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A used car dealer reported the following information: Accounts payable, December 31, 2020 $ 95,000 Accounts payable, December 31, 2019 50,000 Cost of goods sold
A used car dealer reported the following information:
| Accounts payable, December 31, 2020 | $ 95,000 |
| Accounts payable, December 31, 2019 | 50,000 |
| Cost of goods sold for 2020 | 560,000 |
Assuming there was no change in inventory during the period, how much cash was paid for merchandise purchases during 2020?
| a. | $515,000 | |
| b. | $605,000 | |
| c. | $610,000 | |
| d. | $655,000 |
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