Boring Company raised its accounts payable by $80, decreased its inventory by $65, and increased its accounts receivable by $130 during the course of the year. So these account affect 15 dollar source of cash.
What is inventory?
- Both the raw materials required to make products and the products that are on hand for purchase are included in inventory.
- On a company's balance sheet, it is categorized as a current asset.
- Raw materials, work-in-progress, and completed items are the three categories of inventory.
- There are three different methods for valuing inventory: first-in, first-out; last-in, first-out; and weighted average.
- Businesses may reduce inventory expenses by using inventory management when they produce or acquire commodities as needed.
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