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.
Definitions:
Net Taxes
The total taxes paid by an individual or business minus any government subsidies or refunds received.
Federal Government Spending
Expenditure by the national government on goods, services, and public projects to influence a nation's economy.
Aggregate Demand Curve
A visual diagram that illustrates the connection between the general price level within an economy and the aggregate demand for products and services.
Recessionary Gap
The situation where an economy's actual output is less than its potential output due to economic downturn or recession.
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