Bertram, Inc. had beginning and ending accounts payable balances of $400 and $450, respectively. Inventory had beginning and ending balances of $450 and $425, respectively. All inventory purchases are made on account. If cost of goods sold equaled $350, how much cash was spent to purchase inventory?
A. $250
B. $275
C. $400
D. $350
Answer: B
You might also like to view...
Common language does not involve the use of indicators or actual counts.
Answer the following statement true (T) or false (F)
The industry agency that monitors all forms of advertising directed toward children is the:
A) National Advertising Division (NAD) B) Children's Advertising Review Unit (CARU) C) Federal Trade Commission (FTC) D) Council of Better Business Bureaus (CBBB)
A control technique that can reduce the risk of a terminated employee being paid is
a. a security camera viewing the time clock b. the supervisor taking role during the shift c. paychecks being distributed by an independent paymaster d. reconciliation of time cards and job tickets
Catalina promises high returns to Darby and other investors, who then agree to trust their funds to Catalina. She uses these funds to pay previous investors. This is
a. a Ponzi scheme. b. a stock option. c. an accredited investor. d. a shortswing profit.