Question

Lake Company reports: End of Year Beginning of Year Inventory $25,200        $42,600           Accounts Payable 22,300       

Lake Company reports:

End of Year Beginning of Year
Inventory $25,200        $42,600          
Accounts Payable 22,300        12,100          


If cost of goods sold for the year is $220000, the amount of cash paid to suppliers is

$192400.

$247600.

$205000.

$227200.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer is $247,600 -

Particulars Beginning $ End $
Inventory           25,200      42,600
AP           22,300      12,100
COGS    220,000
purchases during the year (COGS+Ending inventory-Beginning inventory)    237,400
Amount paid to suppliers (Beginning AP+purchases during the year-End AP)    247,600
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Kettleman Corp. uses the Accounts payable account for amounts owed to both inventory suppliers and other...
Kettleman Corp. uses the Accounts payable account for amounts owed to both inventory suppliers and other vendors, such as the utility company. Kettleman is preparing its statement of cash flows under the direct method and trying to figure out "Cash paid for inventory and operating expenses". The accountant pulls the following information: Revenue: $500,000 Cost of Goods Sold: $275,000 Operating expenses: $80,000 Inventory: $37,000 (beginning) and $52,000 (ending) Accounts receivable: 50,000 (beginning) and $62,000 (ending) Accounts payable: $90,000 (beginning) and...
Kettleman Corp. uses the Accounts payable account for amounts owed to both inventory suppliers and other...
Kettleman Corp. uses the Accounts payable account for amounts owed to both inventory suppliers and other vendors, such as the utility company. Kettleman is preparing its statement of cash flows under the direct method and trying to figure out "Cash paid for inventory and operating expenses". The accountant pulls the following information: Revenue: $500,000 Cost of Goods Sold: $275,000 Operating expenses: $80,000 Inventory: $37,000 (beginning) and $52,000 (ending) Accounts receivable: 50,000 (beginning) and $62,000 (ending) Accounts payable: $90,000 (beginning) and...
Using the following information, and a 360-year. Calculate the accounts receivable period, accounts payable period, inventory...
Using the following information, and a 360-year. Calculate the accounts receivable period, accounts payable period, inventory period, and cash conversion cycle for the following firm: Income statement data: Sales 5,000 Cost of goods sold 4,200 Balance sheet data: Beginning of Year End of Year Inventory 500 600 Accounts receivable 100 120 Accounts payable 250 290
LaRoe Lawns’ inventory increased during the year by $5.2 million. Its accounts payable increased by $4.2...
LaRoe Lawns’ inventory increased during the year by $5.2 million. Its accounts payable increased by $4.2 million during the same period. Required: What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $34 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.
Frederick Corporation reports net income of $410,000. Accounts Payable balances at the beginning and end of...
Frederick Corporation reports net income of $410,000. Accounts Payable balances at the beginning and end of the year were $50,000 and $39,000, respectively. Interest Payable balances at the beginning and end of the year were $27,000 and $30,000, respectively. What is the company’s cash inflows from operating activities? $396,000 $402,000 $418,000 $424,000 Please , answer this with solution
Ahmed Company purchases all merchandise on credit. It recently budgeted the following month-end accounts payable balances...
Ahmed Company purchases all merchandise on credit. It recently budgeted the following month-end accounts payable balances and merchandise inventory balances. Cash payments on accounts payable during each month are expected to be: May, $1,400,000; June, $1,400,000; July, $1,250,000; and August, $1,300,000 Accounts Payable Merchandise Inventory May 31 $ 180,000 $ 250,000 June 30 160,000 300,000 July 31 300,000 400,000 August 31 180,000 300,000 (1) Compute the budgeted amounts of merchandise purchases. Budgeted amounts: June July August Ending accounts payable Payments...
At yge beginning of 2012, calston incorporated reports inventory of 9000. During 2012, the company purchases...
At yge beginning of 2012, calston incorporated reports inventory of 9000. During 2012, the company purchases additional inventory for 25000. At the end of 2012, the cost of inventory remaining is 8000. Calculate cost of goods sold for 2012.
Cash Conversion Cycle. Calculate the (a) accounts receivable period, (b) accounts payable period, (c) inventory period,...
Cash Conversion Cycle. Calculate the (a) accounts receivable period, (b) accounts payable period, (c) inventory period, and (d) cash conversion cycle for the following firm: Income Statement Data:             Sales                            5,000             Cost of goods sold      4,200             Balance sheet data: Beginning of Year End of Year Inventory 500 600 Accounts receivable 100 120 Accounts payable 250 290 Calculate the accounts receivable period: Response (show formula and numerical values): Calculate the accounts payable period Response (show formula and numerical values):...
At the beginning of Year 2, the Redd Company had the following balances in its accounts:...
At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash $ 17,300 Inventory 7,500 Land 2,700 Common stock 16,000 Retained earnings 11,500 During Year 2, the company experienced the following events: Purchased inventory that cost $11,900 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $870 were paid in cash. Returned $800 of the inventory it had purchased from Ross Company because the...
Beginning End of End of of Year Year Year Raw materials inventory. . . . ....
Beginning End of End of of Year Year Year Raw materials inventory. . . . . . . . $23,000 $26,000 Insurance on plant. . . . . . . . . . . . . . . . . . . . . . . . $11,000 Work in process inventory. . . . . . $38,000 $34,000 Depreciation-plant building and equipment. . . . $12,700 Finished goods inventory. . . . . . . $20,000 $22,000 Repairs and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT