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Can I get help with this question? Ill give thumbs up if correct :) Thank you in advance! Mary opened a Pizza restaurant at 1/1/2020
Can I get help with this question? Ill give thumbs up if correct :) Thank you in advance! Mary opened a Pizza restaurant at 1/1/2020 with her own money in a small town along the Long river. Business was so good for the first quarter. Unfortunately, business began to struggle due to the Covid-19 pandemic and a wildfire. She concluded that she would need additional cash so started a loan application with a local bank. Mary prepared the following income statements and additional information. However, Mary was puzzled by a question: What much cash did you pay to suppliers of inventory (flour, tomato, and cheese)? Revenues $59.000 COGS $25,000 Operating income $34,000 Utilities expense $5,000 Salaries expense $8,000 Loss from a wildfire $8,000 Net income $13,000 Inventory (flour, tomato, and cheese) on hand at 12/31/2020 costs $10,000. The following amount is owed by Mary at 12/31/2020 $12,000 to suppliers of flour, tomato, and cheese The following amount is due to Mary at 12/31/2020 $9.000 from customers Determine cash payments to suppliers of inventory (flour, tomato, and cheese) for 2020. $23,000 None of the other answer choices are correct O $37.000 $25.000
Can I get help with this question? Ill give thumbs up if correct :)
Thank you in advance!
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