Mash Inc. had cost of goods sold of $114,000 for the just completed year.Shown below are the beginning and ending balances of various Mashaccounts: Cash $60,000 $47,000; Accounts receivable $86,000 $96,000;Inventory $47,000 $54,000; Accounts payable $29,000 $13,000; Retainedearnings $82,000 $5,000 ; Mash prepares its statement of cash flowsusing the direct method. On its statement of cash flows, what amountshould Mash show for its cost of goods sold adjusted to a cash basis (i.e.,cash paid to suppliers)? *$91,000$123,000$137,000$147,000

Cost of goods sold adjusted to a cash basis = Cost of goods sold + (Ending inventory - beginning…

Mash Inc. had cost of goods sold of $114,000 for the just completed year. Shown below are the beginning and ending balances of various Mash accounts: Cash $60,000 $47,000; Accounts receivable $86,000 $96,000; Inventory $47,000 $54,000; Accounts payable $29,000 $13,000; Retained earnings $82,00O $5,000 ; Mash prepares its statement of cash flows using the direct method. On its statement of cash flows, what amount should Mash show for its cost of goods sold adjusted to a cash basis (i.e., cash paid to suppliers)? * $91,000 $123,000 $137,000 $147,000

Mash Inc. had cost of goods sold of $114,000 for the just completed year. Shown below are the beginning and ending balances of various Mash accounts: Cash $60,000 $47,000; Accounts receivable $86,000 $96,000; Inventory $47,000 $54,000; Accounts payable $29,000 $13,000; Retained earnings $82,00O $5,000 ; Mash prepares its statement of cash flows using the direct method. On its statement of cash flows, what amount should Mash show for its cost of goods sold adjusted to a cash basis (i.e., cash paid to suppliers)? * $91,000 $123,000 $137,000 $147,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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