The following selected account balances appeared on the financial statements of the Washington Company. Use these balances to answer the questions that follow. Accounts Receivable, Jan. 1$14,527Accounts Receivable, Dec. 316,196Accounts Payable, Jan. 14,826Accounts Payable, Dec. 318,738Inventory, Jan. 110,012Inventory, Dec. 3114,016Sales70,092Cost of Goods Sold31,033 The Washington Company uses the direct method to calculate net cash flow from operating activities. Assume that all accounts payable are owed to merchandise suppliers.
A. $39,000
B. $33,000
C. $78,423
D. $23,000
Ans: C. $78,423
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