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Clemson Corporation has the following select information available: 12/31/2021 12/31/2020 Accounts Receivable $ 150,000 $ 165,000 Inventory 500,000 460,000 Accounts Payable 85,000 65,000 Sales Revenue
Clemson Corporation has the following select information available: 12/31/2021 12/31/2020 Accounts Receivable $ 150,000 $ 165,000 Inventory 500,000 460,000 Accounts Payable 85,000 65,000 Sales Revenue 2,400,000 Cost of goods sold 1,400,000 Additional information: All sales are on account. All purchases of inventory are on account. The accounts payable account is only used for inventory purchases. Cash paid to suppliers in 2021 equals: Select one: O a. $1,380,000 O b. $1,400,000 O c. $1,420,000 O d. $1,340,000
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