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

(Learning Objectives 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 €20,000 and €17,000, respectively.

Credit sales for the period total €61,000. How much are cash collections from customers?

b. Cost of goods sold is €79,000. Beginning Inventory balance is €28,000, and ending Inventory balance is €24,000. Beginning and ending Accounts Payable are €12,000 and €13,000, respectively. How much are cash payments for inventory?

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