Question

The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:
a. If sales for the current year were $450,000 and accounts receivable decreased by $21,000 during the year, what was the amount of cash received from customers?
b. If income tax expense for the current year was $35,000 and income tax payable decreased by $3,100 during the year, what was the amount of cash payments for income tax?



$1.99
Sales0
Views159
Comments0
  • CreatedJuly 17, 2012
  • Files Included
Post your question
5000