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:

Cultural Form

Any specific social or cultural practice, symbol, or structure that is recognized within a particular cultural context.

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The process of handling conflicts and disagreements in a way that minimizes damage and resolves the issue effectively.

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