During the year, Cost of goods sold was $65,000, Merchandise Inventory decreased by $4,000, and Accounts Payable decreased by $2,000. What were the cash payments for merchandise during the year?

Question

Quizplus · Accepted Answer

Cash payments for merchandise = Cost of goods sold + Decrease in Merchandise Inventory - Decrease in Accounts Payable= $65,000 + $4,000 - $2,000= $59,000

During the Year, Cost of Goods Sold Was $65,000, Merchandise