Simmon Incorporation's Cost of Goods Purchased Amounted to $20,000

question 40

Multiple Choice

Simmon Incorporation's cost of goods purchased amounted to $20,000. From the beginning until the end of 2011, accounts payable increased by a net amount of $7,000. How much "cash outflows for purchases" should Simmons report for 2011 on their statement of cash flows?

• A) $ 7,000
• B) $13,000
• C) $20,000
• D) $27,000

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