O'Hara Company uses the direct method to prepare the operating activities section of its statement of cash flows. The following information is available for Year 2.
Required:a)What amount of cash was paid for the purchase of merchandise?b)Using only this information, prepare the operating activities section of the statement of cash flows.
Definitions:
Habeas Corpus
A legal principle that requires a person under arrest to be brought before a judge or into court, especially to secure the individual's release unless lawful grounds are shown for their detention.
Magna Carta
A charter of liberties to which the English barons forced King John to give his assent in June 1215 at Runnymede, a foundational document limiting the power of the monarchy.
English Liberties
The fundamental rights and freedoms traditionally enjoyed by English subjects, often cited as a historical basis for modern democratic liberties.
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