Honalo Corporation had net sales of $515,000 for the just completed year. Shown below are the beginning and ending balances of various Honalo accounts:
|
| Ending | Beginning |
| Cash | $102,000 | $136,000 |
| Accounts receivable | $254,000 | $218,000 |
| Inventory | $461,000 | $527,000 |
| Accounts payable | $77,000 | $96,000 |
| Retained earnings | $367,000 | $298,000 |
Honalo prepares its statement of cash flows using the direct method. On its statementof cash flows, what amount should Honalo show for its net sales adjusted to a cash basis (i.e., cash received from sales)?
A) $479,000
B) $526,000
C) $545,000
D) $551,000
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