E11-37B. (Learning Objectives 4, 5, 6: Computing amounts for the statement of cash flowsdirect method) Compute the
Question:
E11-37B. (Learning Objectives 4, 5, 6: Computing amounts for the statement of cash flows—direct method) Compute the following items for the statement of cash flows:
a. Beginning and ending Accounts Receivable are €22,000 and €17,000, respectively.
Credit sales for the period total €62,000. How much are cash collections from customers?
b. Cost of goods sold is €79,000. Beginning Inventory balance is €28,000, and ending Inventory balance is €25,000. Beginning and ending Accounts Payable are €12,000 and
€14,000, respectively. How much are cash payments for inventory?
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Step by Step Answer:
Financial Accounting International Financial Reporting Standards Global Edition
ISBN: 9781292211145
11th Edition
Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison