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Determine the cash payments made to suppliers

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Reference no: EM132910449

Cash Payment to Suppliers

Rottnest Ltd has provided you with the following information:

Cost of goods sold for the year $60 000
Purchases for the year (on credit terms) $80 000
Discounts received for early payment to suppliers $2 000
Stock write-offs owing to water damage caused by melting ice in the Antarctic $5 000
Opening balance of accounts payable $40 000
Closing balance of accounts payable $35 000
Opening balance of inventory $10 000
Closing balance of inventory $25 000

REQUIRED

Problem 1: Assuming that accounts payable relate only to the purchase of inventory, you are to determine the cash payments made to suppliers during the year.

Reference no: EM132910449

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