Erie Company reports the following comparative balance sheets and income statement information for the current year. Assuming accounts payable is used for inventory purchases only, what was the amount of cash paid for inventory purchases during the year?
A)$32,000
B)$176,000
C)$192,000
D)$160,000

Question

Erie Company reports the following comparative balance sheets and income statement information for the current year.  Assuming accounts payable is used for inventory purchases only, what was the amount of cash paid for inventory purchases during the year?
A)$32,000 
B)$176,000 
C)$192,000 
D)$160,000

Quizplus · Accepted Answer

The Answer of Erie Company reports the following comparative balance sheets and income statement information for the current year.  Assuming accounts payable is used for inventory purchases only, what was the amount of cash paid for inventory purchases during the year?
A)$32,000 
B)$176,000 
C)$192,000 
D)$160,000

Erie Company Reports the Following Comparative Balance Sheets and Income