The following is a partial balance sheet and additional information for the Lakehurst Company:

Additional information:
(a)Net income for 2014 was $30,000
(b)Depreciation Expense for 2014 was $60,000
(c)Sales for 2014 totaled $980,000
(d)Cost of Goods Sold for 2014 was $700,000
Required:
Compute the total Cash paid in 2014 for Inventory purchases.

Question

The following is a partial balance sheet and additional information for the Lakehurst Company:
  
Additional information:
(a)Net income for 2014 was $30,000
(b)Depreciation Expense for 2014 was $60,000
(c)Sales for 2014 totaled $980,000
(d)Cost of Goods Sold for 2014 was $700,000
Required:
Compute the total Cash paid in 2014 for Inventory purchases.

Quizplus · Accepted Answer

The Answer of The following is a partial balance sheet and additional information for the Lakehurst Company:
  
Additional information:
(a)Net income for 2014 was $30,000
(b)Depreciation Expense for 2014 was $60,000
(c)Sales for 2014 totaled $980,000
(d)Cost of Goods Sold for 2014 was $700,000
Required:
Compute the total Cash paid in 2014 for Inventory purchases.

The Following Is a Partial Balance Sheet and Additional Information