Question: The cash flows from operating activities are reported by the 148576

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 $510,000 and accounts receivable decreased by $27,000 during the year, what was the amount of cash received from customers?
b. If income tax expense for the current year was $29,000 and income tax payable decreased by $3,900 during the year, what was the amount of cash payments for income tax?




Sale on SolutionInn
Sales1
Views343
Comments
  • CreatedNovember 12, 2012
  • Files Included
Post your question
5000