Columbia Sportswear Company reported cost of goods sold of U.S. $854,120 million on its 2010 income statement.

Question:

Columbia Sportswear Company reported cost of goods sold of U.S. $854,120 million on its 2010 income statement. It also reported an increase in merchandise inventory of U.S. $87,265 million and an increase in accounts payable of U.S. $60,252 million. What amount of cash was paid to suppliers, assuming that the company uses a perpetual inventory system and that accounts payable relate to merchandise creditors?

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...