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Category > Accounting Posted 19 Aug 2017 My Price 8.00

Ginis Inc

Determining selected amounts for cash flows from operating activities—direct method

 

Selected data taken from the accounting records of Ginis Inc. for the current year ended December 31 are as  follows:

 

 

Balance, December 31

Balance, January 1

 

Accrued expenses payable (operating   expenses)                    $  12,650                       $  14,030 Accounts payable (merchandise  creditors)                       96,140                                                                                                                                                                105,800

Inventories                                                                                                              178,020                              193,430

Prepaid expenses                                                                                                     7,360                                  8,970

 

During the current year, the cost of merchandise sold was $1,031,550, and the op- erating expenses other than depreciation were $179,400. The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.

Determine the amount reported on the statement of cash flows for (a) cash payments for merchandise and (b) cash payments for operating expenses.

 

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 10:08 PM My Price 8.00

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