Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Geographic Enterprise's Inventory account decreased by $37,500 and its Accounts Payable account (which relates solely to the purchase of merchandise) decreased by $13,750 during the

Geographic Enterprise's Inventory account decreased by $37,500 and its Accounts Payable account (which relates solely to the purchase of merchandise) decreased by $13,750 during the year. Geographic also reported sales of $856,000 and cost of goods sold of $590,600 during the same period. The company always purchases inventory on account during the year.

What is the amount of Geographic's cash payments to its suppliers for inventory during the year?

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

Canadian Cases In Financial Accounting

Authors: Carol E. Dilworth, Joan E. D. Conrod

2nd Edition

256111405, 978-0256111408

More Books

Students also viewed these Accounting questions

Question

Give eye contact, but do not stare.

Answered: 1 week ago