Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: EndBeginningCash$67,000 $73,000 Accounts Receivable (net)73,000 60,000 Inventories54,000 37,000 Accounts Payable (merchandise creditors)43,000 37,000 Salaries Payable1,800 3,800 Sales (on account)210,000 Cost of Merchandise Sold70,000 Operating Expenses Other Than Depreciation67,000 Use the direct method to prepare the operating activities section of a statement of cash flows. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.blankOperating Activities SectionCash flows from (used for) operating activities: $- Select - - Select - - Select -Net cash flows from operating activities$fill in the blank 7

The first of three parts of the cash flow statement, cash flow from…

Answered: Balances of the current asset and…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...

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Balances of the current asset and current liability accounts at the end and beginning of the year are as follows:

	End	Beginning
Cash	$67,000	$73,000
Accounts Receivable (net)	73,000	60,000
Inventories	54,000	37,000
Accounts Payable (merchandise creditors)	43,000	37,000
Salaries Payable	1,800	3,800
Sales (on account)	210,000
Cost of Merchandise Sold	70,000
Operating Expenses Other Than Depreciation	67,000

Use the direct method to prepare the operating activities section of a statement of cash flows. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

blankOperating Activities Section