Solved: Amount of cash was paid for the purchase of merchandise, Accounting Basics

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Amount of cash was paid for the purchase of merchandise

Question: The following information is available for K Co. for 2005.

Inventory 1/1/05 130,000
Inventory 12/31/05 120,000
Cost of Goods Sold, 2005 450,000
Accounts Payable 1/1/05 70,000
Accounts Payable 12/31/05 92,000

(A) What amount of cash was paid for the purchase of merchandise?

(B) How will the amount computed in (a) be shown of the statement of cash flows?

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Accounting Basics: Amount of cash was paid for the purchase of merchandise

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