LFM Corporation Reported Cost of Goods Sold on Its Income

question 45

Multiple Choice

LFM Corporation reported cost of goods sold on its income statement of $15,000.The following account balances appeared on the company's comparative balance sheet for the same year:
The company uses the direct method to determine the net cash provided by (used in) operating activities.The cost of goods sold,adjusted to a cash basis,on the company's statement of cash flows for the year would be:

• A) $14,000
• B) $16,000
• C) $10,000
• D) $15,000

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