Calculation of payment made to vendors

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Reference no: EM1314617

Calculation of payment made to vendors.

The following balance sheets are provided for Victor Foods

Cash and cash equivalents ..............................	$170,000	$120,000
Accounts receivable ...................................	80,000	65,000
Inventory ................................	140,000	130,000
Plant and equipment (net) ............................	130,000	80,000
Total assets ........................................	$520,000	$395,000
Accounts payable (for merchandise) ...............	$ 65,000	$ 35,000
Wages payable ............................................	120,000	110,000
Long-term liabilities .....................................	95,000	70,000
Common stock ..........................................	100,000	100,000
Retained earnings ............................................	140,000	80,000
Total liabilities and owner's equity ..................	$520,000	$395,000

Selected information from Victor Food's current year income statement:

Sales ...........................................................................	$1,650,000
Cost of goods sold ...................................................	840,000
Wages expense .........................................................	260,000

Compute the following (and show your work to earn partial credit in the event your responses are incorrect):

Cash payments for merchandise during the year ..................... $______________

Indicate the best answer to each question in the space provided.

Reference no: EM1314617

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