Using a T-account to determine cash flow from operating activities
The Dive Company began the accounting period with a $40,000 credit balance in its Accounts Payable account. During the accounting period, Dive incurred expenses on account of $95,000. The ending Accounts Payable balance was $28,000.
Required
Based on this information, determine the amount of cash outflow for expenses during the accounting period. (Hint: Use a T-account for Accounts Payable. Enter the debits and credits for the given events, and solve for the missing amount.)
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