Question

ABC Company has the following data: Cost of Goods Sold $106,000 Beginning Merchandise Inventory 45,000 Ending Merchandise Inventory 43,000 Beginning Accounts Payable 50,000 Ending Accounts Payable 30,000 What is cash paid for merchandise?

Answer 1

$124,000.

Step-by-step explanation:

Cost of Goods Sold $106,000 - Beginning Merchandise Inventory 45,000 + Ending Merchandise Inventory 43,000 + Beginning Accounts Payable 50,000 - Ending Accounts Payable 30,000 = $124,000