Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information was taken from the 2018 financial statements of Crane Company: Inventory, January 1, 2018 $ 188000 Inventory, December 31, 2018 242000 Accounts

The following information was taken from the 2018 financial statements of Crane Company:

Inventory, January 1, 2018 $ 188000
Inventory, December 31, 2018 242000
Accounts payable, January 1, 2018 157000
Accounts payable, December 31, 2018 235000
Sales revenue 1170000
Cost of goods sold 791000

If the direct method is used in the 2018 statement of cash flows, what amount should Crane report as cash payments to suppliers?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information For Decision Making Readings In Cost And Managerial Accounting

Authors: Alfred Rappaport

2nd Edition

0134643887, 978-0134643885

Students also viewed these Accounting questions

Question

Who will implement and maintain the project after launch?

Answered: 1 week ago

Question

analyze aesthetic enhancing design rules.

Answered: 1 week ago

Question

apply communication design concepts into creative projects.

Answered: 1 week ago