The following selected account balances appeared on the financial statements of

Question

The following selected account balances appeared on the financial statements of the Washington Company:

$13,000

9,000

4,000

7,000

10,000

15,000

56,000

Cost of Merchandise Sold = 31,000

Cash payments for merchandise were?

$29,000

$39,000

$23,000

$33,000

Accounts receivable, Jan. 1

$13,000

Accounts receivable, Dec. 31

9,000

Accounts payable, Jan. 1

4,000

Accounts payable, Dec. 31

7,000

Merchandise inventory, Jan. 1

10,000

Merchandise inventory, Dec. 31

15,000

Sales

56,000

Cost of Merchandise Sold = 31,000

Cash payments for merchandise were?

a.

$29,000

b.

$39,000

c.

$23,000

d.

$33,000

Explanation / Answer

$33,000

d.

$33,000

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