Selected data taken from the accounting records of Ginis Inc. for the current year ended...
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Accounting
Selected data taken from the accounting records of Ginis Inc. for the current year ended December 31 are as follows:
Balance, December 31
Balance, January 1
Accrued expenses payable (operating expenses)
$7,100
$7,760
Accounts payable (merchandise creditors)
38,910
42,950
Inventories
74,270
80,730
Prepaid expenses
4,000
4,800
During the current year, the cost of merchandise sold was $429,800, and the operating expenses other than depreciation were $96,000. The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.
a. Determine the amount reported on the statement of cash flows for cash payments for merchandise. $
b. Determine the amount reported on the statement of cash flows for cash payments for operating expenses. $
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