honalo corporation had net sales of 515 000 for the just completed year shown below 641375
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