The following information was taken from the 2021 financial statements of Crane Company:Inventory, January 1, 2021$ 170000Inventory, December 31, 2021230000Accounts payable, January 1, 2021140000Accounts payable, December 31, 2021230000Sales revenue1100000Cost of goods sold790000If the direct method is used in the 2021 statement of cash flows, what amount should Crane report as cash payments to suppliers?

A cash flow statement indicates cash inflow and cash outflow information of a particular time…

Answered: The following information was taken…

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 following information was taken from the 2021 financial statements of Crane Company:

Inventory, January 1, 2021	$ 170000
Inventory, December 31, 2021	230000
Accounts payable, January 1, 2021	140000
Accounts payable, December 31, 2021	230000
Sales revenue	1100000
Cost of goods sold	790000

If the direct method is used in the 2021 statement of cash flows, what amount should Crane report as cash payments to suppliers?

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