Question : 101.DR Electric Supply reported interest expense of $6,300 for the : 1302924

 

 

101.DR Electric Supply reported interest expense of $6,300 for the year. Interest payable was $780 and $920 at the beginning and the end of the year, respectively. How much cash did DR Electric Supply pay for interest during the year?

A.$6,160

B.$6,440

C.$7,080

D.$5,380

 

102.Wellington Cabinets sells its merchandise on account. The company has provided the following information for 2014 and 2013:

20142013

Accounts receivable              $  125,000              $   132,000

Sales              1,800,000              1,650,000

 

How much cash did Wellington Cabinets collect from customers during 2014?

A.$1,925,000

B.$1,807,000

C.$1,793,000

D.$157,000

 

103.The following amounts are taken from Wellington Cabinets’ financial statements:

 

20132014

Merchandise inventory              $  600,000              $ 700,000

Accounts payable              70,000              110,000

Cost of goods sold              3,100,000              4,200,000

 

The company uses accounts payable only for purchases of merchandise inventory. What amount of cash did Wellington Cabinets pay to for inventory during 2014?

A.$4,060,000

B.$4,340,000

C.$1,240,000

D.$4,260,000

 

104.The following amounts were provided by Brighthouse Lighting for the 2014:

 

Beginning retained earnings              $650,000

Ending retained earnings              630,000

Cash provided by operations              2,240,000

Net income for 2014              2,160,000

 

How much will Brighthouse report on it statement of cash flows for ‘dividends paid’ during 2014?

A.$2,260,000

B.$2,180,000

C.$2,810,000

D.$2,140,000

105.Marquette Décor is a merchandiser that operates a small retail store. Comparative balance sheets for the years ending December 31, 2014 and 2013 and its income statement for 2014 follow:

 

December 31

Assets 20142013

Cash$  35,400$  45,300

Accounts receivable11,40014,500

Merchandise inventories36,50034,100

Equipment90,00066,000

Accumulated depreciation(28,600)(31,400)

Total assets$144,700     $128,500

 

Liabilities and Stockholders’ Equity

Accounts payable$  14,300$  12,500

Income taxes payable4,5008,800

Long-term notes payable16,50023,000

Common stock, $2 par88,20065,300

Retained earnings21,200 18,900

Total liabilities and stockholders’ equity$144,700     $128,500

 

Sales

$224,000

Cost of goods sold123,000

Depreciation expense14,000

Other expenses56,000

Gain on sale of equipment3,400

Income taxes16,000 

Net income$  18,400     

 

During the year, equipment with an original cost of $17,000, and accumulated depreciation totaling $16,800 was sold for $3,600. Dividends were declared and paid during the year. How much cash was used to acquire new equipment during 2014?

A.$3,600

B.$27,600

C.$41,000

D.$24,000

 

106.Marquette Décor is a merchandiser that operates a small retail store. Comparative balance sheets for the years ending December 31, 2014 and 2013 and its income statement for 2014 follow:

 

December 31

Assets 20142013

Cash$  35,400$  45,300

Accounts receivable11,40014,500

Merchandise inventories36,50034,100

Equipment90,00066,000

Accumulated depreciation(28,600)(31,400)

Total assets$144,700     $128,500

 

Liabilities and Stockholders’ Equity

Accounts payable$  14,300$  12,500

Income taxes payable4,5008,800

Long-term notes payable16,50023,000

Common stock, $2 par88,20065,300

Retained earnings21,200 18,900

Total liabilities and stockholders’ equity$144,700     $128,500

 

Sales

$224,000

Cost of goods sold123,000

Depreciation expense14,000

Other expenses56,000

Gain on sale of equipment3,400

Income taxes16,000 

Net income$  18,400     

 

During the year, equipment with an original cost of $17,000, and accumulated depreciation totaling $16,800 was sold for $3,600. Dividends were declared and paid during the year. How much is the net increase or decrease in cash and cash equivalents during 2014?

A.$63,700 increase

B.$9,900 decrease

C.$35,400 decrease

D.$16,200 increase

 

107.Marquette Décor is a merchandiser that operates a small retail store. Comparative balance sheets for the years ending December 31, 2014 and 2013 and its income statement for 2014 follow:

 

December 31

Assets 20142013

Cash$  35,400$  45,300

Accounts receivable11,40014,500

Merchandise inventories36,50034,100

Equipment90,00066,000

Accumulated depreciation(28,600)(31,400)

Total assets$144,700     $128,500

 

Liabilities and Stockholders’ Equity

Accounts payable$  14,300$  12,500

Income taxes payable4,5008,800

Long-term notes payable16,50023,000

Common stock, $2 par88,20065,300

Retained earnings21,200 18,900

Total liabilities and stockholders’ equity$144,700     $128,500

 

Sales

$224,000

Cost of goods sold123,000

Depreciation expense14,000

Other expenses56,000

Gain on sale of equipment3,400

Income taxes16,000 

Net income$  18,400     

 

During the year, equipment with an original cost of $17,000, and accumulated depreciation totaling $16,800 was sold for $3,600. Dividends were declared and paid during the year. How much cash was received from the issuance of stock during 2014?

