Question
Inferring Transactions from Financial Statements Lowe's is the second-largest home improvement retailer in the world, with 1,857 stores. During its 2015 fiscal year ended in
Inferring Transactions from Financial Statements Lowe's is the second-largest home improvement retailer in the world, with 1,857 stores. During its 2015 fiscal year ended in January 2016, Lowe's purchased merchandise inventory at a cost of $39,273 ($ millions). Assume all purchases were made on account and accounts payable is only used for inventory purchases. The following T-accounts reflect information contained in the company's 2014 and 2015 balance sheets.
Merchandise Inventories | |||
---|---|---|---|
2014 Bal. | 8,977 | ||
2015 Bal. | 9,392 |
Accounts Payable | |||
---|---|---|---|
5,058 | 2014 Bal. | ||
5,699 | 2015 Bal. |
b. What amount did Lowe's pay in cash to its suppliers during fiscal-year 2015?
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