Computing Cash Payments to Suppliers. Lowe’s Companies, a retailer of home improvement products, reported cost of goods sold of $31,729 million for Year 1. It reported merchandise inventories of $7,611 million at the beginning of Year 1 and $8,209 million at the end of Year 1. It reported accounts payable to suppliers of $3,713 million at the beginning of fiscal Year 1 and $4,109 million at the end of fiscal Year 1. Compute the amount of cash paid to merchandise suppliers during Year 1.

Computing Cash Payments to Suppliers. Lowe’s Companies, a retailer of home improvement products, reported cost of goods sold of $31,729 million for Year 1. It reported merchandise inventories of $7,611 million at the beginning of Year 1 and $8,209 million at the end of Year 1. It reported accounts payable to suppliers of $3,713 million at the beginning of fiscal Year 1 and $4,109 million at the end of fiscal Year 1. Compute the amount of cash paid to merchandise suppliers during Year 1.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
Given is data for General Mills Inc. for its fiscal year ended May 27, 2018 ($ millions). Cost of goods sold (COGS) = $14,438.1 Cash from operating activities = $3,977.4 Cash from investing activities = (12,159.6) Noncash assets, end of year = 42,315.0 Cash, end of year = 558.6 Cash from financing activities = 7,668.2 Income tax expense = 80.2 Total assets, beginning of year = 30,537.6 Revenue = 22,036.6 Total liabilities, end of year = 33,784.2 Total expenses, other than COGS = 4,490 Stockholders' equity, end of year = 9,089.4 Prepare Income statement, Cash flow statement and Balance sheet for the year 2008. Do not use negative sign, use brackets. Note : Answers for tally- For the year ended May 27, 2018 Answer Revenues Answer 22,036.6 Answer Cost of goods sold Answer 14,438.1 Answer Gross profit Answer 7,958.5 Answer Expenses Answer 4,490.1 Answer Net income Answer 3,108.4 Answer Total assets Answer 0 Answer Total liabilities and equity Answer 0 b. Prepare the balance…
LaRoe Lawns’ inventory increased during the year by $6 million. Its accounts payable increased by $5 million during the same period. What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $25 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.
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