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The cost of merchandise sold during the year was $45,504. Merchandise inventories were $13,104 and $8,815 at the beginning and end of the year, respectively. Accounts payable were $7,392 and $3,952 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, cash payments for merchandise total: a. $45,504 b. $44,655 c. $7,392 d. $37,775

The cost of merchandise sold during the year was $45,504. Merchandise inventories were $13,104 and $8,815 at the beginning and end of the year, respectively. Accounts payable were $7,392 and $3,952 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, cash payments for merchandise total: a. $45,504 b. $44,655 c. $7,392 d. $37,775

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The cost of merchandise sold during the year was $45,504. Merchandise inventories were $13,104 and $8,815 at the beginning and end of the year, respectively. Accounts payable were $7,392 and $3,952 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, cash payments for merchandise total: a. $45,504 b. $44,655 c. $7,392 d. $37,775
Transcribed Image Text:The cost of merchandise sold during the year was $45,504. Merchandise inventories were $13,104 and $8,815 at the beginning and end of the year, respectively. Accounts payable were $7,392 and $3,952 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, cash payments for merchandise total: a. $45,504 b. $44,655 c. $7,392 d. $37,775
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