Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The financial statements of York, Inc., provide the following information for the current year: Dec.31 Jan.1 Accounts receivable $ 136,500 $ 120,750 Inventory $ 131,250
The financial statements of York, Inc., provide the following information for the current year:
| Dec.31 |
| Jan.1 |
| ||||||
Accounts receivable | $ | 136,500 |
|
| $ | 120,750 |
| |||
Inventory | $ | 131,250 |
|
| $ | 126,000 |
| |||
Prepaid expenses | $ | 33,600 |
|
| $ | 31,500 |
| |||
Accounts payable (for merchandise) | $ | 118,650 |
|
| $ | 110,775 |
| |||
Accrued expenses payable | $ | 33,075 |
|
| $ | 36,225 |
| |||
Net sales | $ | 1,548,750 |
|
|
|
|
| |||
Cost of goods sold | $ | 813,750 |
|
|
|
|
| |||
Operating expenses (including depreciation of $47,250) | $ | 183,750 |
|
|
|
|
| |||
Compute the amount of cash payments for purchases of merchandise during the current year.
$813,750 | ||
$811,125 | ||
$819,000 | ||
$1,078,875 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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