A.$88,200

B.$22,900

C.$11,450

D.$25,200

 

108.Marquette Décor is a merchandiser that operates a small retail store. Comparative balance sheets for the years ending December 31, 2014 and 2013 and its income statement for 2014 follow:

 

December 31

Assets 20142013

Cash$  35,400$  45,300

Accounts receivable11,40014,500

Merchandise inventories36,50034,100

Equipment90,00066,000

Accumulated depreciation(28,600)(31,400)

Total assets$144,700     $128,500

 

Liabilities and Stockholders’ Equity

Accounts payable$  14,300$  12,500

Income taxes payable4,5008,800

Long-term notes payable16,50023,000

Common stock, $2 par88,20065,300

Retained earnings21,200 18,900

Total liabilities and stockholders’ equity$144,700     $128,500

 

Sales

$224,000

Cost of goods sold123,000

Depreciation expense14,000

Other expenses56,000

Gain on sale of equipment3,400

Income taxes16,000 

Net income$  18,400     

 

During the year, equipment with an original cost of $17,000, and accumulated depreciation totaling $16,800 was sold for $3,600. Dividends were declared and paid during the year. How much cash was paid for income taxes during 2014?

A.$20,300

B.$11,700

C.$30,300

D.$16,000

109.Marquette Décor is a merchandiser that operates a small retail store. Comparative balance sheets for the years ending December 31, 2014 and 2013 and its income statement for 2014 follow:

 

December 31

Assets 20142013

Cash$  35,400$  45,300

Accounts receivable11,40014,500

Merchandise inventories36,50034,100

Equipment90,00066,000

Accumulated depreciation(28,600)(31,400)

Total assets$144,700     $128,500

 

Liabilities and Stockholders’ Equity

Accounts payable$  14,300$  12,500

Income taxes payable4,5008,800

Long-term notes payable16,50023,000

Common stock, $2 par88,20065,300

Retained earnings21,200 18,900

Total liabilities and stockholders’ equity$144,700     $128,500

 

Sales

$224,000

Cost of goods sold123,000

Depreciation expense14,000

Other expenses56,000

Gain on sale of equipment3,400

Income taxes16,000 

Net income$  18,400     

 

During the year, equipment with an original cost of $17,000, and accumulated depreciation totaling $16,800 was sold for $3,600. Dividends were declared and paid during the year. How much cash was provided/(used) by financing activities in 2014?

A.$6,800

B.$14,100

C.$16,400

D.$300

 

110.Marquette Décor is a merchandiser that operates a small retail store. Comparative balance sheets for the years ending December 31, 2014 and 2013 and its income statement for 2014 follow:

 

December 31

Assets 20142013

Cash$  35,400$  45,300

Accounts receivable11,40014,500

Merchandise inventories36,50034,100

Equipment90,00066,000

Accumulated depreciation(28,600)(31,400)

Total assets$144,700     $128,500

 

Liabilities and Stockholders’ Equity

Accounts payable$  14,300$  12,500

Income taxes payable4,5008,800

Long-term notes payable16,50023,000

Common stock, $2 par88,20065,300

Retained earnings21,200 18,900

Total liabilities and stockholders’ equity$144,700     $128,500

 

Sales

$224,000

Cost of goods sold123,000

Depreciation expense14,000

Other expenses56,000

Gain on sale of equipment3,400

Income taxes16,000 

Net income$  18,400     

 

During the year, equipment with an original cost of $17,000, and accumulated depreciation totaling $16,800 was sold for $3,600. Dividends were declared and paid during the year. How much cash was paid for dividends during 2014?

A.$20,700

B.$2,800

C.$2,300

D.$16,100

 

111.Marquette Décor is a merchandiser that operates a small retail store. Comparative balance sheets for the years ending December 31, 2014 and 2013 and its income statement for 2014 follow:

 

December 31

Assets 20142013

Cash$  35,400$  45,300

Accounts receivable11,40014,500

Merchandise inventories36,50034,100

Equipment90,00066,000

Accumulated depreciation(28,600)(31,400)

Total assets$144,700     $128,500

 

Liabilities and Stockholders’ Equity

Accounts payable$  14,300$  12,500

Income taxes payable4,5008,800

Long-term notes payable16,50023,000

Common stock, $2 par88,20065,300

Retained earnings21,200 18,900

Total liabilities and stockholders’ equity$144,700     $128,500

 

Sales

$224,000

Cost of goods sold123,000

Depreciation expense14,000

Other expenses56,000

Gain on sale of equipment3,400

Income taxes16,000 

Net income$  18,400     

 

During the year, equipment with an original cost of $17,000, and accumulated depreciation totaling $16,800 was sold for $3,600. Dividends were declared and paid during the year. How much is the net cash provided/(used) by investing activities during 2014?

A.($37,400)

B.$3,600

C.($20,400)

D.None of the answer choices are correct.

 

112.Which of the following is subtracted from net income under the indirect method to determine net cash provided/(used) by operating activities?

A.Loss on sale of equipment

B.Decrease in prepaid insurance

C.Increase in merchandise inventory

D.Increase in accounts payable

 

113.Which of the following is not an addition to net income when determining the cash flows from operating activity under the indirect method?

A.Depreciation

B.Gain on sale of equipment

C.Decrease in accounts receivable

D.Increase in wages payable

114.Tropical Splendor’s statement of cash flows showed the following totals:

 

Cash provided/(used) by operating activities              $ 54,000

Cash provided/(used) by financing activities              21,100

Cash provided/(used) by investing activities              (49,000)

 

Which statement most likely explains what occurred during the year?

A.Tropical Splendor is using cash from operations and selling long-term assets to pay back loans.

B.Tropical Splendor is using cash from operations and borrowing money from the bank to buy long-term assets.

C.Tropical Splendor is using its profits and selling plant assets in order to repay debt.

D.Tropical Splendor is using money from the sale of long-term assets to fund its operations and to repay debt.

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more