Alkine Company's Comparative Balance Sheet Appears Below: Alkine Reported

Multiple Choice

Alkine Company's comparative balance sheet appears below: Alkine reported the following net income for the year: Dividends were declared and paid during the year. A gain of $8,000 was recorded on the sale of the long-term investments. The company did not purchase any long-term investments or dispose of any property, plant, and equipment during the year. It also did not issue any bonds payable or repurchase any of its own common stock.
-Under the direct method,the cost of goods sold adjusted to a cash basis would be:

A) $152,000
B) $160,000
C) $163,000
D) $155,000