The following information is available for Oliver Company for 2013. Oliver uses the direct method to prepare its statement of cash flows. 
a) What amount of cash was paid for the purchase of merchandise?
b) How will the amount computed in a) be shown on the Statement of Cash Flows?
Definitions:
Felt-Tip Pens
Writing instruments that have a porous tip made of felt or similar materials, used for drawing or writing.
Cross-Price Elasticity
The degree to which the demand for one commodity reacts to alterations in the pricing of another commodity.
Cross-Price Elasticity
A measure of how the quantity demanded of one good responds to a price change of another good.
Quantity Demanded
The total amount of a good or service that consumers are willing to purchase at a given price.
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