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What amount of cash is paid for merchandise

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Reference no: EM132556805

Question 1: Base on the following information for a company, what amount of cash is paid for merchandise for the current year?

Cost of goods sold ..........................................................$545,000

Merchandise inventory, prior year-end ........................... 105,000

Merchandise inventory, current year-end ....................... 112,000

Accounts payable, prior year-end .................................. 98,500

Accounts payable, current year-end .............................. 101,300

Reference no: EM132556805

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