ACCOUNTING
Warren, Reeve and Duchac
Financial Accounting
Managerial Accounting
Carl Warren, James M. Reeve, Jonathan E. Duchac
Chapter 16
EX 16-20 The cost of merchandise sold for Kohl’s Corporation for a recent year was $9,891 million. The balance sheet showed the following current account balances (in millions):
Balance, Balance,
End of Year Beginning of Year
Merchandise inventories $2,588 $2,238
Accounts payable 934 830
Determine the amount of cash payments for merchandise.
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