Question
Cold and Flu Corp. reported the following information for 2012 and 2013. Inventory is not reported as there was no change in inventory from 3
Cold and Flu Corp. reported the following information for 2012 and 2013. Inventory is not reported as there was no change in inventory from 3 June 2012, to 30 June 2013.
Accounts payable, 30 June 2012$95 000
Accounts payable, 30 June 2013$60 000
Cost of goods sold in 2012/13 financial year$540 000
How much cash was paid for inventory during the 2012/13 financial year?
A. $510 000
B. $655 000
C. $575 000
D. $615 000
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
