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Question

Connect .> C e Accounting question l c x M Your question was answe × C connect x E Accountin Secure ! https://newconnect.mheducation.com/flow/connect.html Ch. 21- Concept Overview Videos (47 minutes) 6 Help Save & Exit Submlt Saved Check my work 5 Required information Part 5 of 6 Beginning balance Cost of goods purchased fincreases inventory) t of goods sold decreases inentory) 60 points Ending balance 46 Accounts Payable eBook Cash paid to suppliers (decreases AAP ?Cost of goods purchased 56 fincreases /P) Knowledge Check 01 During the current year, Harold Company sold inventory costing $350,000 for a selling price of $675,000. Beginning balances of inventory and accounts payable were $86,000 and $116,000, respectively. The ending balance of inventory is $94,000 and the ending balance of accounts payable is $123,000. What is the amount of cash paid to the suppliers of goods? KPrew ???@) a e ???dx 7:44 PM A292018 2

Explanation / Answer

Answer:$351000

Cash paid to Suppliers = Cost of goods sold + Increase in Inventory - Increase in Accounts Payable

Cash paid to Suppliers = 350000 + (94000 - 86000) - (123000-116000)

Cash paid to Suppliers = 350000 + 8000 - 7000 = 351000

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