50 What were cash receipts from sales for the year, using the direct method a $1,600,000 b $1,350,000 c $1,650,000 d $1,550,000 51 What was the amount of cash payments made during the year for inventory purchases, using the direct method a $234,300 b $246,300 c $245,700 d $233,700 52 What was the amount of cash payments for operating expenses this year, using the direct method a $576,500 b $552,500 c $326,500 d $302,500 53 What was the amount of cash payments for taxes this year, using the direct method a $19,600 b $18,400 c $20,800 d $17,200 The following Income Statement and account balance changes apply to questions 50 53 Income Statement for the year Sales $1,600,000 Cost of Goods Sold 240,000 Gross Profit $1,360,000 Operating Expenses 432,000 Net Income before Taxes $928,000 Taxes 18,400 Net Income $909,600 Account Balance Changes during the year Inventory decrease $6,000 Accounts Payable decrease $300 Accounts Receivable increase $50,000 Depreciation increase $125,000 Prepaid expenses increase $7,500 Accrued liabilities (e g , Wages Payable) decrease $12,000 Taxes Payable increase $1,200

Question

50  What were cash receipts from sales for the year, using the direct method  a  $1,600,000  b  $1,350,000  c  $1,650,000  d  $1,550,000  51  What was the amount of cash payments made during the year for inventory purchases, using the direct method  a  $234,300  b  $246,300  c  $245,700  d  $233,700 52  What was the amount of cash payments for operating expenses this year, using the direct method  a  $576,500 b  $552,500 c  $326,500 d  $302,500 53  What was the amount of cash payments for taxes this year, using the direct method  a  $19,600 b  $18,400 c  $20,800 d  $17,200 The following Income Statement and account balance changes apply to questions 50 53  Income Statement for the year  Sales $1,600,000 Cost of Goods Sold 240,000 Gross Profit $1,360,000 Operating Expenses 432,000 Net Income before Taxes $928,000 Taxes 18,400 Net Income $909,600 Account Balance Changes during the year  Inventory decrease $6,000 Accounts Payable decrease $300 Accounts Receivable increase $50,000 Depreciation increase $125,000 Prepaid expenses increase $7,500 Accrued liabilities (e g , Wages Payable) decrease $12,000 Taxes Payable increase $1,200

Accepted Answer

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		a. $1,600,000.
		b. $1,350,000.
		c. $1,650,000.
		d. $1,550,000.

		a. $234,300.
		b. $246,300.
		c. $245,700.
		d. $233,700

		a. $576,500
		b. $552,500
		c. $326,500
		d. $302,500

		a. $19,600
		b. $18,400
		c. $20,800
		d. $17,200

Question

50. What were cash receipts from sales for the year, using the direct method? a. $1,600,000. b. $1,350,000. c. $1,650,000. d. $1,550,000. 51. What was

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