Willoughby Company Purchased Inventory on Account for $735,000

question 120

Multiple Choice

Willoughby Company purchased inventory on account for $735,000. Throughout the year inventory valued at $610,000 was sold for $762,500. Beginning and ending accounts payable balances were $90,000 and $60,000, respectively. Willoughby Company paid _ to its suppliers.

• A) $640,000
• B) $765,000
• C) $705,000
• D) $580,000

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Definitions:

Absolute Poverty

The amount of money needed in a particular country to meet basic needs of food, shelter, and clothing.

United Nations

An international organization founded in 1945 to promote peace, security, and cooperation among countries.

Abnormality

Abnormality refers to a deviation from the norm or average, often used in medical, psychological, and biological contexts to describe differences in behavior, structure, or function.

Major Events

Significant occurrences or milestones that have a profound impact on individuals or communities.