During the financial year, Jacaranda Limited had a cost of sales amounting to $260 000. Opening and ending balances of related accounts were: $\begin{array}{lcc}
& \text { Opening balance } & \text { Closing balance } \
\text { Inventories } & \$ 68000 & \$ 84000 \
\text { Accounts Payable } & \$ 102000 & \$ 112000
\end{array}$
A discount of $8 000 for prompt payment was received. The amount of cash paid for goods purchased during the year was:
A) $260 000.
B) $270 000.
C) $286 000.
D) $258 000.

Question

During the financial year, Jacaranda Limited had a cost of sales amounting to $260 000. Opening and ending balances of related accounts were: $\begin{array}{lcc} 
& \text { Opening balance } & \text { Closing balance } \
\text { Inventories } & \$ 68000 & \$ 84000 \
\text { Accounts Payable } & \$ 102000 & \$ 112000
\end{array}$
A discount of $8 000 for prompt payment was received. The amount of cash paid for goods purchased during the year was:
A) $260 000.
B) $270 000.
C) $286 000.
D) $258 000.

Quizplus · Accepted Answer

The Answer of During the financial year, Jacaranda Limited had a cost of sales amounting to $260 000. Opening and ending balances of related accounts were: $\begin{array}{lcc} 
& \text { Opening balance } & \text { Closing balance } \
\text { Inventories } & \$ 68000 & \$ 84000 \
\text { Accounts Payable } & \$ 102000 & \$ 112000
\end{array}$
A discount of $8 000 for prompt payment was received. The amount of cash paid for goods purchased during the year was:
A) $260 000.
B) $270 000.
C) $286 000.
D) $258 000.

During the Financial Year, Jacaranda Limited Had a Cost of Sales