Dooling Corporation reported balances in the following accounts for the current year: $\begin{array}{llr}
&\text { Beginning } & {\text { Ending }} \
Inventories&\$ 600 & \$ 300 \
Accounts ~payable&300 & 500
\end{array}$ Cost of goods sold was $7,500. What was the amount of cash paid to suppliers?
A) $7,000.
B) $7,200.
C) $7,300.
D) $7,500.

Question

Dooling Corporation reported balances in the following accounts for the current year: $\begin{array}{llr}
&\text { Beginning } & {\text { Ending }} \
Inventories&\$  600 & \$  300 \
Accounts ~payable&300  & 500
\end{array}$ Cost of goods sold was $7,500. What was the amount of cash paid to suppliers?
A) $7,000.
B) $7,200.
C) $7,300.
D) $7,500.

Quizplus · Accepted Answer

$\begin{array}{lr}
\text { Cost of goods sold } & 7,500 \
 \text { Inventory } & 300 \
\text { Accounts payable } & 200 \
\text { Cash } & 7,000
\end{array}$

Dooling Corporation Reported Balances in the Following Accounts for the Current