The cash flows from operating activities are reported by the direct method on the statement of cash
flows.
1)2)Determine the following:
If sales for the current year were $695,000 and accounts receivable decreased by $43,500 during the year, what was the amount of cash received from customers?
If income tax expense for the current year was $56,000 and income tax payable
decreased by $5,200 during the year, what was the amount of cash payments of income tax?

Question

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The Answer of The cash flows from operating activities are reported by the direct method on the statement of cash
flows.
1)2)Determine the following:
If sales for the current year were $695,000 and accounts receivable decreased by $43,500 during the year, what was the amount of cash received from customers?
If income tax expense for the current year was $56,000 and income tax payable
decreased by $5,200 during the year, what was the amount of cash payments of income tax?

The Cash Flows from Operating Activities Are Reported by the Direct