The following information was taken from the 2018 financial statements of Waterway Industries: Inventory, January 1,...
The following information was taken from the 2018 financial
statements of Waterway Industries:
| Inventory, January 1, 2018 | $ 177000 |
| Inventory, December 31, 2018 | 242000 |
| Accounts payable, January 1, 2018 | 157000 |
| Accounts payable, December 31, 2018 | 234000 |
| Sales revenue | 1120000 |
| Cost of goods sold | 802000 |
If the direct method is used in the 2018 statement of cash flows,
what amount should Waterway report as cash payments to
suppliers?
Homework Answers
Answer:
Cost of Goods Sold = Inventory, January 1, 2018 + Inventory
Purchases – Inventory, December 31, 2018
$802,000 = $177,000 + Inventory Purchases - $242,000
Inventory Purchases = $867,000
Accounts Payable, December 31, 2018 = Accounts Payable, January
1, 2018 + Inventory Purchases – Cash paid to Suppliers
$234,000 = $157,000 + $867,000 - Cash paid to Suppliers
Cash paid to Suppliers = $790,000
Add Answer to:
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