Exhibit 12-5
Myers Inc.uses the indirect method to prepare the statement of cash flows.The following amounts are shown in its December 31,2013,financial statements.
-Refer to Exhibit 12-5.How will the change in salaries payable be reported in the operating activities
A) The decrease of $8,000 will be added to sales revenue.
B) The decrease of $8,000 will be subtracted from cost of goods sold.
C) The decrease of $8,000 will be added to net income.
D) The decrease of $8,000 will be subtracted from net income.
E) None of the answer choices is correct.
Correct Answer:
Verified
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