The following information relates to Finnegan Inc.:
Finnegan's accounts payable balances are composed solely of amounts due to suppliers for inventory purchases.
Required: Compute the amount that would be reported as "cash paid for purchases" on the statement of cash flows using the direct method.

Question

The following information relates to Finnegan Inc.:
  Finnegan's accounts payable balances are composed solely of amounts due to suppliers for inventory purchases.
Required: Compute the amount that would be reported as "cash paid for purchases" on the statement of cash flows using the direct method.

Quizplus · Accepted Answer

The Answer of The following information relates to Finnegan Inc.:
  Finnegan's accounts payable balances are composed solely of amounts due to suppliers for inventory purchases.
Required: Compute the amount that would be reported as "cash paid for purchases" on the statement of cash flows using the direct method.

The Following Information Relates to Finnegan Inc