Solved

Use the Following to Answer Questions

Question 128

Essay

Use the following to answer questions
In its 2015 Annual Report to Shareholders,Kinney Inc.reported the following Consolidated Statement of Cash Flows:
For the years ended December 31,
Use the following to answer questions  In its 2015 Annual Report to Shareholders,Kinney Inc.reported the following Consolidated Statement of Cash Flows: For the years ended December 31,      -Kinney reported cost of goods sold of $168,114,150 in its fiscal 2015 income statement.Assuming that Kinney uses accounts payable strictly for inventory purchases and that all such purchases are on credit,how much cash did Kinney pay during the year for inventories: (a)To inventory suppliers? (b)To employees? Use the following to answer questions  In its 2015 Annual Report to Shareholders,Kinney Inc.reported the following Consolidated Statement of Cash Flows: For the years ended December 31,      -Kinney reported cost of goods sold of $168,114,150 in its fiscal 2015 income statement.Assuming that Kinney uses accounts payable strictly for inventory purchases and that all such purchases are on credit,how much cash did Kinney pay during the year for inventories: (a)To inventory suppliers? (b)To employees?
-Kinney reported cost of goods sold of $168,114,150 in its fiscal 2015 income statement.Assuming that Kinney uses accounts payable strictly for inventory purchases and that all such purchases are on credit,how much cash did Kinney pay during the year for inventories:
(a)To inventory suppliers?
(b)To employees?

Correct Answer:

verifed

Verified

(a. )Assuming that there were no invento...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents