cost of goods sold=580,000

Ravenna Company is a merchandiser that uses the Indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Inding Beginning Balance Balance Cash & cash equivalents $ 72,600 $ 86,950 Accounts receivable 59,300 63,000 Inventory 79,600 72.500 Total current asset 211,500 223,150 Property, plant, and equipment 213,000 203,000 Leon accumulated depreciation 71.000 50,250 Net property, plant, and equipment 142,000 152250 Total assets $ 353,500 $375,400 recounts payable 5.46,400 $ 92,500 Income tax payable 36,100 45.400 honda payable $7,000 92,500 Common stock 101.500 87,000 Retained earnings 12,500 0.000 Total liabilities and stockholders' equity $ 353,500 +375,400 During the year, Ravenna paid a $8,700 cash dividend and it sold a piece of equipment for $4,350 that had originally cost $9,600 and had accumulated depreciation of $6,400. The company did not retire any bonds or repurchase any of its own common stock during the year 7-a. What is the combined amount and direction (tor) of the inventory and accounts payable adjustments to net income in the operating activities section of the statement of cash flows? displayed below) Ravenna Company is a merchandiser that uses the Indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows Ending Beginning Balance Balance Cash cash equivalents $ 72,600 $ 86,650 Accounts receivable 59,300 63,800 Inventory 79.600 72.500 Total current assets 211.500 223, 150 Property, plant, and equipment 213.000 203,000 Loss accumulated depreciation 71.000 50, 250 Net property, plant, and equipment 142.000 152250 Total assets $ 353,500 $375,400 Accounts payable $ 46,400 5.82,500 Income taxes payable 36,100 45,400 Bonds payable 87,000 72,500 Common stock 101,500 07.000 Retained earnings 12.300 10.000 Total liabilities and stockholders' equity 5. 353,500 $375,400 During the year, Ravenna paid a $8,700 cash dividend and it sold a piece of equipment for $4,350 that had originally cost $9,600 and had accumulated depreciation of $6,400. The company did not retire any bonds or repurchase any of its own common stock during the year. 8-a. If the company debited income tax expense and credited income taxes payable $1,060 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account