Selected data taken from the accounting records of Ginis Inc. for the current year ended December...
Selected data taken from the accounting records of Ginis Inc. for the current year ended December 31 are as follows:
| Balance, December 31 | Balance, January 1 | |||
| Accrued expenses payable (operating expenses) | $7,100 | $7,760 | ||
| Accounts payable (merchandise creditors) | 38,910 | 42,950 | ||
| Inventories | 74,270 | 80,730 | ||
| Prepaid expenses | 4,000 | 4,800 | ||
During the current year, the cost of merchandise sold was $429,800, and the operating expenses other than depreciation were $96,000. The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.
a. Determine the amount reported on the
statement of cash flows for cash payments for merchandise.
$
b. Determine the amount reported on the
statement of cash flows for cash payments for operating
expenses.
$
Homework Answers
| a | ||
| Cost of merchandise sold | 429800 | |
| Add: Decrease in Accounts payable | 4040 | =42950-38910 |
| Less: Decrease in Inventories | -6460 | =74270-80730 |
| Cash payments for merchandise | 427380 | |
| b | ||
| Operating expenses | 96000 | |
| Add: Decrease in Accrued expenses payable | 660 | =7760-7100 |
| Less: Decrease in Prepaid expenses | -800 | =4000-4800 |
| Cash payments for operating expenses | 95860 |
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Selected data taken from the accounting records of Ginis Inc.
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