Kinney reported cost of goods sold of $167,914,150 in its fiscal 2015 income sta

Question

Kinney reported cost of goods sold of $167,914,150 in its fiscal 2015 income statement. Compute its net inventory purchases during the year.

Assuming the decrease in accrued expenses during fiscal year 2015 included a $13,800 reduction due to interest on debt, compute the interest expense (net) for Kinney in that year.

Kinney reported cost of goods sold of $167,914,150 in its fiscal 2015 income statement. Compute its net inventory purchases during the year.

Assuming the decrease in accrued expenses during fiscal year 2015 included a $13,800 reduction due to interest on debt, compute the interest expense (net) for Kinney in that year.

Explanation / Answer

Cost of Goods Sold $167,914,150 Decrease in Inventories $       (353,508) Purchase during the year $167,560,642 Interest Paid $     1,663,990 Decrease in Accrued Expense $         (13,800) Interest Expense $     1,650,190

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