A used car dealer reported the following information: $\begin{array}{ll}
\text { Accounts payable, December 31, 2014 } &\$ 95,000 \
\text { Accounts payable, December 31, 2013 } &50,000 \
\text {Cost of goods sold for 2014 } &560,000
\end{array}$ Assuming there was no change in inventory during the period,how much cash was paid for merchandise purchases during 2014?

Question

A used car dealer reported the following information: $\begin{array}{ll}
 \text { Accounts payable, December 31, 2014 } &\$ 95,000 \
 \text { Accounts payable, December 31, 2013 } &50,000 \
 \text {Cost of goods sold for 2014 } &560,000
\end{array}$ Assuming there was no change in inventory during the period,how much cash was paid for merchandise purchases during 2014?

Quizplus · Accepted Answer

The Answer of A used car dealer reported the following information: $\begin{array}{ll}
 \text { Accounts payable, December 31, 2014 } &\$ 95,000 \
 \text { Accounts payable, December 31, 2013 } &50,000 \
 \text {Cost of goods sold for 2014 } &560,000
\end{array}$ Assuming there was no change in inventory during the period,how much cash was paid for merchandise purchases during 2014?

A Used Car Dealer Reported the Following Information Assuming There Was No Change in Inventory During the Period,how