2. An analyst gathered the following information from a company's 2004 financial statements ($ millions): Year...

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2. An analyst gathered the following information from a company's 2004 financial statements ($ millions): Year ended 31 December Net sales Cost of goods sold Accounts receivable Inventory Accounts payable 2003 245.8 168.3 73.2 39 20.30 2004 254.60 175.9 68.3 47.8 22.9 Based only on the information above, the company's 2004 statement of cash flows prepared using the direct method would include amounts for cash received from customers and cash paid to suppliers, respectively, that are closest to: ABC Cash received from customers 249.7 259.5 259.5 Cash paid to suppliers 182.1 169.7 182.1 2. An analyst gathered the following information from a company's 2004 financial statements ($ millions): Year ended 31 December Net sales Cost of goods sold Accounts receivable Inventory Accounts payable 2003 245.8 168.3 73.2 39 20.30 2004 254.60 175.9 68.3 47.8 22.9 Based only on the information above, the company's 2004 statement of cash flows prepared using the direct method would include amounts for cash received from customers and cash paid to suppliers, respectively, that are closest to: ABC Cash received from customers 249.7 259.5 259.5 Cash paid to suppliers 182.1 169.7 182.1

Answer rating: 100% (QA)

To calculate the cash received from customers and cash paid to suppliers using the direct method fo... View the full answer