FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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provide answer for req. 1 and 2

In its May 31, 2017, annual report, Beyonce Ltd.
(Beyonce) reported that it had an inventory of...
Question:
In its May 31, 2017, annual report, Beyonce Ltd. (Beyonce) reported that it had an inventory of $175,000 and accounts payable
of $104,000 on May 31, 2016, and inventory of $196,000 and accounts payable of $122,000 on May 31, 2017. Beyonce's
income statement for the year ended May 31, 2017, reported the cost of goods sold of $1,220,000.
Required:
Calculate the amount of cash that Beyonce paid to suppliers for purchases of inventory during fiscal 2017. Assume that
accounts payable pertain only to the purchase of inventory on credit.
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Transcribed Image Text:In its May 31, 2017, annual report, Beyonce Ltd. (Beyonce) reported that it had an inventory of... Question: In its May 31, 2017, annual report, Beyonce Ltd. (Beyonce) reported that it had an inventory of $175,000 and accounts payable of $104,000 on May 31, 2016, and inventory of $196,000 and accounts payable of $122,000 on May 31, 2017. Beyonce's income statement for the year ended May 31, 2017, reported the cost of goods sold of $1,220,000. Required: Calculate the amount of cash that Beyonce paid to suppliers for purchases of inventory during fiscal 2017. Assume that accounts payable pertain only to the purchase of inventory on credit.
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