Hayward Corporation Had Net Sales of $610,000 and Cost of Goods

question 54

Multiple Choice

Hayward Corporation had net sales of $610,000 and cost of goods sold of $360,000 for the just completed year.Shown below are the beginning and ending balances for the year of various accounts: The company prepares its statement of cash flows using the direct method. On its statement of cash flows,what amount should Howard show for its cost of goods sold adjusted to a cash basis (i.e. ,cash paid to suppliers) ?

• A)$345,000
• B)$366,000
• C)$379,000
• D)$373,000

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Definitions:

Expenditures

The act of spending or disbursing money, often categorized into capital and operational expenses in both personal and organizational contexts.

Charitable Giving

The act of donating money, goods, services, or time to a cause believed to benefit society, often performed without the expectation of direct financial benefit.

Income Tax Deductions

Specific expenses that taxpayers can subtract from their gross income to reduce their taxable income, resulting in lower taxes owed.

Tax-Exempt Nonprofits

Organizations that do not have to pay federal income tax because they engage in activities benefiting the public.