The following data is from Los Altos, Inc.: Cost of goods sold $243,000 Inventory, January 1 42,750 Inventory, December 31 49,500 Accounts payable, January 1 24,750 Accounts payable, December 31 15,750 Using the above data, calculate the cash Los Altos, Inc. paid for merchandise purchased: $Answer

The following data is from Los Altos, Inc.: Cost of goods sold $243,000 Inventory, January 1 42,750 Inventory, December 31 49,500 Accounts payable, January 1 24,750 Accounts payable, December 31 15,750 Using the above data, calculate the cash Los Altos, Inc. paid for merchandise purchased: $Answer

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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Question

Direct Method

The following data is from Los Altos, Inc.:

Cost of goods sold	$243,000
Inventory, January 1	42,750
Inventory, December 31	49,500
Accounts payable, January 1	24,750
Accounts payable, December 31	15,750

Using the above data, calculate the cash Los Altos, Inc. paid for merchandise purchased: $Answer

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