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# Accounts Payable

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Dino Corp had cost of goods sold of \$300,000 for the year ended Dec 31, 2002 and an ending inventory balance of \$50,000. The beginning balances in inventory and A/P were \$20,000 and \$16,000 respectively. Dino finances 80% of its inventory purchases with trade A/P, incurs purchase ratably throughout the year, and consistently pays for its purchases 30 days after acquisition. What was the amount of cash paid on A/P during the year ended Dec 31, 2002?

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First we need to calculate the total ...

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The solution answers the question below in great detail.

\$2.19