Compute the amount of cash paid for merchandise in


Northern Lights Company's cost of goods sold for the calendar year 20-B amounted to $540,000. The beginning and ending balances of Merchandise Inventory and Accounts Payable were as follows:

Dec. 31,

20-B

Dec. 31, 20-

A

Merchandise Inventory

$83,000

$79,000

Accounts Payable

33,000

30,000

Required:

Compute the amount of cash paid for merchandise in 20-B.

Solution Preview :

Prepared by a verified Expert
Finance Basics: Compute the amount of cash paid for merchandise in
Reference No:- TGS02801607

Now Priced at $10 (50% Discount)

Recommended (95%)

Rated (4.7/5)