $26,000 Tyson Company's 2028 income statement included sales revenue of $714,000, cost of goods sold of $526,000, and net income of $79,000. Calculate the amount of cash paid to suppliers for purchases of inventory during 2028. The following selected account balances were taken from Tyson Company's balance sheets for 2028: Inventory Salaries payable Accounts receivable Retained earnings Accounts payable January 1 $14,000 $22,000 $36,000 $58,000 $49,000 December 31 $69,000 $13,000 $77,000 $82,000 $26,000 Tyson Company's 2028 income statement included sales revenue of $714,000, cost of goods sold of $526,000, and net income of $79,000. Calculate the amount of cash paid to suppliers for purchases of inventory during 2028.

Answer rating: 100% (QA)

Step 12 Cash paid to supplier is calculated in two steps Step 1 Calculation of net purchases of m... View the full answer