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please help with these parts. Thank you in advance Use the following information for questions 52 - 55: Income Statement for the year: Sales $
please help with these parts. Thank you in advance
Use the following information for questions 52 - 55: Income Statement for the year: Sales $ 890,000 Cost of Goods Sold 635,000 Gross Profit $ 255,000 Operating Expenses 120.000 Net Income before Taxes $ 135,000 Taxes 20.500 Net Income $ 114,500 Account Balance Changes during the year: Inventory increase Accounts Receivable increase Additions to Accumulated Depreciation Prepaid expenses decrease Accounts Payable for inventory increase Accrued liabilities (e.g., Wages Payable) decrease Taxes Payable decrease $20,000 $65,000 $40,000 $ 2,000 $15,000 $ 8,000 $ 4,000 What were cash receipts from sales for the year, using the direct method? O a. $955,000 b. $890,000 c. $825,000 O d. $785,000 Income Statement for the year: Sales $ 890,000 Cost of Goods Sold 635.000 Gross Profit $ 255,000 Operating Expenses 120.000 Net Income before Taxes $ 135,000 Taxes 20.500 Net Income $ 114.500 Account Balance Changes during the year: Inventory increase Accounts Receivable increase Additions to Accumulated Depreciation Prepaid expenses decrease Accounts Payable for inventory increase Accrued liabilities (e.g., Wages Payable) decrease Taxes Payable decrease $20,000 $65,000 $40,000 $ 2,000 $15,000 $ 8,000 $ 4,000 What was the amount of cash payments made during the year for inventory purchases, using the direct method? O a $640,000 b. $600,000 O c. $670,000 d. $647,000 Income Statement for the year: Sales $ 890,000 Cost of Goods Sold 635,000 Gross Profit $ 255,000 Operating Expenses 120.000 Net Income before Taxes $ 135,000 Taxes 20.500 Net Income $ 114,500 Account Balance Changes during the year: Inventory increase Accounts Receivable increase Additions to Accumulated Depreciation Prepaid expenses decrease Accounts Payable for inventory increase Accrued liabilities (e.g., Wages Payable) decrease Taxes Payable decrease $20,000 $65,000 $40,000 $ 2,000 $15,000 $ 8,000 $ 4,000 What was the amount of cash payments for operating expenses this year, using the direct method? O a $70,000 O b. $150,000 O c. 586,000 O d. $97,000 Income Statement for the year: Sales $ 890,000 Cost of Goods Sold 635.000 Gross Profit $ 255,000 Operating Expenses 120.000 Net Income before Taxes $ 135,000 Taxes 20.500 Net Income $ 114.500 Account Balance Changes during the year: Inventory increase Accounts Receivable increase Additions to Accumulated Depreciation Prepaid expenses decrease Accounts Payable for inventory increase Accrued liabilities (e.g., Wages Payable) decrease Taxes Payable decrease $20,000 $65,000 $40,000 $ 2,000 $15,000 $ 8,000 $ 4,000 What was the amount of cash payments for taxes this year, using the direct method? O a. $22,000 O b. $24,500 O c. $20,500 O d. $16,500
please help with these parts. Thank you in advance
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