Blackmon Company reported net income of $805,000 and cost of goods sold of $1,525,000 on its 2009

Question:

Blackmon Company reported net income of $805,000 and cost of goods sold of $1,525,000 on its 2009 income statement. In addition, Blackmon reported an increase in inventory of $65,000, a decrease in prepaid insurance of $12,000, and a decrease in of $51,000.

Required:
Compute the amount of cash payments to suppliers.

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...

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 64% (17 reviews)

Given data Net income 805000 Cost of goods sold 1525000 Increase in inventory 6...View the full answer

Answered By

JAPHETH KOGEI

Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are: Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking, So, I look forward to helping you solve your academic problem. I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs. I travel three times a year either to the USA, Europe and around Africa. As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc). So, I look forward to tutoring you. I believe that it will be exciting to meet them.

3.00+ 2+ Reviews 10+ Question Solved

Related Book For book-img-for-question

Cornerstones of Financial and Managerial Accounting

ISBN: 978-0324787351

1st Edition

Authors: Rich Jones, Mowen, Hansen, Heitger

See More Books

Question Posted: Jan 16, 2013 03:46 AM

See More Questions

Blackmon Company reported net income of $805,000 and cost of goods sold of $1,525,000 on its 2009

Question:

Step by Step Answer:

Given data Net income 805000 Cost of goods sold 1525000 Increase in inventory 6...View the full answer

Cornerstones of Financial and Managerial Accounting

Students also viewed these Managerial Accounting questions