Question: (Learning Objective 4, 5, 6: Computing amounts for the statement of cash fl ows direct method) Compute the following items for the statement of cash

(Learning Objective 4, 5, 6: Computing amounts for the statement of cash fl ows—

direct method) Compute the following items for the statement of cash fl ows:

a. Beginning and ending Accounts Receivable are $25,000 and $20,000, respectively.

Credit sales for the period total $62,000. How much are cash collections from customers?

b. Cost of goods sold is $79,000. Beginning Inventory was $26,000, and ending Inventory balance is $29,000. Beginning and ending Accounts Payable are $11,000 and $9,000, respectively. How much are cash payments for inventory?

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