Compute amounts for the statement of cash flows-direct method
Response to the following problem:
Compute the following items for the statement of cash flows:
a. Beginning and ending Accounts Receivable are $42,000 and $35,000, respectively. Credit sales for the period total $139,000. How much are cash collections from customers?
b. Cost of Goods Sold is $67,000. Beginning Inventory was $56,000, and Ending Inventory balance is $59,000. Beginning and ending Accounts Payable are $24,000 and $26,000, respectively. How much are cash payments for inventory?