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Greene Electric Company uses the direct method to prepare its statement of cash flows. Greene has reported cost of goods sold of $85,000 on its
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Greene Electric Company uses the direct method to prepare its statement of cash flows. Greene has reported cost of goods sold of $85,000 on its income statement for 2018. If the balance in Accounts Payable, for merchandise inventory suppliers only, has decreased by $8,000 during the year, then $8,000 needs to be subtracted from $85,000 to calculate payments to suppliers for merchandise inventory purchases.
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