Question : 21) Operating expenses–other than depreciation–for the year were $335,000. Prepaid : 1232230

 

21) Operating expenses–other than depreciation–for the year were $335,000. Prepaid expenses decreased by $7,000. Cash payments for operating expenses to be reported on the cash flow statement using the direct method would be:

A) $335,000.

B) $342,000.

C) $328,000.

D) $ 7,000.

22) Operating expenses–other than depreciation–for the year were $280,000. Prepaid expenses increased by $16,000. Cash payments for operating expenses to be reported on the cash flow statement using the direct method would be:

A) $296,000.

B) $ 16,000.

C) $264,000.

D) $280.000.

23) Operating expenses other than depreciation for the year were $400,000. Accrued expenses increased by $35,000. Cash payments for operating expenses to be reported on the cash flow statement using the direct method would be:

A) $435,000.

B) $400,000.

C) $365,000.

D) $ 35,000.

24) Operating expenses other than depreciation for the year were $563,000. Accrued expenses decreased by $47,000. Cash payments for operating expenses to be reported on the cash flow statement using the direct method would be:

A) $ 47,000.

B) $516,000.

C) $563,000.

D) $610,000.

25) From the income statement and balance sheet information listed below, what amount of cash was paid for salaries and wages during 2012?

 

Salaries and wages expense

2012

$255,000

Salaries and wages payable

12/31/11

$8,200

Salaries and wages payable

12/31/12

$10,900

A) $252,300

B) $257,700

C) $255,000

D) $274,100

26) From the income statement and balance sheet information listed below, what amount of cash was paid for salaries and wages during 2012?

 

Salaries and wages expense

2012

$187,000

Salaries and wages payable

12/31/11

$14,600

Salaries and wages payable

12/31/12

$11,300

A) $183.700

B) $161.100

C) $190.300

D) $212.900

27) The following information is available for Allsport Company. What amount was paid for merchandise during the current year (2012)?

 

Cost of goods sold

$545,000

Merchandise inventory, 12/31/11

105,000

Merchandise inventory, 12/31/12

112,000

Accounts payable 12/31/11

98,500

Accounts payable 12/31/12

101,300

A) $545,000

B) $554,800

C) $540,800

D) $549,200

28) The following information is available for Bestway Company. What amount is paid for merchandise for the current year (2012)?

 

Cost of goods sold

$872,000

Merchandise inventory, 12/31/11

123,000

Merchandise inventory, 12/31/12

114,000

Accounts payable 12/31/11

104,000

Accounts payable 12/31/12

97,000

A) $874,000

B) $870,000

C) $856,000

D) $888,000

29) A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for the interest. Under the direct method of reporting interest, the $5,440 would be listed as a(n):

A) operating activity.

B) financing activity.

C) investing activity.

D) separate disclosure only.