A Company's Inventory Account Increased $26,800 and Its Accounts Payable

question 36

Multiple Choice

A company's Inventory account increased $26,800 and its Accounts payable account decreased $18,240 during the year. The accounts payable relates only to the acquisition of inventory. Sales were $789,500 and Cost of goods sold was $532,700. What was the amount of payments to the supplier of inventory?

• A) $541,260
• B) $559,500
• C) $577,740
• D) $532,700

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Definitions:

Geographically Distant

Being situated far apart in terms of physical distance or location.

Effective Agenda

A well-organized list of topics, questions, or tasks to be discussed or accomplished in a meeting or event, aimed at facilitating productivity and efficiency.

Meeting Last

The final gathering or session in a series, often used to conclude discussions, finalize decisions, or mark the end of an event.

Expected

Regarded as likely to happen based on precedents or common beliefs.