Question
6- AYA For the first quarter of 2023, Avco had Cost of Goods sold of 3,000. During the same quarter, the company paid 2,600
6- AYA For the first quarter of 2023, Avco had Cost of Goods sold of 3,000. During the same quarter, the company paid 2,600 Cash to suppliers. The company ended quarter one with a balance of 600 in Inventory and 250 in A/P. When the quarter began, Avco only owed 200 in A/P. How much inventory ($) did Avco have when the first quarter began? 7- On 1/1/2023, ABC Co. Inventory balance was 350 and Accounts Payable was 250. On 12/31/2023, the inventory balances was 370 and Accounts Payable was 270. The company had 4,000 in Cost of Goods Sold. What amount of Cash was paid on account (to suppliers) during 2023?
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Horngrens Financial and Managerial Accounting
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
5th edition
9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292
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