Solved: Cost of merchandise sold reported on the income statement, Financial Accounting

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Cost of merchandise sold reported on the income statement

Cash payment for merchandise-direct method

Cost of merchandise sold reported on the income statement was $360,000. The accounts payable balance decrease $17,800 and the inventory balance decreased by $28,000 over the year. Determine the amount of cash paid for merchandise.

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Financial Accounting: Cost of merchandise sold reported on the income statement

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Financial Accounting: Cost of merchandise sold reported on the income statement

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