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Concord Corporation Comparative Balance Sheets . December 31, 2022 2021 Assets: Current Assets: Cash $ 1400000 $1060000 Accounts Receivable (net) 3110000 2160000 Inventory 3800000 2510000
Concord Corporation | ||||||||
Comparative Balance Sheets | ||||||||
. | ||||||||
December 31, | ||||||||
2022 | 2021 | |||||||
Assets: | ||||||||
Current Assets: | ||||||||
Cash | $ 1400000 | $1060000 | ||||||
Accounts Receivable (net) | 3110000 | 2160000 | ||||||
Inventory | 3800000 | 2510000 | ||||||
Prepaid Expenses | 700000 | 628000 | ||||||
Total Current Assets | 9010000 | 6358000 | ||||||
Long-Term Investments | 449000 | |||||||
Plant Assets: | ||||||||
Property, Plant & Equipment | 4370000 | 2880000 | ||||||
Accumulated Depreciation | (902000 | ) | (538000 | ) | ||||
Total Plant Assets | 3468000 | 2342000 | ||||||
Total Assets | $12927000 | $8700000 | ||||||
. | ||||||||
Equities: | ||||||||
Current Liabilities: | ||||||||
Accounts Payable | $2552000 | $2191000 | ||||||
Accrued Expenses | 617000 | 564000 | ||||||
Dividends Payable | 403000 | |||||||
Total Current Liabilities | 3572000 | 2755000 | ||||||
Long-Term Notes Payable | 1648000 | |||||||
Stockholders' Equity: | ||||||||
Common Stock | 6000000 | 4900000 | ||||||
Retained Earnings | 1707000 | 1045000 | ||||||
Total Equities | $12927000 | $8700000 | ||||||
Concord Corporation | |||||||
Comparative Income Statements | |||||||
. | |||||||
December 31, | |||||||
2022 | 2021 | ||||||
Net Credit Sales | $14060000 | $7506000 | |||||
Cost of Goods Sold | 7828000 | 3764000 | |||||
Gross Profit | 6232000 | 3742000 | |||||
Operating Expenses (including Income Tax) | 5173000 | 2749000 | |||||
Net Income | $1059000 | $ 993000 |
Additional Information:
a. | Accounts receivable and accounts payable relate to merchandise held for sale in the normal course of business. The allowance for bad debts was the same at the end of 2022 and 2021, and no receivables were charged against the allowance. Accounts payable are recorded net of any discount and are always paid within the discount period. | |
b. | The proceeds from the note payable were used to finance the acquisition of property, plant, and equipment. Capital stock was sold to provide additional working capital. |
What amount of cash was paid on accounts payable to suppliers during 2022?
a)$8757000.
b)$8097000.
c)$9118000.
d)$7377000.
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