QUESTION 5 ABC ended the year with inventory of 835,000. During the year, the firm purchased 5,159,000 of new inventory and the cost of goods sold reported on the income statement was 5,146,000. What was ABC's inventory at the beginning of the year? QUESTION 6 At the beginning of the year, ABC's Accounts Payable balance was $152,000. During the year ABC purchased $8,515,000 and the firm paid invoices totalling $8,610,000. What was the firm's Accounts Payable balance at the end of the year? $49,000 $57,000 $60,000 $53,000 QUESTION 7 During the year, ABC purchased $9,820,000 of goods from its suppliers on credit. ABC paid its suppliers $9.875,000 and at the end of the year the firm's Accounts Payable balance owed was $24,000. What was the firm's Accounts Payable balance at the beginning of the year? $83,000 $87,000 $82,000 $79,000 QUESTION 8 At the beginning of the year, ABC's Accounts Receivable balance was $82,300. During the year ABC sold $5,963,000 to its customers on credit. At the end of the year the firm's Accounts Receivable balance was $179,300. How much did ABC receive in payments from its customers over the course of the year? $5,869,000 $5,858,000 $5,866,000 $5,862,000