The following items appeared on the financial statements of Washington Company. Line Item Description Amount Accounts receivable, January 1 $13,395 Accounts receivable, December 31 6,901 Accounts payable, January 1 5,645 Accounts payable, December 31 8,721 Inventory, January 1 6,686 Inventory, December 31 16,260 Sales 73,071 Cost of goods sold 34,443 Washington Company uses the direct method to report cash flows from (used for) operating activities. Assume that all accounts payable are owed to merchandise suppliers. Cash payments for merchandise were

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is