Given the following financial data for XYZ, Inc.: Inventory on December 31,2020: $5,000...

80.2K

Verified Solution

Question

Accounting

Given the following financial data for XYZ, Inc.:
Inventory on December 31,2020: $5,000
Inventory on December 31,2021: $3,000
Accounts payable on December 31,2020: $12,000
Accounts payable on December 31,2021:$15,000
Cost of goods sold for the year 2021: $50,000
The net cash paid to suppliers of inventory during the year 2021 is:
$49,000
$55,000
$45,000
$51,000
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students