Homework Answers
Answer -
Calculation of Cash Payments to Suppliers (under the direct method)
| Particulars | Calculations | Amount ($) | |
| A. | Cost of goods sold | Given in question | 44200 |
| B. | Decrease in inventory | Given in question | 9200 |
| C. | Increase in accounts payable | Given in question | 7200 |
| Cash Payments to Suppliers for inventory [A-B-C] | [$44200-$9200-$7200] | 27800 | |
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Exercise 23-7
Presented below are two independent situations.
Situation A:
Novak Co. reports revenues of $200,000 and operating expenses of
$109,000 in its first year of operations, 2017. Accounts receivable
and accounts payable at year-end were $71,700 and $29,300,
respectively. Assume that the accounts payable related to operating
expenses. (Ignore income taxes.)
Using the direct method, compute net cash provided (used) by
operating activities. (Show amounts that decrease cash
flow with either a - sign e.g. -15,000 or in parenthesis...
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Exercise 23-7
Presented below are two independent situations.
Situation A:
Novak Co. reports revenues of $200,000 and operating expenses of
$109,000 in its first year of operations, 2017. Accounts receivable
and accounts payable at year-end were $71,700 and $29,300,
respectively. Assume that the accounts payable related to operating
expenses. (Ignore income taxes.)
Using the direct method, compute net cash provided (used) by
operating activities. (Show amounts that decrease cash
flow with either a - sign e.g. -15,000 or in parenthesis...
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