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