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Problem - Kettleman Corp. uses the Accounts payable account for amounts owed to both inventory suppliers and other vendors, such as the utility company. Kettleman is preparing its statement of cash flows under the direct method and trying to figure out Cash paid for inventory and operating expenses. The accountant pulls the following information: Revenue: $500,000 Cost of Goods Sold: $275,000 Operating expenses: $80,000 Inventory: $37,000 (beginning) and $52,000 (ending) Accounts receivable: 50,000 (beginning) and $62,000 (ending) Accounts payable: $90,000 (beginning) and $73,500 (ending) Prepaid expenses: $4,000 (beginning) and $12,000 (ending). What amount should Kettleman report for Cash paid for inventory and operating expenses?
Why Cost accounting is often referred to as "managerial accounting". What ways that a company uses cost accounting, and how it uses financial information.
cash -- 280000raw materials inventory -- 32000goods in process inventory -- 31000 2800 of direct materials 5000 of
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