What were cash receipts from sales for the year, using the direct method?

a. $1,600,000.

b. $1,350,000.

c. $1,650,000.

d. $1,550,000.

What was the amount of cash payments made during the year for inventory purchases, using the direct method?

a. $234,300.
		b. $246,300.
		c. $245,700.
		d. $233,700

What was the amount of cash payments for operating expenses this year, using the direct method?

		a. $576,500
		b. $552,500
		c. $326,500
		d. $302,500

What was the amount of cash payments for taxes this year, using the direct method?

		a. $19,600
		b. $18,400
		c. $20,800
		d. $17,200

The following Income Statement and account balance changes apply to questions 50-53: Income Statement for the year. Sales $1,600,000 Cost of Goods Sold 240,000 Gross Profit $1,360,000 Operating Expenses 432.000 Net Income before Taxes $928,000 Taxes 18,400 Net Income $909,600 Account Balance Changes during the year. Inventory decrease Accounts Payable decrease Accounts Receivable increase Depreciation increase Prepaid expenses increase Accrued liabilities (e.g., Wages Payable) decrease Taxes Payable increase $6,000 $300 $50,000 $125,000 $7,500 $12,000 $1,200