Accounting assist please?
The cost of merchandise sold during the year was $50,000. Merchandise inventories be $12,500 and $10,000 at the beginning and downfall of the year, respectively. Accounts Payable were $6,000 and $5,000 at the launch and end of the year, respectively. Using the direct method of reporting brass flows from operating activities, brass payments for merchandise total what?A) $49,000
B) $47,000
C) $51,000
D) $53,000
I think the answer is D, but I want to engender sure I know what I am doing, so can someone kindly lend a hand me out?
Thanks
Answers: The answer is A) $49,000, worked out as follows:
Beg. inventory $12,500
Add purchases ?
less COGS ($50,000)
= Ending inventory $10,500
From this, you can work out that purchases = $48,000.
Beg. AP $6,000
Add purchases $48,000
Less payments ?
= Ending AP $5,000
From this, you can work that payments to creditors = $49,000
my answer would be c: 51,000. the cost of stock sold was $50k, and accounts payable be $1k less at the extremity of the year than at the beginning of the year.
- but you really should do your own homework instead of have runeye.com do it for you. :-P
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