Selected data for the current year ended December 31 are as follows:
During the current year, the cost of merchandise sold was $620,000 and the operating expenses other than depreciation were $142,000.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.

Question

Selected data for the current year ended December 31 are as follows:
  During the current year, the cost of merchandise sold was $620,000 and the operating expenses other than depreciation were $142,000.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.

Quizplus · Accepted Answer

The Answer of Selected data for the current year ended December 31 are as follows:
  During the current year, the cost of merchandise sold was $620,000 and the operating expenses other than depreciation were $142,000.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.

Selected Data for the Current Year Ended December 31 Are