Relevant account balances for Martinez Corporation are: 12/31/17 1/01/17 Accounts receivable $18,000 $14,000 Inventory 24,000 26,000 Prepaid insurance 1,500 2,100 Accounts payable 25,000 26,000 Income information for 2017_______ _________ _________ Revenue $120,000 Cost of goods sold $60,000 Insurance expense 6,000 Operating expenses 18,000 Depreciation 10,000 94,000 Net income $ 26,000 How much cash was paid to suppliers for inventory during 2017? $2,000 $59,000 $63,000 $61,000 None of these choices is correct.

Relevant account balances for Martinez Corporation are: 12/31/17 1/01/17 Accounts receivable $18,000 $14,000 Inventory 24,000 26,000 Prepaid insurance 1,500 2,100 Accounts payable 25,000 26,000 Income information for 2017___ _ _____ Revenue $120,000 Cost of goods sold $60,000 Insurance expense 6,000 Operating expenses 18,000 Depreciation 10,000 94,000 Net income $ 26,000 How much cash was paid to suppliers for inventory during 2017? $2,000 $59,000 $63,000 $61,000 None of these choices is correct.

Name: QUESTION 7Relevant account balances for Martinez Corporation are: 12/3
Uploaded: 2024-03-04T10:43:15.000Z
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Description: QUESTION 7Relevant account balances for Martinez Corporation are: 12/31/17 1/01/17Accounts receivable$18,000$14,000Inventory24,00026,000Prepaid insurance1,5002,100Accounts payable25,00026,000Income information for 2017_________________________Revenu

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter10: Current Liabilities And Payroll

Section: Chapter Questions

Problem 10.5BPR: Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in...

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QUESTION 7

Relevant account balances for Martinez Corporation are:

	12/31/17	1/01/17
Accounts receivable	$18,000	$14,000
Inventory	24,000	26,000
Prepaid insurance	1,500	2,100
Accounts payable	25,000	26,000
Income information for 2017_______	_________	_________
Revenue		$120,000
Cost of goods sold	$60,000
Insurance expense	6,000
Operating expenses	18,000
Depreciation	10,000	94,000
Net income		$ 26,000

How much cash was paid to suppliers for inventory during 2017?

		$2,000
		$59,000
		$63,000
		$61,000
		None of these choices is correct.

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