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Analyzing changes in inventory and accounts payable. EkaPhone, a Swedish firm specializing in communication networks, reported a balance in Inventories of SEK21,470 million at the beginning of Year 7 and SEK22,475 million at the end of Year 7. It also reported a balance in Trade (Accounts) Payable of SEK18,183 million at the beginning of Year 7 and SEK17,427 million at the end of Year 7. During Year 7, EkaPhone reported SEK114,059 million in Cost of Sales.
Problem 1: Compute the amount of cash paid to suppliers of inventory during Year 7 for purchases made on account. Assume that all of EkaPhone's inventory purchases are made on account. EkaPhone applies IFRS, and reports its results in millions of Swedish kronor (SEK).
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