Snowmass Construction Company: Cash Paid to Suppliers
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Cost of goods sold for Snowmass Construction Company during 20X1 was $410,000. Beginning inventory was $95,000 and ending inventory was $120,000. Beginning trade accounts payable were $24,000, and ending trade accounts payable were $51,000. What amount of cash did Snowmass pay to suppliers?
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Solution Summary
The solution carefully explains the terms and shows the formulas and computations to arrive at the amount of cash paid to suppliers.
Solution Preview
First, we compute the amount of purchases using the standard cost of goods sold calculation:
Beginning Inventory $95,000
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