Solution-What the amount of cash paid for goods purchased

What the amount of cash paid for goods purchased

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Reference no: EM132937150

Problem 1: During the financial year, Seru Limited has a cost of sales amounting to $305,000. Opening balances were: inventory $42,000; accounts payable $32,000. Closing balances were: inventory $47,000; accounts payable $24,000. A discount of $2,000 for prompt payment was received. The amount of cash paid for goods purchased during the year was:

a $320,000

b $300,000

c $316,000

d $306,000

Reference no: EM132937150

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What the amount of cash paid for goods purchased

Reference no: EM132937150

Reference no: EM132937150

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