Assets Cash $ 94,800 $ 24,000 Accounts receivable, net 41,000 51,000 Inventory 85,800 95,800 Prepaid expenses 5,400 4,200 Total current assets 227,000 175,000 Furniture 109,000 119,000 Accum. depreciation—Furniture (17,000 ) (9,000 ) Total assets $ 319,000 $ 285,000 Liabilities and Equity Accounts payable $ 15,000 $ 21,000 Wages payable 9,000 5,000 Income taxes payable 1,400 2,600 Total current liabilities 25,400 28,600 Notes payable (long-term) 29,000 69,000 Total liabilities 54,400 97,600 Equity Common stock, $5 par value 229,000 179,000 Retained earnings 35,600 8,400 Total liabilities and equity $ 319,000 $ 285,000
Use the above balance sheet and income statement to prepare the cash provided or used from the operating activities section by a statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.)
What are the Payments for inventory?
What are Payments for other expenses?
What are Payments for taxes?
What are Receipts from sales to customers?