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Workman-Smith Company's comparative balance sheets included inventory of $120,000 on December 31, 2011, and $110,000 on December 31, 2012. Workman-Smith's comparative balance sheets also included accounts payable of $60,000 on December 31, 2011, and $55,000 on December 31, 2012. Workman-Smith's accounts payable balances are composed solely of amounts due to suppliers for purchases of inventory. Cost of goods sold, as reported by Workman-Smith on its 2012 income statement, amounted to $850,000.
Required:
What is the amount of cash payments for inventory that Workman-Smith should report in the operating activities section of its 2012 statement of cash flows, under the assumption that the direct method is used?
What is the amount of cash flows provided by operating activities to be presented on the statement of cash flows?
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