The Following Is a Partial Balance Sheet and Additional Information

question 71

Essay

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.

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