Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Einstein Corporation reported a net decrease in inventory of $15,000 during the year. The cost of goods sold for the year was $180,000. There was

image text in transcribed
Einstein Corporation reported a net decrease in inventory of $15,000 during the year. The cost of goods sold for the year was $180,000. There was also a $5,000 decrease in accounts payable from the beginning of the year to the end of the year. The accounts payable relates only to the acquisition of inventory. What is Einstein's cash payment to suppliers for inventory? A) $170,000 B) $188,000 C) $158,000 D) $202,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Sector Accounting And Finance

Authors: Prof Stephen Sunday Sharang Ph.D.

1st Edition

979-8639273353

More Books

Students also viewed these Accounting questions