Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Requlred Informatlon [The following information applies to the questions displayed below. In its 2018 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement
Requlred Informatlon [The following information applies to the questions displayed below. In its 2018 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows: For the years ended December 31, 2818 2817 Cash flow from operating activities: Cash received from customers $197,942,848 211,773,952 (191,276,791) (288,474,336) (1,563, 99e)(2,898, 523) Cash paid to suppliers and employees Interest paid, net Income taxes paid 486,65e 542,25e Cash provided by operations 4.694,609 8,658,843 Cash flow from investing activities: Capital expenditures and acquisitions Expenditures for other assets (3,803, 579) (1,667,382) 137,428 (3,847,139) (1,884,882) Cash used in investing activities Cash flow from financing activities: Principal payments of long-term debt and lease agreements Addition to long-term debt and lease liability Purchase of common stock and other capital transactions Payment of dividends Cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of year (2,862,485) (6,378,175) 1,434,847 (908, 231) 3.068,378 (1,6e5,9e6) 1,821,968 1.455,571 6,865,52 (11,486) 191,899 192,615 284 181 384,514 $ Cash at end of year 192,615 2818 2817 Reconciliation of net income to net cash provided by operations Net income $1,747,833 3,585, 584 2,382,827 3,525, 887 344, 766 Depreciation and amortization Deferred income taxes 285,988 Changes in assets and liabilities, net of acquisitions: Decrease (increase) in receivables Decrease (increase) in inventories Increase (decrease) in prepaid expenses Increase (decrease) in controlled disbursements Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Other, net (2,897,353) 4,128,668 (355,583) 6,841,49e 361, 643 373, 394 1,768,676 8,164,148) (14,585) 94, 35e) 83,718 417,616 1,969 $4,694,689 8,658,843 Cash provided by operations Kinney reported cost of goods sold of $168,114,150 in its fiscal 2018 income statement. Required Assuming that Kinney uses accounts payable strictly for inventory purchases and that all such purchases are on credit, how much cash did Kinney pay during the year for inventories: (s) Cash paid to inventory suppliers (b) Cash paid to employees
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started