Selected data for the current year ended December 31 are as follows:
During the current year, the cost of merchandise sold was $620,000 and the operating expenses other than depreciation were $142,000.The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.
Determine the amount reported on the statement of cash flows for a cash payments for merchandise and b cash payments for operating expenses.
Definitions:
Technology
The application of scientific knowledge for practical purposes, especially in industry and the development of innovative tools and machinery.
Paradigm
A body of knowledge that selects and highlights certain issues for study. It includes assumptions about how a particular phenomenon ought to be studied and the kinds of experimental methods and measures that are appropriate to use.
Assumptions
Beliefs or principles accepted as true without proof, often forming the basis for further reasoning or behavior.
Analogies
Cognitive processes that identify similarities between two different ideas or objects, facilitating understanding and problem-solving.
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