Use the following information to answer questions (a) through (e) below.

a. How much cash was received from customers during 2014?
b. How much cash was paid for merchandise during 2014?
c. How much cash was paid for operating expenses during 2014?
d. How much cash was paid for income taxes during 2014?
e. Calculate the cash inflows (outflows) from operating activities using the directmethod.

Transcribed Image Text:

Delmar Corp Comparative Balance Sheet Information Delmar Corp. Income Statement For Year Ended November 30, 2014 November 30 2014 $ 25 46 80 30 $500 190 $310 2013 Sales .. Cost of goods sold Cash 20 95 15 320 Operating expenses Inventory Prepaid rent Depreciation expense 20 200 220 $ 90 10 $ 80 Accounts payable.... Accrued liabilities Income tax payable... 40 35 Income from operations Income tax expense 50 .. 100 . 299 281