Use the Following Information About the Current Year's Operations of a Company

question 56

Multiple Choice

Use the following information about the current year's operations of a company to calculate the cash paid for merchandise.
$\begin{array}{|l|r|}\hline \text { Cost of good sold } & \$ 536,000 \\\hline \text { Merchandise inventory, January 1 } & 64,800 \\\hline \text { Merchandise inventory, December 31 } & 57,000 \\\hline \text { Accounts payable, January 1 } & 64,400 \\\hline \text { Accounts payable, December 31 } & 59,000\\\hline \end{array}$

• A)$522,800
• B)$533,600
• C)$528,200
• D)$536,000
• E)$543,800

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Definitions:

Probate Court

A segment of the judiciary system that deals with matters such as the validation of wills, distribution of a deceased person's assets, and guardianships.

Beneficiaries

Individuals or entities entitled to receive benefits or assets from a trust, will, or insurance policy.

Principal of an Estate

The total assets of an estate before debts and liabilities are subtracted.

Major Repairs

Significant restorations or overhauls to property or equipment, intended to extend its useful life or enhance its value.