A company reported the following details: Cost of Goods Sold = $115,000 Decrease in inventory = $21,000

Fantastic news! We've Found the answer you've been seeking!

Question:

A company reported the following details:

Cost of Goods Sold = $115,000

Decrease in inventory = $21,000

Decrease in accounts payable = $8,000

Using the direct method, how much is cost of goods sold adjusted to a cash basis?

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0470161012

9th Canadian Edition, Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.

See More Books

Posted Date: Apr 28, 2024 12:28 PM

See More Questions

THE COMPANY: Aylmer Industries Inc. (Aylmer) has been in business since Y4. Aylmer has two main business segments. This first segment is the construction of large-scale projects. In Y7, Aylmer had...
I need help on this read from bottom to top. Image transcription text 7"} The second ?nancial statement to prepare is the statement of retained earnings. To determine the ending balance of...
The unclassified statement of financial position accounts for Sorkin Corporation, which is a public company using IFRS, for the year ended December 31, 2016 and its statement of comprehensive income...
Write a film script using this title "The arrival". THE ARRIVAL' WRITE A FILM SCRIPT USING THIS, TITLE DUMBFOUND: ASTONISH, AMAZE E62-67 SIMILE A METAPHOR ALLITERATION LIST OF THREE A LINE FROM A...
Explain Millikans oil-drop experiment.
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2023: Note: Loss amounts should be indicated by a minus sign. Stock Stock A Date Purchased 1/23/1999 Basis...
A smooth flat plate $2.4 \mathrm{~m}$ long and $0.6 \mathrm{~m}$ wide is placed in an airstream at $101.3 \mathrm{kPa}, 15^{\circ} \mathrm{C}$, and velocity $9 \mathrm{~m} / \mathrm{s}$....
Natures Way, Inc., keeps one of its production facilities busy making a perfume called Essence de la Vache. The perfume goes through two processing departments: Blending and Bottling. The following...
An escalator is used to move 54 people (60kg each) per minute from the first floor of a departm store to the second floor, 5m above. The power of the escalator's motor required should be at le a....
Hutchcroft Corporation uses the weighted-average method in its process costing. The following data concern the company's Assembly Department for the month of June. Cost per equivalent unit Materials...
A declaration required before beginning construction of a major project that describes the impact of the project on the environment. a. National Environmental Policy Act b. environmental impact...
Maitland, a fund-raiser for Arbor College, solicited contributions for the colleges building program. Hamill Manufacturing pledged a contribution to the program. When the company did not pay,...
You are considering opening your own photography studio specializing in weddings and other events. You think that there is a 40% probability of your business being successful, at which point you will...
The Spring Well Drilling Company entered into a contract with Towne Construction Company to drill a well to supply water to a particular piece of property where Towne was building a house. Spring...
The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. a. Calculate the amount contributed by Ford to U.S. GDP...
Create a slide microsoft powerpoint presentation on vulnerability identification and supervisory control and data acquisition (SCADA) systems. What is a SCADA system, and why is it important? How do...
Integration is a vital concept when applied in one?s life. Integrating your life means making ideal choices. Perfect choices on the other go in line with quality decisions. Quality decisions lead to...
In 2022, Mark purchased two separate activities. Information regarding these activities for 2022 and 2023 is as follows: The 2022 losses were suspended losses for that year. During 2023, Mark also...
In 2023, Julie, a single individual, reported the following items of income and deduction: Julie owns 100% and is an active participant in the rental real estate activity. What is her taxable income...
Jerry sprayed all of the landscaping around his business with a pesticide in June 2023. Shortly thereafter, all of the trees and shrubs unaccountably died. The FMV and the adjusted basis of the...

A company reported the following details: Cost of Goods Sold = $115,000 Decrease in inventory = $21,000

Question:

Expert Answer:

In the direct method the cost of goods sold is adjusted to a cash basi... View the full answer

Intermediate Accounting

Students also viewed these accounting questions