Problem

Dane, Inc., reported cost of goods sold of $100,100 during the current year. Following are...

Dane, Inc., reported cost of goods sold of $100,100 during the current year. Following are the beginning and ending balances of merchandise inventory and accounts payable for the year:

 

Beginning

Ending

Merchandise inventory

$35,000

$43,000

Accounts payable

23,000

30,000

Determine the amount of cash payments for purchases during the year.

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