Question

The following selected account balances appeared on the financial statements of the Washington Company. Use these...

  1. 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

$15,470

Accounts Receivable, Dec. 31

6,587

Accounts Payable, Jan. 1

4,536

Accounts Payable, Dec. 31

8,580

Inventory, Jan. 1

8,495

Inventory, Dec. 31

13,427

Sales

67,172

Cost of Goods Sold

31,083

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.$58,289

b.$67,172

c.$72,011

d.$76,055

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