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1. The Richburn Manufacturing Company increased its merchandise inventory by $10,000 over the year. The company also granted its customers more liberal credit terms which increased the accounts receivable by $30,500. Sales were $968,000 and the accounts payable decreased by $20,500. The gross profit on sales is 45%. Marketing and administrative expenses were $138,000; this included depreciation expense of $6,000. What were the cash disbursements for the year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91749791

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