Income Statement for the year. Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income before Taxes Taxes Net Income Account Balance Changes during the year. Inventory decrease Accounts Payable decrease Accounts Receivable increase Depreciation increase Prepaid expenses increase Accrued liabilities (e.g., Wages Payable) decrease Taxes Payable increase $246,300 $1,600,000 240,000 $1,360,000 432,000 $928,000 18,400 $909,600 $245,700 What was the amount of cash payments made during the year for inventory purchases, using the direct method? O$234,300 $233,700 $6,002 $300 $50,000 $125,000 $7,500 $12,000 $1,200

What was the amount of cash payments made during the year for inventory purchases, using the direct method? $246,300 $245,700 $234,300 $233,700 What was the amount of cash payments for operating expenses this year, using the direct method? $326,500 $576,500 $302,500 $552,500 What was the amount of cash payments for taxes this year, using the direct method? $20,800 $19,600 $18,400 $17,200