Question
The cost of merchandise sold during the year was $54,000. Merchandise inventories were $10,500 and $12,500 at the beginning and end of the year, respectively.
The cost of merchandise sold during the year was $54,000. Merchandise inventories were $10,500 and $12,500 at the beginning and end of the year, respectively. Accounts payable were $6,000 and $9,000 at the beginning and end of the year, respectively.
Using the direct method of reporting cash flows from operating activities, what will be the cash payments for total merchandise.
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Financial Accounting A User Perspective
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
6th Canadian Edition
470676604, 978-0470676608
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