Spinx, Inc , reported cost of goods sold of $100,800 during the current year Following are the beginning and ending balances of merchandise inventory and accounts payable for the year Determine the amount of cash payments for purchases during the year Beginning Ending $35,000 $43,000 ccounts payabl...

Cash payments for purchases Cost of goods sold ...

Spinx, Inc., reported cost of goods sold of $100,800 during the current year. Following are the beginning

Question:

Spinx, Inc., reported cost of goods sold of $100,800 during the current year. Following are the beginning and ending balances of merchandise inventory and for the year:

Determine the amount of cash payments for purchases during the year.

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...