Kuma, Inc. had cost of goods sold of $106,000 for the just completed year. Shown below...
Kuma, Inc. had cost of goods sold of $106,000 for the just completed year. Shown below are the beginning and ending balances of various Kuma accounts:
|
Ending |
Beginning |
|||||
|
Cash and cash equivalents |
$ |
59,000 |
$ |
45,000 |
||
|
Accounts receivable |
$ |
75,000 |
$ |
81,000 |
||
|
Inventory |
$ |
36,000 |
$ |
42,000 |
||
|
Accounts payable |
$ |
18,000 |
$ |
14,000 |
||
|
Retained earnings |
$ |
79,000 |
$ |
64,000 |
||
Kuma prepares its statement of cash flows using the direct method. On its statement of cash flows, what amount should Kuma show for its cost of goods sold adjusted to a cash basis (i.e., cash paid to suppliers)?
$100,000
$96,000
$102,000
$116,000
Homework Answers
Correct answer---------$96,000
Working
| Cash payments for merchandise | |
| Cost of goods sold | $ 106,000 |
| less: Decrease in Inventory | -$ 6,000 |
| Net purchases | $ 100,000 |
| Less: Increase in Accounts payable | -$ 4,000 |
| Cash payments for merchandise | $ 96,000 |
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