EX 16-20 The cost of merchandise sold for Kohl’s Corporation for a recent year was $9,891 million.

EX 16-20 The cost of merchandise sold for Kohl’s Corporation for a recent year was $9,891 million.

ACCOUNTING by Warren, Reeve and Duchac

Chapter 16

EX 16-20 Kohl’s Corporation for

                                                                                         SOLUTION
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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