21.Arch Associates reports the following comparative balance sheets and income statement information.    The amount of cash revenue received from customers during 2014 was:   

A. $66,000.

B. $62,000.

C. $74,000.

D. $70,000.

22.Arch Associates reports the following comparative balance sheets and income statement information.    The amount of cash paid for inventory purchases during 2014 was:   

A. $40,000.

B. $32,000.

C. $22,000.

D. $36,000.

23.Arch Associates reports the following comparative balance sheets and income statement information.    Which of the following cash flows would be included under the operating activities section of the cash flow statement? (Assume the direct method is used.)   

A. Cash received from issuing bonds payable.

B. Cash paid to purchase equipment.

C. Cash receipts from dividends.

D. None of these.

24.The following account balances are for Curran Company:  Additional data for 2014:(1) Sales on account for the period were $100,000.(2) Salary expense was $14,000.(3) Rent expense was $12,000.Based on this information, what was the net cash inflow from operating activities for 2014?   

A. $88,000.

B. $84,000.

C. $98,000.

D. $74,000.

25.Erie Company began the accounting period with $27,000 in accounts receivable. The ending balance in accounts receivable was $10,000. If the credit sales during the period were $44,000, what is the amount of cash received from customers?   

A. $27,000

B. $44,000

C. $81,000

D. $61,000

26.The following income statement was drawn from the annual report of Gibbons Company:  The amount of cash flow from operating activities is:   

A. $37,200.

B. $26,000.

C. $36,000.

D. $24,800.

27.Pace Associates, a small consulting firm, charges all of its expenses on accounts payable. On January 1, 2014, Pace's accounts payable balance was $1,500 and, during the year, an additional $13,500 of expenses were charged on account. The ending accounts payable balance was $3,500. What is the amount of cash paid for expenses during 2014?   

A. $17,000

B. $11,500

C. $10,500

D. $15,500

28.The 2014 income statement of Winter Co. reported wages expense of $160,000. The December 31, 2013 balance sheet showed a balance in wages payable of $16,000 while the December 31, 2014 balance sheet showed a balance in wages payable of $22,000. What amount of cash was paid for wages in 2014?   

A. $176,000

B. $166,000

C. $154,000

D. $144,000

29.When preparing a statement of cash flows, in which section is it permitted to use either the direct method or the indirect method?   

A. Operating activities

B. Investing activities

C. Financing activities

D. All of these answers are correct.

30.The 2014 income statement of Collins Co. reported total sales revenue of $115,000. The December 31, 2013 balance sheet showed a balance in accounts receivable of $17,500, while the 2014 balance sheet showed a balance in accounts receivable of $25,000. The cash inflow from customers for 2014 would be:   

A. $107,500.

B. $132,500.

C. $115,000.

D. $122,500.

21.Arch Associates reports the following comparative balance sheets and income statement information.    The amount of cash revenue received from customers during 2014 was:   

A. $66,000.

B. $62,000.

C. $74,000.

D. $70,000.

22.Arch Associates reports the following comparative balance sheets and income statement information.    The amount of cash paid for inventory purchases during 2014 was:   

A. $40,000.

B. $32,000.

C. $22,000.

D. $36,000.

23.Arch Associates reports the following comparative balance sheets and income statement information.    Which of the following cash flows would be included under the operating activities section of the cash flow statement? (Assume the direct method is used.)   

A. Cash received from issuing bonds payable.

B. Cash paid to purchase equipment.

C. Cash receipts from dividends.

D. None of these.

24.The following account balances are for Curran Company:  Additional data for 2014:(1) Sales on account for the period were $100,000.(2) Salary expense was $14,000.(3) Rent expense was $12,000.Based on this information, what was the net cash inflow from operating activities for 2014?   

A. $88,000.

B. $84,000.

C. $98,000.

D. $74,000.

25.Erie Company began the accounting period with $27,000 in accounts receivable. The ending balance in accounts receivable was $10,000. If the credit sales during the period were $44,000, what is the amount of cash received from customers?   

A. $27,000

B. $44,000

C. $81,000

D. $61,000

26.The following income statement was drawn from the annual report of Gibbons Company:  The amount of cash flow from operating activities is:   

A. $37,200.

B. $26,000.

C. $36,000.

D. $24,800.

27.Pace Associates, a small consulting firm, charges all of its expenses on accounts payable. On January 1, 2014, Pace's accounts payable balance was $1,500 and, during the year, an additional $13,500 of expenses were charged on account. The ending accounts payable balance was $3,500. What is the amount of cash paid for expenses during 2014?   

A. $17,000

B. $11,500

C. $10,500

D. $15,500

28.The 2014 income statement of Winter Co. reported wages expense of $160,000. The December 31, 2013 balance sheet showed a balance in wages payable of $16,000 while the December 31, 2014 balance sheet showed a balance in wages payable of $22,000. What amount of cash was paid for wages in 2014?   

A. $176,000

B. $166,000

C. $154,000

D. $144,000

29.When preparing a statement of cash flows, in which section is it permitted to use either the direct method or the indirect method?   

A. Operating activities

B. Investing activities

C. Financing activities

D. All of these answers are correct.

30.The 2014 income statement of Collins Co. reported total sales revenue of $115,000. The December 31, 2013 balance sheet showed a balance in accounts receivable of $17,500, while the 2014 balance sheet showed a balance in accounts receivable of $25,000. The cash inflow from customers for 2014 would be:   

A. $107,500.

B. $132,500.

C. $115,000.

D. $122,500.

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