The following selected account balances appeared on the financial statements of Washington Company: Accounts Receivable, January 1 Accounts Receivable, December 31 Accounts Payable, January 1 Accounts Payable, December 31 Merchandise Inventory, January 1 Merchandise Inventory, December 31 $14,013 6,449 5,841 7,294 10,420 15,188 Sales 62,580 Cost of Merchandise Sold 36,279 Washington Company uses the direct method to calculate net cash flow from operating activities. Cash payments for merchandise were a. $42,500 $30,058 c. $39,594 d. $65,895

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following selected account balances appeared on the financial statements of Washington Company:
Accounts Receivable, January 1
Accounts Receivable, December 31
Accounts Payable, January 1
Accounts Payable, December 31
$14,013
6,449
5,841
7,294
10,420
15,188
Sales
62,580
Cost of Merchandise Sold
36,279
Washington Company uses the direct method to calculate net cash flow from operating activities. Cash payments for merchandise were
Merchandise Inventory, January 1
Merchandise Inventory, December 31
a. $42,500
Ob. $30,058
c. $39,594
Od. $65,895
Check My Work 1 more Check My Work uses remaining.
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Transcribed Image Text:The following selected account balances appeared on the financial statements of Washington Company: Accounts Receivable, January 1 Accounts Receivable, December 31 Accounts Payable, January 1 Accounts Payable, December 31 $14,013 6,449 5,841 7,294 10,420 15,188 Sales 62,580 Cost of Merchandise Sold 36,279 Washington Company uses the direct method to calculate net cash flow from operating activities. Cash payments for merchandise were Merchandise Inventory, January 1 Merchandise Inventory, December 31 a. $42,500 Ob. $30,058 c. $39,594 Od. $65,895 Check My Work 1 more Check My Work uses remaining. Previous
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