Workman-Smith Company's comparative balance sheets included inventory of $120,000 on December 31, 2011, and $110,000 on December 31, 2012. Workman-Smith's comparative balance sheets also included accounts payable of $60,000 on December 31, 2011, and $55,000 on December 31, 2012. Workman-Smith's accounts payable balances are composed solely of amounts due to suppliers for purchases of inventory. Cost of goods sold, as reported by Workman-Smith on its 2012 income statement, amounted to $850,000. Required: What is the amount of cash payments for inventory that Workman-Smith should report in the operating activities section of its 2012 statement of cash flows, under the assumption that the direct method is used?

1. What is a case and how to defining the Case and Creating Problem Statements? 2. What is Background of the Problem and Problem Statement?

Explain what is meant by the decision pattern ?

What does the concept "substance over form" stand for?  Can you provide me with some examples?