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BUDOR Determining selected Amounts for Cash Hows from (Used for) Operating Activities-- Direct Method Selected...

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BUDOR Determining selected Amounts for Cash Hows from (Used for) Operating Activities-- Direct Method 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) $7,010 $7,660 Accounts payable (merchandise creditors) 45,410 51,230 Inventories 84,610 91,970 During the current vear, the cost of merchandise sold was $485,000, and the operating expenses other than depreciation were $95,300. 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 paid for merchandise b. Determine the amount reported on the statement of cash flows for cash paid for operating expenses

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