What is the amount of cash payments for inventory

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Problem - Cash Payments-Direct Method - Wolf's comparative balance sheets included inventory of $45,000 at December 31, 2015, and $63,000 at December 31, 2016. The comparative balance sheets also included accounts payable of $33,000 at December 31, 2015, and $39,000 at December 31, 2016. Wolf's accounts payable balances are composed solely of amounts due to suppliers for purchases of inventory on account. Cost of goods sold, as reported on the 2016 income statement, amounted to $120,000. What is the amount of cash payments for inventory that Wolf will report in the Operating Activities section of its 2016 statement of cash flows assuming that the direct method is used?

Reference no: EM132868906

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