On January 1, 2016, Glass Industries ' Inventory balance was $20,000 on December 31, 2016, it was $18,000 The company 's Accounts Payable balance was $13,500 on January 1, 2016, and $14,700 on December 31, 2016 Cost of Goods Sold for the year was $75,100 Required Calculate the company 's cash payme...

Beginning Inventory balance Purchases COGS Ending Invent ...

On January 1, 2016, Glass Industries' Inventory balance was $20,000; on December 31, 2016, it was $18,000.

Question:

On January 1, 2016, Glass Industries' Inventory balance was $20,000; on December 31, 2016, it was $18,000. The company's balance was $13,500 on January 1, 2016, and $14,700 on December 31, 2016. Cost of Goods Sold for the year was $75,100.
Required
Calculate the company's cash payments to suppliers in 2016.
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...