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Geographic Enterprise's Inventory account decreased $37,500 and its Accounts Payable account (which ...

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Geographic Enterprise's Inventory account decreased $37,500 and its Accounts Payable account (which ...

Geographic Enterprise's Inventory account decreased $37,500 and its Accounts Payable account (which relates solely to the purchase of merchandise) decreased $13,760 during the year. Geographic also reported sales of $856,000 and cost of goods sold of $597,600 during the same period. Geographic's payments to suppliers for inventory during the year were:
A) $621,340
B) $573,860
C) $805,740
D) $648,860

Textbook

Financial Accounting, Canadian Edition

Edition: 5^th

Authors: Harrison, Horngren, Thomas, Berberich, Seguin

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