Monroe Corporation reported a decrease in inventories of $30,000 and a decrease in accounts payable of $15,000.Cost of goods sold totaled $110,000.Monroe uses the direct method to determine the net cash provided by operating activities on the statement of cash flows.What is the cost of goods sold adjusted to a cash basis?
A) $65,000
B) $105,000
C) $95,000
D) $155,000

Question

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The Answer of Monroe Corporation reported a decrease in inventories of $30,000 and a decrease in accounts payable of $15,000.Cost of goods sold totaled $110,000.Monroe uses the direct method to determine the net cash provided by operating activities on the statement of cash flows.What is the cost of goods sold adjusted to a cash basis?
A) $65,000
B) $105,000
C) $95,000
D) $155,000

Monroe Corporation Reported a Decrease in Inventories of $30,000 and a Decrease