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Question
a. Sales = $650,500; Accounts receivable increased by $27,500. Calculate cash receipts from sales.
b. Cost of goods sold = $430,000; inventory decreased by $75,000; accounts payable decreased by $28,500. Calculate cash payments for purchases.
c. The Income statement shows $12,500 in income taxes. The balance sheet shows an increase in taxes payable of $1,500. Calculate the cash paid for income taxes.
d. Operating expenses total $75,750; Depreciation expense = $37,200; Prepaid expenses increased by $15,400; Accrued wages decreased by $10,600. Calculate cash payments for operating expenses.
Answer
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