Reference no: EM132819696
Question - Power Corporation owns 75 percent of Surge Company's stock; no intercompany purchases or sales were made in 20X4. For the year, Power and Surge reported sales of $380,000 and $230,000 and cost of goods sold of $160,000 and $109,250, respectively. Power's inventory increased by $20,000, but Surge's decreased by $13,000. Power's accounts receivable increased by $28,000 and its accounts payable decreased by $13,000 during 20X4. Surge's accounts receivable decreased by $8,000 and its accounts payable increased by $7,000.
Assuming there were no other cash flows from operations, using the direct method of computing cash flows from operating activities, compute the following:
1. cash received from customers
2. cash payments to suppliers
3. cash flows from operating activities
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