Multiple Choice
The following information was taken from the operating activity section of the 2014 statement of cash flows for Limited Corp: 
Based on the information provided, which one of the following conclusions is correct?
A) Accounts payable decreased $2,000 in 2014.
B) Inventories increased $8,000 in 2014.
C) The direct method was used to prepare the operating section of the cash flow statement.
D) Cash payments of merchandise exceeded cost of goods sold by $2,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q60: Cost of goods sold is the difference
Q64: Under the perpetual inventory system, each time
Q86: The understatement of ending inventories in one
Q96: A company began the year with $150,000
Q140: If a company understates its ending inventory
Q141: The cost of goods sold is<br>A)Purchases less
Q144: Which inventory costing method results in the
Q147: Which one of the following statements is
Q148: During a period of increasing cost prices,
Q150: Givens Corp.<br>Givens Corp.is a merchandising company that