Geographic Enterprise's Inventory Account Decreased $37,500 and Its Accounts Payable

question 121

Multiple Choice

Geographic Enterprise's Inventory account decreased $37,500 and its Accounts Payable account (which relates solely to the purchase of merchandise) decreased $13,760 during the year.Geographic also reported sales of $856,000 and cost of goods sold of $597,600 during the same period.Geographic's payments to suppliers for inventory during the year were:

• A) $621,340
• B) $573,860
• C) $805,740
• D) $648,860

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Definitions:

Time

A continuous sequence of existence and events that occurs in an apparently irreversible succession from the past, through the present, into the future.

CPM

An advertising metric that stands for Cost Per Thousand (Mille) impressions, measuring the cost of displaying an ad to a thousand viewers.

TV Commercial

A short, attention-grabbing video advertisement broadcast on television, intended to inform, persuade, or remind viewers about a product or service.

CarMax

A used car retailer based in the United States, known for its large inventory and no-haggle pricing model, aiming to simplify the car buying and selling process.