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Statement of Cash Flows Rotnest Limited has provided the following information: Cost of goods sold for the year $60 000 Purchases for the year (on
Statement of Cash Flows
Rotnest Limited has provided the following information:
Cost of goods sold for the year $60 000
Purchases for the year (on credit terms) $88 000
Discounts received for early payment to suppliers $2 200
Stock write-offs owing to water damage $5 000
Opening balance of trade creditors $44 000
Closing balance of trade creditors $38 500
Opening balance of inventory $10 000
Closing balance of inventory $25 000
Required: Determine the cash payments made to suppliers during the year. Ignore any GST implications..
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