A Company Reported the Following Information Assuming All Merchandise Purchases Were on Account,how Much Cash Was

question 126

Multiple Choice

A company reported the following information: $\begin{array}{ll} \text { Accounts payable, December 31,2013 } &\$ 60,000 \\ \text { Accounts payable, December 31, 2014 } &80,000 \\ \text { Inventory, December 31, 2013 } &45,000 \\ \text { Inventory, December 31, 2014 } &60,000 \\ \text { Cost of goods sold-2014 } &1,000,000\end{array}$ Assuming all merchandise purchases were on account,how much cash was paid to suppliers for merchandise purchases during 2014?

• A)$1,005,000
• B)$1,050,000
• C)$ 995,000
• D)$1,020,000

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Definitions:

Physical Health

A state of well-being in which the body is free from illness, injury, and pain, often as a result of exercise and good nutrition.

Pollution

The presence or introduction into the environment of substances or things that have harmful or poisonous effects.

College

An educational institution or a constituent part of one that offers higher learning beyond secondary education, typically providing undergraduate programs.

Public Punishments

Penalties imposed on individuals that are carried out in view of the general public, historically used as a method of deterrence and social control.