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 equivalente $ 72,600 $ 86,850 Accounts receivable 59,300 63,800 Taventory 79,600 72,500 Total current assets 211,500 223, 150 Property, plant, and equipment 213,000 203,000 Less accumulated depreciation 71,000 50.750 Net property, plant, and equipment 142,000 152,250 Total assets $353,500 5.375,400 Accounts payable 546,400 $ 82,500 Income taxes payable 36.100 45,400 Bonds payable 87.000 72.500 Common stock 101,500 57.000 Retained earnings $2.500 68,000 Total abilities 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. 6-a. If the company debited cost of goods sold and credited inventory for $580,000 during the year, what is the total amount of inventory purchases recorded on the debit side of the Inventory T-account and the credit side of the Accounts Payable T-account? 6-6. What is the total amount of the debits recorded in the Accounts Payable T-account during the year? ! Required information The following information applies to the questions 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, 850 Accounts receivable 59,300 63,800 Inventory 79,600 172.500 Total current assets 211,500 223, 150 Property, plant, and equipment 213,000 203,000 Les accumulated depreciation 71.000 50, 750 Net property, plant, and equipment 142,000 152.250 Total assets $ 353,500 $ 375,400 Accounts payable $ 46,400 $ 82,500 Income taxes payable 36,100 45,400 Bonds payable 87,000 72,500 Common stock 101,500 87.000 Retained earnings 82,500 88,000 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 (+ or -) of the inventory and accounts payable adjustments to net income in the operating activities section of the statement of cash flows? 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 $ 86,850 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 Less accumulated depreciation 71,000 50,750 Net property, plant, and equipment 142,000 152,250 Total assets $ 353,500 $375,400 Accounts payable $ 46,400 $ 82,500 Income taxes payable 36,100 45,400 Bonds payable 87,000 72,500 Common stock 101,500 87,000 Retained earnings 82,500 88.000 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. 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? nh