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   
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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
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