Question: Cash Flows from Operating Activities-- Direct Method The cash flows from operating activities are reported by the direct method on the statement of cash flows.
Cash Flows from Operating Activities-- Direct Method The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following: . If sales for the current year were $536,200 and accounts recelvable decreased by $31,100 during the year, what was the amount of cash received from customers) b. It income tax expense for the current year was $43,300 and income tax payable decreased by $4,700 during the year, what was the amount of cash payments for income taxes? c. Briefly explain why the cash received from customers in part() is different from sales. Because the customers paid than the amount of sales for the period, cash received from customers $31,100 during the current year. sales made an account Cash Flows from Operating Activities-- Direct Method The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following: . If sales for the current year were $536,200 and accounts recelvable decreased by $31,100 during the year, what was the amount of cash received from customers) b. It income tax expense for the current year was $43,300 and income tax payable decreased by $4,700 during the year, what was the amount of cash payments for income taxes? c. Briefly explain why the cash received from customers in part() is different from sales. Because the customers paid than the amount of sales for the period, cash received from customers $31,100 during the current year. sales made an account
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
