Solved: Cold and flu corp reported the following information for, Accounting Basics

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Cold and flu corp reported the following information for

Problem - Cold and Flu Corp. reported the following information for 2012 and 2013. Inventory is not reported as there was no change in inventory from 3 June 2012, to 30 June 2013.

Accounts payable, 30 June 2012 $95 000

Accounts payable, 30 June 2013 $60 000

Cost of goods sold in 2012/13 financial year $540 000

How much cash was paid for inventory during the 2012/13 financial year?

A. $510 000

B. $655 000

C. $575 000

D. $615 000

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Accounting Basics: Cold and flu corp reported the following information for

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Accounting Basics: Cold and flu corp reported the following information for

Reference No:- TGS02420601

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