Question: eBook Question Content Area Determining selected amounts for cash flows from ( used for ) operating activities direct method Selected data taken from the accounting

eBook
Question Content Area
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 31 are as follows:
Line Item Description Balance, December 31 Balance, January 1
Accrued expenses payable (operating expenses) $12,650 $14,030
Accounts payable (merchandise creditors)96,140105,800
Inventories 178,020193,430
Prepaid expenses 7,3608,970
During the current year, the cost of goods sold was $1,031,550, and the operating expenses other than depreciation were $179,400. The direct method is used for presenting the cash flows from (used for) operating activities on the statement of cash flows.
a. Determine the amount reported on the statement of cash flows for cash payments for merchandise.
fill in the blank 1 of 1$
b. Determine the amount reported on the statement of cash flows for cash payments for operating expenses.
fill in the blank 1 of 1$

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

\f