Problema companys inventory balance at 123113 was 188900, Ask an Expert

Accounting

Problem:

A company's Inventory balance at 12/31/13 was $188,900 and $201,000 at 12/31/12. Its Accounts Payable balance at 12/31/13 was $85,000 and $80,900 at 12/31/12, and its cost of goods sold for 2013 was $721,000.

Required:

The company's total amount of cash payments for merchandise in 2013 equals:

$704,800.
$729,000.
$713,000.
$721,000.
$737,200.

Note: Be sure to show how you arrived at your answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164827

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