Steve Company reported cost of goods sold of $910,000,an increase in inventory of $100,000,and a decrease in accounts payable of $40,000.How much cash was paid to suppliers?

Question

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The cash paid to suppliers is calculated as: Cost of Goods Sold ($910,000) + Increase in Inventory ($100,000) - Decrease in Accounts Payable ($40,000) = $1,050,000.

Steve Company Reported Cost of Goods Sold of $910,000,an Increase