Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Nov 14, 2022

You are given the following information in relation to a business for the year ended on 31st December 2020: SOFP extract Trade payables Inventory

You are given the following information in relation to a business for the year ended on 31st December 2020: SOFP extract Trade payables Inventory purchases of 26,000 (all on credit) were made during the year. How much cash was paid to suppliers in relation to inventory purchases during the year ended on 31st December 2020? (4 marks) 31st Dec 2020 19,000 31st Dec 2019 11,000

Step by Step Solution

★★★★★

3.58 Rating (162 Votes )

There are 3 Steps involved in it

Step: 1

Determination of the cash paid to suppliers in relation to inventory purchase... 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

Step: 3

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

Horngrens Financial and Managerial Accounting

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

5th edition

9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292

More Books

Students also viewed these Accounting questions

Question

★★★★★

The College Store Inc. inventory records showed the following data relative to a particular item sold regularly ( transactions occurred in the order given): Required: 1. Complete the following...

Answered: 1 week ago

Question

★★★★★

Compute ending merchandise inventory and cost of goods sold for Cambridge using the FIFO inventory costing method. The periodic inventory records of Cambridge Prosthetics indicate the following for...

Answered: 1 week ago

Question

★★★★★

Compute ending merchandise inventory and cost of goods sold for Cambridge using the LIFO inventory costing method. The periodic inventory records of Cambridge Prosthetics indicate the following for...

Answered: 1 week ago

Question

★★★★★

3. How do the marginal costs of pollution reduction and the marginal costs of pollution damage change as pollution levels increase? The marginal costs of pollution reduction remain constant and the...

Answered: 1 week ago

Question

★★★★★

Use the annual values for person-days lost in the truck-based transportation industry due to work stoppages. Find the indicated percentile, quartile, or decile. P85

Answered: 1 week ago

Question

★★★★★

Some firms produce in both China and the United States. Suppose that the marginal product of capital in the United States is 100 units of output per hour, and the real rental cost of capital is $50....

Answered: 1 week ago

Question

★★★★★

Susan throws three dice and Andrew also throws three dice. What is the probability that they get the same number of sixes?

Answered: 1 week ago

Question

★★★★★

Assume an economy in which the marginal propensity to consume, c, is 0.8, the income tax rate, t, is 0.2, and the share of imports in GDP, nx, is 0.04. Autonomous consumption, Ca, is 660; autonomous...

Answered: 1 week ago

Question

★★★★★

lagron Academy C. Natural Products As 9 powershool G COLEGIO MARISTAL Rediger Inc, a manufacturing Corporation, has provided the following data for the month of June. The balance in the Work in...

Answered: 1 week ago

Question

★★★★★

Table B. 4 presents data for 27 houses sold in Erie, Pennsylvania. a. Fit a simple linear regression model relating selling price of the house to the current taxes $\left(x_{1} ight)$. b. Test for...

Answered: 1 week ago

Question

★★★★★

need help please Carson Inc. has provided the following data for the month of May. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead...

Answered: 1 week ago

Question

★★★★★

Economic Order Quantity Self- Quiz Problem P=$5 D=20,000 O=$10 I=10% H= $.75 The hospital has only $90,000 budgeted for the product. What is the new price the hospital must negotiate with the vendor...

Answered: 1 week ago

Question

★★★★★

*Remember to read at least 50% of your classmates posts. 1. Use inference* to identify the possible strengths of the family. 2. Use inference* to identify the possible challenges of the family. 3....

Answered: 1 week ago

Question

★★★★★

A catalog company that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product. The length of time...

Answered: 1 week ago

Question

★★★★★

Setting the objective You need to decide which model to manufacture. What do you ultimately need to find out before taking this decision? Which model is likely to sell more? Which model has a higher...

Answered: 1 week ago

Question

★★★★★

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5...

Answered: 1 week ago

Question

★★★★★

[Answers must be clearly legible and include intermediate steps.] UIP: 1. Assume annualized interest rates in the U.S. and U.K. are 4% and 6%, respectively, and one pound is worth $1.35. (a). Does...

Answered: 1 week ago

Question

★★★★★

Currently, there are five concepts of food stands, including: hot dogs, soft pretzels, turkey legs, sandwich wraps, and funnel cakes. This approach will double the existing number of food stands...

Answered: 1 week ago

Question

★★★★★

Gandy Oil Incorporated has an account titled Oil and Gas Properties. Gandy paid $6,100,000 for oil reserves holding an estimated 300,000 barrels of oil. Assume the company paid $560,000 for...

Answered: 1 week ago

Question

★★★★★

The unadjusted trial balance of Irvine Inn Company at December 31, 2016, and the data needed for the adjustments follow. Adjustment data at December 31 follow: a. As of December 31, Irvine Inn had...

Answered: 1 week ago

Question

★★★★★

Official Reserve Rare Coins (ORRC) was formed on January 1, 2016. Additional data for the year follow: a. On January 1, 2016, ORRC issued no par common stock for $450,000. b. Early in January, ORRC...

Answered: 1 week ago

Question

★★★★★

The Atlas BodyBuilding Company (ABC) sells "starter sets" of barbells that consist of one bar, two 20-pound weights, and four 5-pound weights. The bars weigh an average of 10 pounds with a standard...

Answered: 1 week ago

Question

★★★★★

A grocery store's receipts show that Sunday customer purchases have a skewed distribution with a mean of $32 and a standard deviation of $20. a) Explain why you cannot determine the probability that...

Answered: 1 week ago

Question

★★★★★

A casino knows that people play the slot machines in hopes of hitting the jackpot but that most of them lose their dollar. Suppose a certain machine pays out an average of $0.92, with a standard...

Answered: 1 week ago

Previous Question Next Question