Question: Cash Flows from (Used for) Operating ActivitiesDirect Method The cash flows from (used for) operating activities are reported by the direct method on the statement
Cash Flows from (Used for) Operating ActivitiesDirect Method
The cash flows from (used for) 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 $707,700 and accounts receivable decreased by $47,400 during the year, what was the amount of cash received from customers? $fill in the blank 1
b. If income tax expense for the current year was $39,300 and income tax payable decreased by $4,400 during the year, what was the amount of cash paid for income taxes? $fill in the blank 2
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