Wister Corporation Had Net Sales of $462,000 for the Just

question 6

Multiple Choice

Wister Corporation had net sales of $462,000 for the just completed year.Shown below are the beginning and ending balances of various Wister accounts: Wister prepares its statement of cash flows using the direct method.On its statement of cash flows,what amount should Wister show for its net sales adjusted to a cash basis (i.e. ,cash received from sales) ?
$$\begin{array} { l r r } & \text { Ending } & \text { Beginning } \\\text { Cash................... } & \$ 105,000 & \$ 132,000 \\\text { Accounts receivable...... } & \$ 168,000 & \$ 142,000 \\\text { Inventory................. } & \$ 472,000 & \$ 536,000 \\\text { Accounts payable........ } & \$ 74,000 & \$ 91,000 \\\text { Retained earnings....... } & \$ 364,000 & \$ 292,000\end{array}$$

• A)$488,000
• B)$436,000
• C)$462,000
• D)$445,000

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Definitions:

Peremptory Challenge

A prerogative in the process of selecting jurors that allows lawyers to exclude a specific number of prospective jurors without disclosing any justification.

Quasi In Rem

A legal term referring to action taken against the defendant's property to obtain jurisdiction over an individual.

In Personam

Pertaining to a legal action directed against a specific person demanding them to take a specific action or refrain from doing so.

In Rem

A legal term referring to a court's jurisdiction over an object or property rather than over a person.