At the end of 2013, Seiford Enterprises' Accounts Payable balance was $341,053; at the end of 2014,

Question:

At the end of 2013, Seiford Enterprises' balance was $341,053; at the end of 2014, it was $160,094. Assume that the company purchased $1,951,523 of inventory during 2014 and that Cost of Goods Sold for 2014 was $1,940,562.

Required
Calculate the company's cash payments to suppliers in 2014.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...