Skipper's Souvenir Shop had comparative balance sheets and income statements that showed the following information for 2010 and 2011: Skipper's accounts payable balances are composed solely of amounts due to suppliers for purchases of inventory. What is the amount of cash payments for inventory that Skipper should report on its 2011 statement of cash flows assuming that the direct method is used?

Question

Skipper's Souvenir Shop had comparative balance sheets and income statements that showed the following information for 2010 and 2011:  Skipper's accounts payable balances are composed solely of amounts due to suppliers for purchases of inventory. What is the amount of cash payments for inventory that Skipper should report on its 2011 statement of cash flows assuming that the direct method is used?

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The Answer of Skipper's Souvenir Shop had comparative balance sheets and income statements that showed the following information for 2010 and 2011:  Skipper's accounts payable balances are composed solely of amounts due to suppliers for purchases of inventory. What is the amount of cash payments for inventory that Skipper should report on its 2011 statement of cash flows assuming that the direct method is used?

Skipper's Souvenir Shop Had Comparative Balance Sheets and Income Statements