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Ronaldo Corp. purchases all merchandise inventory on credit and uses a perpetual inventory system. The Accounts Payable account is used for recording merchandise inventory
Ronaldo Corp. purchases all merchandise inventory on credit and uses a perpetual inventory system. The Accounts Payable account is used for recording merchandise inventory purchases only. All other current liabilities are accruedin separate accounts. You are provided with the following selectedinformation for the most recent three years: Income statement data Net sales Cost of goods sold Gross profit Operating expenses Income tax expense Profit Statement of financial posion data Merchandise inventory Accounts payable Additional information Purchase of merchandise inventory Cash payments to suppliers *015 $(1) 159,900 92,709 8,800 $39)600 $(3) 27,500 $155,100 (4) 2014 $250,400 (5) 88,100 51,700 6,600 $(6) $16,200 (7) $(8) 176,000 2013 $241,500 146,900 (9) (10) 7,700 $33,000 $11,000 22,000 $145,200 139,700
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