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Question
a. Sales = $850,000; Accounts receivable decreased by $40,000. Calculate cash receipts from sales.
b. Cost of goods sold = $650,000; inventory increased by $22,000; accounts payable increased by $28,000. Calculate cash payments for purchases.
c. Income statement shows $25,500 in income taxes. The balance sheet shows an increase in taxes payable of $3,500. Calculate the cash paid for income taxes.
d. Operating expenses total $103,000; Depreciation expense = $14,000; Prepaid expenses decreased by $13,000; Accrued liabilities increased by $6,000. Calculate cash payments for operating expenses.
Answer
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