The Amount Owing to Suppliers for Inventory Purchases at the Beginning

question 33

Multiple Choice

The amount owing to suppliers for inventory purchases at the beginning of the year is $118 000 and at the end of the year is $94 000.If total credit purchases of inventory for the year are $160 000,the cash paid to suppliers of inventory for the year is:

• A) $184 000
• B) $66 000
• C) $278 000
• D) $254 000

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Definitions:

Consumers

Individuals or groups who purchase goods and services for personal use.

Healthcare Spending

The total amount of resources dedicated by a nation or organization to maintain and improve healthcare services.

Price Controls

Government-mandated prices that are generally imposed in the form of maximum or minimum legal prices.

Political Rationing

The allocation of resources or goods among the population based on political decisions or policies rather than market forces.