Haley Inc. had the following information related to last year's purchases: Cost of goods purchased...

50.1K

Verified Solution

Question

Accounting

Haley Inc. had the following information related to last year's purchases: Cost of goods purchased $85,000 Accounts payable beginning 3,000 Accounts payable ending 5,000 What amount would be reported as "cash outflows for purchases" on the statement of cash flows using the direct method?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students