Homework Answers
Cost of goods sold = Beginning inventory + Purchases - Ending inventory
1520000 = 92000 + Purchases - 75000
Purchases = 1520000 + 75000 - 92000
= 1503000
Net payment made to supplliers for merchandise = Purchases + Decrease in accounts payable
= 1503000 + (48000 - 38000)
= 1513000
Correct choice D
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HELP ME SOLVE THIS
Sales revenue
$7,522,100
Cost of goods sold
Beginning inventory
$1,869,400
Purchases
4,492,900
Goods available for sale
6,362,300
Ending inventory
1,321,200
Total cost of goods sold
5,041,100
Gross profit
2,481,000
Operating expenses
1,112,800
Net income
$1,368,200
Additional information:
1.
Accounts receivable increased $204,100 during the year, and
inventory decreased $548,200.
2.
Prepaid expenses increased $166,800 during the year.
3.
Accounts payable to suppliers of merchandise decreased $346,900
during the year.
4.
Accrued expenses payable decreased $109,600 during...
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HELP ME SOLVE THIS
Sales revenue
$7,522,100
Cost of goods sold
Beginning inventory
$1,869,400
Purchases
4,492,900
Goods available for sale
6,362,300
Ending inventory
1,321,200
Total cost of goods sold
5,041,100
Gross profit
2,481,000
Operating expenses
1,112,800
Net income
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Additional information:
1.
Accounts receivable increased $204,100 during the year, and
inventory decreased $548,200.
2.
Prepaid expenses increased $166,800 during the year.
3.
Accounts payable to suppliers of merchandise decreased $346,900
during the year.
4.
Accrued expenses payable decreased $109,600 during...
Newton Corporation reported an increase in inventory of $55,000. The cost of goods sold for the year was $190,000. There was also a $7,000 decrease in accounts payable from the beginning of the year to the end of the year. What is Newton's cash payment to suppliers for inventory? O A. $197,000 OB. $252,000 O C. $238,000 D. $245,000 Click to select your answer.
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