Last year Morrison Corporation reported cost of goods sold of $135,000. Inventories increased by $25,000 during the year, and accounts payable decreased by $10,000. The company uses the direct method to determine the net cash flows from operating activities. on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be: a. $170,000 b. $120,000 c. $100,000 d. $150,000

Last year Morrison Corporation reported cost of goods sold of $135,000. Inventories increased by $25,000 during the year, and accounts payable decreased by $10,000. The company uses the direct method to determine the net cash flows from operating activities. on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be: a. $170,000 b. $120,000 c. $100,000 d. $150,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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