1

Selected data taken from the accounting records of Ginis Inc. for the current year ended December...

Question

Selected data taken from the accounting records of Ginis Inc. for the current year ended December...

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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