Assume that there were no sales of long-term assets, no interest revenue, and no expenses other than the expenses shown above. Also, assume that Accounts Payable is for purchases of merchandise inventory only. Prepare the operating activities section of the statement of cash flows.
Lone Star Hat Company uses the direct method for its statement of cash flow. Assume Accrued Liabilities relate to Operating Expenses. It reports the following information regarding the year ending December 31, 2018:
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May Retailers purchased merchandise with a list price of $100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30 . At what amount should May record the cost of this merchandise if the gross method is used?
a. $100,000 b. $78,400 c. $98,000 d. $80,000
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Indicate whether the statement is true or false
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Indicate whether the statement is true or false