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15) During fiscal 2016, Shoe Productions recorded inventory purchases on credit of $337.8 million. ( The financial statement effect of these purchase transactions would be

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15) During fiscal 2016, Shoe Productions recorded inventory purchases on credit of $337.8 million. ( The financial statement effect of these purchase transactions would be to: Increase liabilities (Accounts payable) by $337.8 million Increase expense (Cost of goods sold) by $337.8 million Decrease cash by $337.8 million Decrease noncash assets (Inventory) by $337.8 million None of the above

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