Use the following information about the current year's operations of a company to calculate the cash paid for merchandise. $$\begin{array} { l r }
\text { Cost of goods sold } & \$ 500,000 \
\text { Merchandise inventory, January 1 } & 85,000 \
\text { Merchandise inventory, December 31 } & 97,000 \
\text { Accounts payable, January 1 } & 68,000 \
\text { Accounts payable, December 31 } & 60,000
\end{array}$$
A)$585,000.
B)$520,000.
C)$480,000.
D)$508,000.
E)$512,000.

Question

Use the following information about the current year's operations of a company to calculate the cash paid for merchandise. $$\begin{array} { l r } 
\text { Cost of goods sold } & \$ 500,000 \
\text { Merchandise inventory, January 1 } & 85,000 \
\text { Merchandise inventory, December 31 } & 97,000 \
\text { Accounts payable, January 1 } & 68,000 \
\text { Accounts payable, December 31 } & 60,000
\end{array}$$
A)$585,000.
B)$520,000.
C)$480,000.
D)$508,000.
E)$512,000.

Quizplus · Accepted Answer

The Answer of Use the following information about the current year's operations of a company to calculate the cash paid for merchandise. $$\begin{array} { l r } 
\text { Cost of goods sold } & \$ 500,000 \
\text { Merchandise inventory, January 1 } & 85,000 \
\text { Merchandise inventory, December 31 } & 97,000 \
\text { Accounts payable, January 1 } & 68,000 \
\text { Accounts payable, December 31 } & 60,000
\end{array}$$
A)$585,000.
B)$520,000.
C)$480,000.
D)$508,000.
E)$512,000.

Use the Following Information About the Current Year's Operations of a Company