Question
Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2024 2023 Assets Cash
Partial balance sheets and additional information are listed below for Monaco Company.
| Monaco Company | ||
| Partial Balance Sheets | ||
| as of December 31 | ||
| 2024 | 2023 | |
|---|---|---|
| Assets | ||
| Cash | $ 41,000 | $ 20,500 |
| Accounts receivable | 61,000 | 91,000 |
| Inventory | 25,500 | 41,000 |
| Liabilities | ||
| Accounts payable | $ 60,500 | $ 73,000 |
Additional information for 2024:
Net income was $271,000.
Depreciation expense was $31,000.
Sales totaled $810,000.
Cost of goods sold totaled $306,000.
Required:
Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2024.
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Management Accounting Information for Decision-Making and Strategy Execution
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
6th Edition
137024975, 978-0137024971
