Asked by Colby Nuccio on May 10, 2024
Verified
Stepping Out has inventory purchases of $2,200 during the month of June. If June 1 accounts payable were $1,700 and June 30 accounts payable were $1,900, what was the cash payment?
A) $3,900
B) $2,000
C) $1,900
D) $1,700
Inventory Purchases
This term is related to the buying of goods and materials by a company that are intended to be sold in the course of business.
Accounts Payable
The amounts a company owes to suppliers or vendors for goods or services received but not yet paid for.
Cash Payment
A transaction in which a payment for goods or services is made using physical currency or through a digital mechanism but representing a direct transfer of funds.
- Recognize the influence of adjustments in operating, investing, and financing activities on managing cash flow.
Verified Answer
Learning Objectives
- Recognize the influence of adjustments in operating, investing, and financing activities on managing cash flow.
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