The financial statements of Rewaq Compuny.ut of BALANCE SHEETS Dec. $31,2023$ Dec. $31,2022$Cash$$408,000$$$192,000$Accounts Receivable$360,000216,000$ inventory$384,000480,000$Property, plant and equipment$608,000960,000$Less: accumulated depreciation$(320,000)(304,000)$Total Assets$$1,440,000$$$1,544,000$Accounts Payable$$176,000$$$96,000$ income Tax Payable$352,000392,000$Bonds Payable$360,000600,000$Common Stock$216,000216,000$Retained Earnings$336,000240,000$Total Liabilities & SHE$$440,000|$$$1,544,000$INCOME STATEMENTFor the Year Ended December $31,2023$Sales revenue$$8,448,000$Cost of Goods Sold,$152,000$Gross Profit$1,296,000$Operating Expenses$792,000$Income from Operations$504,00\mathrm{0\; i}$nterest Expense$72,000$Loss on Sale of Equipment$48,000$Income Before Taxes$384,000$Income Tax Expense$96,000$Net Income$$288,000$The following additional data is provided: a$)$ Dividends for the year $2023$ were $$192,000\mathrm{.}6)$ During the year, equipment was sold for $$240,000.$ This equipment cost $$352,000$ originally and had a book value of $$288,000$ at the time of sale.$*$ Depreciation expense is $$80,000$ included in the operating expenses .Based on the above information, determine the cash paid for operating expenses under the direct method? 

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ANSWER To determine the cash paid for operating expenses under the direct method we need to focus on ... View the full answer