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

question 92

Multiple Choice

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

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Definitions:

Grievance Procedures

Formal processes used within organizations to address complaints or disputes from employees regarding workplace issues.

Union Contracts

Agreements between employers and labor unions that outline wages, hours, benefits, and other employment terms and conditions.

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