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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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