Question
The general ledger of AXM, Inc., provides the following information relating to purchases of merchandise. End of Year Beginning of Year Inventory $ 823,000 $
The general ledger of AXM, Inc., provides the following information relating to purchases of merchandise.
| End of Year | Beginning of Year | |||||
| Inventory | $ | 823,000 | $ | 780,000 | ||
| Accounts payable to merchandise suppliers | 467,000 | 500,000 | ||||
The company's cost of goods sold during the year was $2,590,000. Compute the amount of cash payments made during the year to suppliers of merchandise.
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
17th edition
007802577X, 978-0078025778
