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Given the following financial data for XYZ, Inc.: Inventory on December 31, 2020: $5,000 Inventory on December 31, 2021: $3,000 Accounts payable on December 31,
Given the following financial data for XYZ, Inc.: Inventory on December 31, 2020: $5,000 Inventory on December 31, 2021: $3,000 Accounts payable on December 31, 2020: $12,000 Accounts payable on December 31, 2021: $15,000 . Cost of goods sold for the year 2021: $50,000 The net cash paid to suppliers of inventory during the year 2021 is: 1) $49,000 2) $55,000 3) $45,000 4) $51,000 5) None of the above
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