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Cathy Company reported the following information on its comparative balance sheets: Ending Balance Beginning Balance Inventory Accounts Payable $90,000 5,000 $60,000 10,000 All inventory
Cathy Company reported the following information on its comparative balance sheets: Ending Balance Beginning Balance Inventory Accounts Payable $90,000 5,000 $60,000 10,000 All inventory purchases are made on account, and the accounts payable account is only used for these inventory purchases. If the income statement reports cost of goods sold for the period of $325,000, the statement of cash flows should report cash paid for inventory purchases of: $355,000 $350,000 O$330,000 $335,000 $360,000
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