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.
