Indulgence Chocolates Has Provided the Following Information The Cash Payments Made to Suppliers During the Year Total

question 8

Multiple Choice

Indulgence Chocolates has provided the following information: $\begin{array}{ll}\text { Cost of sales for the year } & \$ 190,000 \\\text { Opening balance of accounts payable } & \$ 50,000 \\\text { Closing balance of accounts payable } & \$ 60,000 \\\text { Opening balance of inventory } & \$ 20,000 \\\text { Closing balance of inventory } & \$ 36,000\end{array}$ The cash payments made to suppliers during the year total:

• A)$184 000
• B)$164 000
• C)$196 000
• D)$200 000

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Definitions:

Budgeted Balance Sheet

A budgeted balance sheet is a financial statement that projects the financial position of a company at a future point in time, detailing assets, liabilities, and equity based on anticipated financial activities.

Financial Budgets

Projections of a company's income, expenditures, and capital needs, used to manage spending and achieve financial goals.

Capital Expenditures Budget

A budget allocation for purchasing and investing in long-term assets and projects.

Minimum Cash Balance

The lowest level of cash that a company or individual aims to maintain to meet operational and emergency needs.