The following items appeared on the financial statements of Washington Company. Line Item Description Amount Accounts receivable, January 1 $13,395 Accounts receivable, December 31 6,901 Accounts payable, January 1 5,645 Accounts payable, December 31 8,721 Inventory, January 1 6,686 Inventory, December 31 16,260 Sales 73,071 Cost of goods sold 34,443 Washington Company uses the direct method to report cash flows from (used for) operating activities. Assume that all accounts payable are owed to merchandise suppliers. Cash payments for merchandise were
The following items appeared on the financial statements of Washington Company. Line Item Description Amount Accounts receivable, January 1 $13,395 Accounts receivable, December 31 6,901 Accounts payable, January 1 5,645 Accounts payable, December 31 8,721 Inventory, January 1 6,686 Inventory, December 31 16,260 Sales 73,071 Cost of goods sold 34,443 Washington Company uses the direct method to report cash flows from (used for) operating activities. Assume that all accounts payable are owed to merchandise suppliers. Cash payments for merchandise were
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following items appeared on the financial statements of Washington Company.
| Line Item Description | Amount |
|---|---|
| $13,395 | |
| Accounts receivable, December 31 | 6,901 |
| Accounts payable, January 1 | 5,645 |
| Accounts payable, December 31 | 8,721 |
| Inventory, January 1 | 6,686 |
| Inventory, December 31 | 16,260 |
| Sales | 73,071 |
| Cost of goods sold | 34,443 |
Washington Company uses the direct method to report
Cash payments for merchandise were
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