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What the amount of cash paid for goods purchased during year

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Reference no: EM132940143

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: EM132940143

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