Business, 13.05.2020 18:57 catty7343

Selected data taken from the accounting records of Laser Inc. for the current year ended December 31, are as follows: Balance, December 31 Balance, January 1 Accrued operating expenses $5,590 $6,110 Accounts payable (merchandise creditors) 41,730 46,020 Inventories 77,350 84,110 Prepaid expenses 3,250 3,900 During the current year, the cost of merchandise sold was $448,500, and the operating expenses other than depreciation were $78,000.
The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.

Required:

Determine the amount reported on the statement of cash flows for:

(1) Cash payments for merchandise; and

(2) Cash payments for operating expenses.

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Selected data taken from the accounting records of Laser Inc. for the current year ended December 31...

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