Selected Data Taken from the Accounting Records of Laser Inc

question 73

Essay

Selected data taken from the accounting records of Laser Inc.for the current year ended December 31 are as follows:
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During the current year,the cost of goods sold was $448,500,and the operating expenses other than depreciation were $78,000.The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.
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Required:
Determine the amount reported on the statement of cash flows for:
(a)Cash payments for merchandise
(b)Cash payments for operating expenses

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Definitions:

Immediate Rewards

Benefits received right after completing an action, which often increase the likelihood of repeating the behavior.

Longer-term Goals

Objectives and outcomes that are planned to be achieved over an extended period, typically beyond a year.

Social Roles

Expected behaviors and responsibilities associated with particular positions within a society or group.

Achievement

The accomplishment of a goal or attainment of higher skill levels through effort or skill.