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Use the Information Provided to Calculate the Missing Cash Paid

Question 8

Essay

Use the information provided to calculate the missing cash paid for merchandise for the period.
 Accounts payable, beginning-year.…………………$60,000 Cost of goods sold.…………………244,000 Merchandise inventory, beginning-year…………………35,000Merchandise inventory, year-end…………………40,500 Accounts payable, year-end…………………64,800 Cash paid for merchandise. …………………\begin{array}{|l|lcc|} \hline \text { Accounts payable, beginning-year.\ldots \ldots \ldots \ldots \ldots \ldots \ldots } & \$60,000\\\hline \text { Cost of goods sold.\ldots \ldots \ldots \ldots \ldots \ldots \ldots } &244,000\\\hline \text { Merchandise inventory, beginning-year\ldots \ldots \ldots \ldots \ldots \ldots \ldots } & 35,000\\ \hline\text {Merchandise inventory, year-end\ldots \ldots \ldots \ldots \ldots \ldots \ldots } &40,500\\\hline \text { Accounts payable, year-end\ldots \ldots \ldots \ldots \ldots \ldots \ldots } &64,800\\\hline \text { Cash paid for merchandise. \ldots \ldots \ldots \ldots \ldots \ldots \ldots} &\\ \hline\end{array}

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