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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