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Cash Paid for Merchandise Purchases The cost of merchandise sold for Kohl’s Corporation for a recent year was $11, 625 million. The balance sheet showed the following current account balances (in millions): Determine the amount of cash payments for merchandise. $46, 874 million Consider the affect that the increase or decrease in merchandise inventory and accounts payable would have on the cash-value.
Expert Answer
Goods Purchased during the year = Cost of Goods Sold + Ending Inventory – Beginning Inventory
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Question & Answer: Cash Paid for Merchandise Purchases The cost of merchandise sold for Kohl's Corporation for a recent year was $11, 625 millio…..
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= ($ 11,625 + $ 3,199 – $ 3,036) Millions
= $ 11,788 Millions
The amount of cash payment made=
= Beginning Accounts Payable + Purchases – Closing Accounts Payable
= $ ( 1,138 + 11,788 – 1,233) Millions
= $ 11,693
Hence the correct answer is $ 11,693
