Selected data for the current year ended December 31 are as follows:
Balance Balance
December 31 January 1
Accrued expenses (operating expenses) $29,500 $22,000
Accounts payable (merchandise creditors) 90,000 135,000
Inventories 42,500 68,000
Prepaid expenses 23,000 20,000
During the current year, the cost of merchandise sold was $620,000 and the operating expenses other than depreciation were $142,000. The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.
Determine the amount reported on the statement of cash flows for the following:
Cash payments for merchandise:
Cash payments for operating expenses
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