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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