The cost of goods sold during the year was $56,446. Merchandise inventories were $12,097 and...
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Accounting
The cost of goods sold during the year was $56,446. Merchandise inventories were $12,097 and $8,250 at the beginning and end of the year, respectively. Accounts payable (all owed to merchandise suppliers) were $5,352 and $4,140 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, find the total cash payments for merchandise. Select the correct answer.
$56,446
$51,387
$53,811
$5,352
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