The income statement for James Company showed cost of goods sold of $90,000 and operating...
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Accounting
The income statement for James Company showed cost of goods sold of $90,000 and operating expenses of $62,000. The comparative balance sheets for the year show that inventory decreased $4,000, prepaid expenses increased $8,000, accounts payable increased $5,000,and accrued expenses payable decreased $6,000.
Instructions:
Compute using the direct method:
(a) Cash payments to suppliers
(b) Cash payments for operating expenses
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