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Accounting
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The following selected account balances appeared on the financial statements of the Washington Company: Accounts receivable, Jan. 1 Accounts receivable, Dec. 31 Accounts payable, Jan. 1 Accounts payable, Dec. 31 Merchandise inventory, Jan. 1 Merchandise inventory, Dec. 31 Sales Cost of merchandise sold $13,000 9,000 4,000 7,000 10,000 15,000 56,000 31,000 The Washington Company uses the direct method to calculate net cash flow from operating activities. 36. Cash payments for merchandise were a. $39,000 b. $33,000 c. $29,000 d. $23,000 Flyer Company sells a product in a competitive marketplace. Market analysis indicates that its product would probablhy sell at $48 per unit. Flyer's management desires a 12.5% profit margin on sales. Its current full cost for the product is $44 per unit
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