Narley Dude Corporation had net sales of $720,000 and cost of goods sold of $385,000 for the just completed year. Shown below are the beginning and ending balances for the year of various Narley Dude accounts:
|
| Ending | Beginning |
| Cash.. | $34,000 | $20,000 |
| Accounts receivable | $49,000 | $19,000 |
| Inventory | $67,000 | $44,000 |
| Accounts payable | $15,000 | $21,000 |
Narley Dude prepares its statement of cash flows using the direct method.
1 On its statement of cash flows, what amount should Narley Dude show for its net sales adjusted to a cash basis (i.e., cash received from sales)?
A) $690,000
B) $704,000
C) $750,000
D) $755,000
2 On its statement of cash flows, what amount should Narley Dude show for its cost of goods sold adjusted to a cash basis (i.e., cash paid to suppliers)?
A) $356,000
B) $368,000
C) $402,000
D) $414,000
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