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USE THE FOLLOWING FACT SET TO ANSWER QUESTIONS 29 – 31: Vikt…

Posted byAnonymous July 2, 2025July 8, 2025

Questions

USE THE FOLLOWING FACT SET TO ANSWER QUESTIONS 29 – 31: Viktоr Nаvоrski’s Airpоrt Concession Co. prepаres its stаtement of cash flows using the direct method for operating activities. For the year ended December 31, 2024, Navorski reports the following: Sales revenue                                                                     $3,210,000 Cost of goods sold                                                             $1,575,000 Gross profit                                                                        $1,635,000 Operating expenses                                                          .    $95,000 Net income                                                                        $1,540,000   In addition, the following balance sheet accounts changed during 2024: Increase in prepaid rent expense                $16,700 Decrease in accounts receivable                $915,000 Increase in accounts payable                      $108,000 Decrease in salaries payable                        $8,000 Increase in inventory                                    $72,000   QUESTION 31 --> What amount of cash payments for operating expenses will be reported by Navorski for the year ended December 31, 2024?

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Tags: Accounting, Basic, qmb,

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