The Cash Flows from Operating Activities Are Reported by the Direct

question 186

Essay

The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following: (a) If sales for the current year were $\$ 695,000$ and accounts receivable decreased by $\$ 43,500$ during the year, what was the amount of cash received from customers?
(b) If income tax expense for the current year was $\$ 56,000$ and income tax payable decreased by $\$ 5,200$ during the year, what was the amount of cash payments of income tax?

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Definitions:

19-year-old Native American Male

Refers to an individual who is of Native American descent, aged 19.

Hopelessness

A feeling of despair or pessimism, believing that there is no possibility of a better future or solution to a problem.

Transition

The process or period of changing from one state or condition to another, often used in the context of careers, life stages, or writing.

Similarly

In a like manner or in a way that bears resemblance to another situation, process, or result.