The income statement for edgebrook company shows cost of

Reference no: EM13480637

Situation A:
Chenowith Co. reports revenues of $203,580 and operating expenses of $108,190 in its first year of operations, 2012. Accounts receivable and accounts payable at year-end were $78,020 and $38,520, respectively. Assume that the accounts payable related to operating expenses. Ignore income taxes.

Using the direct method, compute net cash provided (used) by operating activities. (If an amount reduces the account balance then enter with negative sign.)

Net cash by operating activities

$
Situation B:
The income statement for Edgebrook Company shows cost of goods sold $307,460 and operating expenses (exclusive of depreciation) $228,570. The comparative balance sheet for the year shows that inventory increased $20,340, prepaid expenses decreased $8,010, accounts payable (related to merchandise) decreased $18,560, and accrued expenses payable increased $11,220.

Compute (a) cash payments to suppliers and (b) cash payments for operating expenses.

(a) Cash payments to suppliers
$
(b) Cash payments for operating expenses
$

Reference no: EM13480637

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