Question: eBook Question Content Area Determining selected amounts for cash flows from ( used for ) operating activities direct method Selected data taken from the accounting
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Determining selected amounts for cash flows from used for operating activitiesdirect method
Selected data taken from the accounting records of Ginis Inc. for the current year ended December are as follows:
Line Item Description Balance, December Balance, January
Accrued expenses payable operating expenses $ $
Accounts payable merchandise creditors
Inventories
Prepaid expenses
During the current year, the cost of goods sold was $ and the operating expenses other than depreciation were $ The direct method is used for presenting the cash flows from used for operating activities on the statement of cash flows.
a Determine the amount reported on the statement of cash flows for cash payments for merchandise.
fill in the blank of $
b Determine the amount reported on the statement of cash flows for cash payments for operating expenses.
fill in the blank of $
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