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Question
Selected information from Jet Companys 2013 financial statements is shown below
(in millions):
Inventory decreased $6.0 Accounts payable increased by $7.0
Cost of goods sold $36.50 Salaries expense $24.0
Salaries payable decreased $6.0 Accounts receivable increased by $10.0
Sales $56.4
What is the amount of cash paid for purchases by Jet during 2013?
A. $36.5
B. $47.5
C. $37.5
D. $35.5
E. $23.5
Answer
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