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Last year Emmons Company reported cost of goods sold of $115,000. Inventories decreased by $20,000...

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Accounting

Last year Emmons Company reported cost of goods sold of $115,000. Inventories decreased by $20,000 during the year, and accounts payable decreased by $15,000. The company uses the direct method to determine the net cash flows from operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be

a. $130,000. b. $95,000. c. $110,000. d. $120,000.

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