Merchandise Inventory Increased $28,300 and Accounts Payable Decreased $19,600 During

question 65

Multiple Choice

Merchandise Inventory increased $28,300 and Accounts Payable decreased $19,600 during the year.Accounts Payable relates only to the acquisition of merchandise inventory.Sales were $795,900 and Cost of Goods Sold was $549,700.Compute the payment made to the suppliers.

• A)$578,000
• B)$569,300
• C)$597,600
• D)$47,900

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Definitions:

Limiting Reactant

The reactant in a chemical reaction that limits the amount of product that can be formed because it is used up first.

Theoretical Yield

The maximum amount of product that can be generated from a given amount of reactants in a chemical reaction, under ideal conditions.

Limiting Reactant

The reactant in a chemical reaction that limits the amount of product that can be formed; the reaction stops when all of this reactant is consumed.

Cu

The chemical symbol for copper, a red-orange metal known for its high thermal and electrical conductivity.