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RJB made inventory purchases amounting to $200,000 during 2014. During the year, its accounts payable (all of which arose from inventory purchases) increased by $20,000.
RJB made inventory purchases amounting to $200,000 during 2014. During the year, its accounts payable (all of which arose from inventory purchases) increased by $20,000. The company had sales of $1,000,000 and is subject to a gross profit percentage of 90%. How much cash did RJB pay to its inventory suppliers during 2014? Multiple Choice $180,000 $120,000 $320,000 $220,000
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