Question: The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following: a. If sales for
The cash flows from 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 $753, 500 and accounts receivable decreased by $48, 400 during the year, what was the amount of cash received from customers? b. If income tax expense for the current year was $50, 600 and income tax payable decreased by $5, 500 during the year, what was the amount of cash payments for income taxes? c. Briefly explain why the cash received from customers in (a) is different from sales
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