Partial balance sheet data and additional information for Samuelson Company are listed below:

Additional Information:
(a)Net income for 2014 was $15,000.
(b)Depreciation expense for 2014 was $30,000.
(c)Sales for 2014 totaled $490,000; cost of goods sold was $350,000.
Compute the amount of cash paid in 2011 for inventory purchases.

Question

Partial balance sheet data and additional information for Samuelson Company are listed below:
  
Additional Information:
(a)Net income for 2014 was $15,000.
(b)Depreciation expense for 2014 was $30,000.
(c)Sales for 2014 totaled $490,000; cost of goods sold was $350,000.
Compute the amount of cash paid in 2011 for inventory purchases.

Quizplus · Accepted Answer

The Answer of Partial balance sheet data and additional information for Samuelson Company are listed below:
  
Additional Information:
(a)Net income for 2014 was $15,000.
(b)Depreciation expense for 2014 was $30,000.
(c)Sales for 2014 totaled $490,000; cost of goods sold was $350,000.
Compute the amount of cash paid in 2011 for inventory purchases.

Partial Balance Sheet Data and Additional Information for Samuelson Company