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During the financial year, Cottontree Limited had a cost of sales amounting to $130 000. Opening and ending balances of related accounts were: Opening balance
During the financial year, Cottontree Limited had a cost of sales amounting to $130 000. Opening and ending balances of related accounts were:
Opening balance
Closing balance
Inventories $34 000$42 000
Accounts Payable$51 000$56 000
A discount of $4 000 for prompt payment was received.
What would be the amount of cash paid for goods purchased during the year?
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