Last year Marton Corporation reported a cost of goods sold of $720,000 on its income...
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Accounting
Last year Marton Corporation reported a cost of goods sold of $720,000 on its income statement. The following additional data were taken from the company's comparative balance sheet for the year:
Ending
Beginning
Inventory
$
105,000
$
85,000
Accounts Payable
$
65,000
$
92,000
The company uses the direct method to determine the net cash provided by (used in) operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be:
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