Question : 171.Zippy had cash inflows from operations $60,500; cash outflows from : 1258294

Accounting

171.Zippy had cash inflows from operations $60,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000. The net change in cash was:

A.$38,500 increase.

B.$38,500 decrease.

C.$132,500 decrease.

D.$132,000 increase.

E.$11,500 decrease.

Net Change in Cash = Cash Flows from Operating Activities + Cash Flows from Investing Activities + Cash Flows from Financing Activities Net Change in Cash = $60,500 + ($47,000) + $25,000; Net Change in Cash = $38,500

172.Zapper has beginning equity of $257,000, net income of $51,000, dividends of $40,000 and investments by stockholders of $6,000. Its ending equity is:

A.$223,000.

B.$240,000.

C.$268,000.

D.$274,000.

E.$208,000.

Ending Equity = Beginning Equity + Common Stock + Net Income – Dividends Ending Equity = $257,000 + $6,000 + $51,000 – $40,000; Ending Equity = $274,000

173.Cragmont has beginning equity of $277,000, net income of $63,000, dividends of $25,000 and no additional investments by stockholders during the period. Its ending equity is:

A.$365,000.

B.$239,000.

C.$189,000.

D.$315,000.

E.$277,000.

Beginning Equity + Common Stock + Net Income – Dividends = Ending Equity$277,000 + $0 + $63,000 – $25,000 = $315,000

174.Rent expense appears on which of the following statements?

A.Balance sheet.

B.Income statement.

C.Statement of retained earnings.

D.Statement of periodic expenses.

E.Statement of cash flows only.

175.A company’s balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of stockholders’ equity?

A.$17,000.

B.$29,000.

C.$71,000.

D.$88,000.

E.$105,000.

Assets = Liabilities + Stockholders’ Equity Cash + Accounts Receivable + Office Equipment = Accounts Payable + Stockholders’ Equity $22,000 + $16,000 + $50,000 = $17,000 + Stockholders’ Equity $88,000 = $17,000 + Stockholders’ Equity; Stockholders’ Equity = $71,000

176.A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year?

A.$45,000.

B.$92,000.

C.$98,000.

D.$210,000.

E.$282,000.

Assets = Liabilities + Stockholders’ Equity Assets = $92,000 + (Beginning Equity + Revenues – Expenses) Assets = $92,000 + ($145,000 + $210,000 – $165,000) Assets = $92,000 + $190,000; Assets = $282,000

177.Flitter reported net income of $17,500 for the past year. At the beginning of the year the company had $200,000 in assets and $50,000 in liabilities. By the end of the year, assets had increased to $300,000 and liabilities were $75,000. Calculate its return on assets:

A.8.8%

B.7.0%

C.5.8%

D.35.0%

E.23.3%

Return on Assets = Net Income/Average AssetsReturn on Assets = $17,500/[($200,000 + $300,000)/2]Return on Assets = $17,500/$250,000 = 0.07 = 7.0%

178.Dawson Electronic Services had revenues of $80,000 and expenses of $50,000 for the year. Its assets at the beginning of the year were $400,000. At the end of the year assets were worth $450,000. Calculate its return on assets.

A.7.1%

B.7.5%

C.6.7%

D.20.0%

E.18.8%

Return on Assets = Net Income/Average AssetsReturn on Assets = Revenues – Expenses/Average AssetsReturn on Assets = ($80,000 – $50,000)/[($400,000 + $450,000)/2]Return on Assets = $30,000/$425,000 = 0.0705 = 7.1%

179.Rico’s Taqueria had cash inflows from operating activities of $27,000; cash outflows from investing activities of $22,000, and cash outflows from financing activities of $12,000. Calculate the net increase or decrease in cash.

A.$61,000 increase.

B.$37,000 increase.

C.$7,000 decrease.

D.$7,000 increase.

E.$34,000 decrease.

Net Increase/(Decrease) in Cash = Cash Flows from Operating Activities + Cash Flows from Investing Activities + Cash Flows from Financing Activities Net Increase/(Decrease) in Cash = $27,000 + ($22,000) + ($12,000) Net Increase/(Decrease) in Cash = ($7,000)

180.Charlie’s Chocolates Inc.’s stockholders made investments of $50,000 and dividends of $20,000. The company has revenues of $83,000 and expenses of $64,000. Calculate its net income.

A.$30,000.

B.$83,000.

C.$64,000.

D.$19,000.

E.$49,000.

Net Income = Revenues – ExpensesNet Income = $83,000 – $64,000; Net Income = $19,000

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July 1, 2023

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