Reference no: EM133042090
Question - Amazon Inc. is one of the world's leading e-commerce companies, with almost $120 billion in revenues for the fiscal year ended December 31, 2017. For the year ended December 31, 2017, Amazon's cost of goods sold was $111,934 million. Assume that all purchases were made on account. The balance in the Inventories account is as follows: December 31, 2016 is $11,461 and December 31, 2017 is $16,047. The balance in the Accounts Payable account is as follows: December 31, 2016 is $25,309 and December 31, 2017 is $34,616.
Required -
a. Prepare the entry, using the financial statement effects template and in journal entry form, to record cost of goods sold for the year ended December 31, 2017.
b. Prepare the entry, using the financial statement effects template and in journal entry form, to record Amazon's inventory purchases for the year ended December 31, 2017. (Assume all purchases are made on account.)
c. What amount did Amazon pay in cash to its suppliers for the year ended December 31, 2017?
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