Maddox Industries reported an increase in inventories of $20,000 and a decrease in accounts payable of $10,000.Cost of goods sold totaled $120,000.Monroe uses the direct method to determine the net cash provided by operating activities on the statement of cash flows.What is the cost of goods sold adjusted to a cash basis?
A) $90,000
B) $110,000
C) $120,000
D) $150,000

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The Answer of Maddox Industries reported an increase in inventories of $20,000 and a decrease in accounts payable of $10,000.Cost of goods sold totaled $120,000.Monroe uses the direct method to determine the net cash provided by operating activities on the statement of cash flows.What is the cost of goods sold adjusted to a cash basis?
A) $90,000
B) $110,000
C) $120,000
D) $150,000

Maddox Industries Reported an Increase in Inventories of $20,000 and a Decrease