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Ronaldo Corp. purchases all merchandise inventory on credit and uses a perpetual inventory system. The Accounts Payable account is used for recording...
Ronaldo Corp. purchases all merchandise inventory on credit and uses a perpetual inventory system. The Accounts Payable account is used for recording merchandise inventory purchases only. All other current liabilities are accrued in separate accounts.
You are provided with the following selected information for the most recent three years:
201520142013Income statement dataNet sales$(1)$250,400$241,500Cost of goods sold159,900(5)146,900Gross profit 92,70088,100(9)Operating expenses(2)51,700(10)Income tax expense8,8006,6007,700Profit$39,600$(6)$33,000Statement of financial position dataMerchandise inventory$(3)$16,200$11,000Accounts payable27,500(7)22,000Additional informationPurchase of merchandise inventory $155,100$(8)$145,200Cash payments to suppliers(4)176,000139,700
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