Question

Following are partial balance sheet data for CCR Ltd. as at December 31, 20x2 and 20x1, and the partial income statement for the year ended December 31, 20x2: Balance Sheets - Cash Inventory Accounts payable Interest payable 20x1 $13393 $3210 92932 82635 45327 34832 1038 20x2 1038 income Statement Revenue Cost of Goods Sold 20x2 $816602 492312 Which of the following is the correct amount for cash paid to suppliers? Select one a. $471520 b. $513104 c. $492510 d. $492114

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Answer #1

Answer is option (d). $492114

Explanation;

Cash paid to suppliers will be calculated with the help of following formula;

(Cost of goods sold + Increase in inventory – Increase in accounts payable)

Cost of goods sold is given = $492312

Increase in inventory ($92932 – $82635) = $10297

Increase in accounts payable ($45327 – $34832) = $10495

Now let’s put these values in above given formula;

Cash paid to suppliers ($492312 + $10297 – $10495) = $492114

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