Selected Balance Sheet account balances are: WU COMPANY De cember 31 2012 011 Ca

Question

Selected Balance Sheet account balances are: WU COMPANY De cember 31 2012 011 Cash $ 37,000$ 16, 26,000 220,0 32,000 192,000 7,000 85,000 63,000 98,000 28,000 1,000 ccounts Payable counts Receivable Salaries Payable Land Merchandise Inventory Machinery Prepaid Rent Income Taxes Payable 13,000 70,000 76,000 72,000 17,00 4,00 Selected Income Statement and other items for the year 2012 are: 943,000 504,000 200,000 30,000 20,000 54,000 90,000 35,000 es Cost of Goods Sold Salary Expense Gain on Sale of Machine Cash Dividends declared and paid Depreciation Expense Rent Expense Income Taxes Expense Cash payments to suppliers for merchandise inventory during 2012 amounted to $ 523,000. O $ 497,000 O $ 485,000. $511,000. O none of the above.

Explanation / Answer

Answer is $485000

Cost of Goods Sold 504000 Add Ending Merchandise Inventory 63000 Less Opening Merchandise Inventory 76000 Cost of Goods Purchased 491000 Add Opening Account Payable 26000 Less Closing Account Payable 32000 Cash Payment to Supplier 485000

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