Calculate and identify cash flows. (LO 1, 3, 4) Sales for 2008 were ($ 50,000); cost of

Question:

Calculate and identify cash flows. (LO 1, 3, 4)

Sales for 2008 were \(\$ 50,000\); cost of goods sold was \(\$ 35,000\). If accounts receivable increased by \(\$ 2,000\), inventory decreased by \(\$ 1,300\), accounts payable decreased by \(\$ 2,000\), and other accrued liabilities decreased by \(\$ 1,000\), how much cash was paid to vendors and suppliers during the year? How would the cash from this transaction be classified on the statement of cash flows?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting

ISBN: 9780131492011

1st Edition

Authors: Jane L. Reimers

Question Posted: