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External link to Question : 41.Whichofthefollowingisanexampleofanormative,asopposedtopositive,statement? a.Ifthepriceofaproductdecreases,people’swillingnesstobuythatproductwillincrease. b.Reducingtaxratesonthew : 1261920
Economics

Question : 41.Whichofthefollowingisanexampleofanormative,asopposedtopositive,statement? a.Ifthepriceofaproductdecreases,people’swillingnesstobuythatproductwillincrease. b.Reducingtaxratesonthew : 1261920

  41.Whichofthefollowingisanexampleofanormative,asopposedtopositive,statement? a.Ifthepriceofaproductdecreases,people’swillingnesstobuythatproductwillincrease. b.Reducingtaxratesonthewealthywouldbenefitthenation. c.Ifthenationalsavingrateweretoincrease,sowouldtherateofeconomicgrowth. d.Theeliminationoftraderestrictionswouldincreaseaneconomy’sstandardofliving. 42.Whichofthefollowingisanexampleofanormative,asopposedtopositive,statement? a.Followingthemostrecentrecession,theeconomyisrecoveringataslowerthanusualpace. b.Tostimulatetheeconomyduringthemostrecentrecession,thefederalgovernmentincreasedspending. c.Inresponsetothemostrecentrecession,thefederalgovernmentextendedthedurationofunemploymentbenefits. d.Thefederalgovernment’sresponsestothemostrecentrecessionwereinsufficient. 43.Whichofthefollowingisanexampleofanormative-asopposedtoapositive-statement? a.ThediscountrateistheinterestratetheFederalReservechargesbankstoborrowfunds. b.TheUSincometaxrateincreaseswiththeamountofincomeearned. c.Thegovernmentshouldincreasethetaxongasoline. d.TheUSunemploymentrateincreasedto10percentin2009. 44.PresidentTrumanoncesaidhewantedtofindaone-armedeconomistbecausewhenheaskedhiseconomistsforadvice,theyalwaysanswered,“Ontheonehand,…Ontheotherhand,…”Truman’sobservationthateconomists’adviceisnotalwaysstraightforward a.isrootedintheprinciplethatpeoplefacetradeoffs. b.indicatesthateconomistsrecognizethatthereareopportunitycostsassociatedwithpolicydecisions. c.confirmsthateconomistsarenotsuitedtobepresidentialadvisers. d.Morethanoneoftheaboveiscorrect. 45.WhichofthefollowingisthebestexplanationforwhyPresidentHarryTrumanoncesaidthathewantedtofindaone-armedeconomist? a.PresidentTrumanreceivedinputfromsomanyeconomiststhatheonlywantedoneviewfromeach. b.PresidentTrumanthoughteconomistsshouldanalyzepoliciesbutnotmakeorenforcethem. c.Economistsunderstandthatmostpolicydecisionsinvolvetrade-offssotheyarelikelytopresentmultipleviewsofpolicies. d.Aone-armedeconomistwouldconductonlypositiveanalysisandnonormativeanalysis. 46.TheCouncilofEconomicAdvisers a.wascreatedin1776andconsistsofthreemembersandastaffofseveraldozeneconomists. b.wascreatedin1776andconsistsofthirtymembersandastaffofadozeneconomists. c.wascreatedin1946andconsistsofthreemembersandastaffofseveraldozeneconomists. d.wascreatedin1946andconsistsofthirtymembersandastaffofadozeneconomists. 47.TheCouncilofEconomicAdvisers a.wascreatedin1946. b.advisesthepresidentoftheUnitedStatesoneconomicpolicymatters. c.writestheannualEconomicReportofthePresident. d.Alloftheabovearecorrect. 48.DutiesoftheCouncilofEconomicAdvisersinclude a.advisingthepresidentandwritingtheannualEconomicReportofthePresident. b.implementingthepresident’staxpolicies. c.trackingthebehaviorofthenation’smoneysupply. d.Alloftheabovearecorrect. 49.Inadditiontoadvisingthepresident,onedutyoftheCouncilofEconomicAdvisersisto a.preparethefederalbudget. b.writegovernmentregulations. c.adviseCongressoneconomicmatters. d.writetheannualEconomicReportofthePresident. 50.TheEconomicReportofthePresident a.discussesrecentdevelopmentsintheeconomyandpresentsanalysisofcurrentpolicyissues. b.iswrittenbytheCouncilofEconomicAdvisers. c.istheresponsibilityoftheeconomistsattheOfficeofManagementandBudget. d.Bothaandbarecorrect.    

External link to Question : 61._____ occurs when higher-cost external producers replaced by lower-cost external : 1299352
Economics

Question : 61._____ occurs when higher-cost external producers replaced by lower-cost external : 1299352

  61._____ occurs when higher-cost external producers are replaced by lower-cost external producers within the free trade area?   A.Trade creation B.Strategic pricing C.Value creation D.Trade diversion E.Protectionism 62._____ occurs when lower-cost external suppliers are replaced by higher-cost suppliers within a free trade area.   A.Trade creation B.Strategic pricing C.Synergy D.Trade diversion E.Protectionism 63.A regional free trade agreement will benefit the world only if:   […]

External link to Question : 11) Suppose a developing country receives more machinery and capital : 1244775
Economics

Question : 11) Suppose a developing country receives more machinery and capital : 1244775

    11) Suppose a developing country receives more machinery and capital equipment as foreign entrepreneurs increase the amount of investment in the economy. As a result A) the long-run aggregate supply curve will shift to the right. B) the long-run aggregate supply curve will shift to the left. C) the economy will move up along the long-run aggregate supply curve. D) the economy will […]

External link to Question : 11.The law of diminishing returns means that: A. The total product production : 1233080
Economics

Question : 11.The law of diminishing returns means that: A. The total product production : 1233080

  11.The law of diminishing returns means that:    A. The total product production function will eventually increase at a decreasing rate. B. The marginal product will increase at an increasing rate. C. Average total costs are rising and then falling as output is increased. D. Average fixed cost will fall as production increases. 12.The change in total output that results from one additional unit of input is the:    A. Marginal […]

External link to Question : 31.Indicate how the current year’s net income statements for Laney : 1241906
Economics

Question : 31.Indicate how the current year’s net income statements for Laney : 1241906

  31.Indicate how the current year’s net income statements for Laney and Monroe would differ. 32.Mondova Corporation began operations on January 1. Below is Mondova’s current net income statement and December 31 balance sheet calculated using straight-line depreciation. Income Statement   Sales revenue $20,000     Cost of goods sold 9,000     Gross profit $ 11,000     Depreciation (Note 1) 3,000     […]

External link to Question : 21) The ________ hurt by importing a good. A) domestic consumers : 1240682
Economics

Question : 21) The ________ hurt by importing a good. A) domestic consumers : 1240682

  21) The ________ are hurt by importing a good. A) domestic consumers of the good B) domestic producers of the good C) domestic governments D) foreign producers of the good E) foreign governments   22) When the United States imports goods from the rest of the world, which of the following parties is harmed? i.domestic producers of the good ii.domestic consumers of the good […]

External link to Question : 141.RefertoFigure9-14.Whenthecountryforwhichthefigureisdrawnallowsinternationaltradeincrudeoil, a.consumersurplusfordomesticcrude-oilconsumersdecreases. b.thedemandforcrudeoilbydomesticcru : 1262611
Economics

Question : 141.RefertoFigure9-14.Whenthecountryforwhichthefigureisdrawnallowsinternationaltradeincrudeoil, a.consumersurplusfordomesticcrude-oilconsumersdecreases. b.thedemandforcrudeoilbydomesticcru : 1262611

  141.RefertoFigure9-14.Whenthecountryforwhichthefigureisdrawnallowsinternationaltradeincrudeoil, a.consumersurplusfordomesticcrude-oilconsumersdecreases. b.thedemandforcrudeoilbydomesticcrude-oilconsumersdecreases. c.thelossesofthedomesticlosersoutweighthegainsofthedomesticwinners. d.domesticcrude-oilproducersselllesscrudeoil. 142.RefertoFigure9-14.Whenthecountryforwhichthefigureisdrawnallowsinternationaltradeincrudeoil, a.consumersurpluschangesfromtheareaA+B+DtotheareaA. b.producersurpluschangesfromtheareaCtotheareaB+C+D. c.totalsurplusdecreasesbytheareaD. d.Alloftheabovearecorrect. 143.RefertoFigure9-14.Thecountryforwhichthefigureisdrawn a.hasacomparativeadvantagerelativetoothercountriesintheproductionofcrudeoilanditwillexportcrudeoil. b.hasacomparativeadvantagerelativetoothercountriesintheproductionofcrudeoilanditwillimportcrudeoil. c.hasacomparativedisadvantagerelativetoothercountriesintheproductionofcrudeoilanditwillexportcrudeoil. d.hasacomparativedisadvantagerelativetoothercountriesintheproductionofcrudeoilanditwillimportcrudeoil. 144.RefertoFigure9-14.Aresultofthiscountryallowinginternationaltradeincrudeoilisasfollows: a.Thewell-beingofdomesticcrude-oilproducersisnowhigherinthattheynowsellmorecrudeoilatahigherpriceperbarrel. b.Theeffectonthewell-beingofdomesticcrude-oilconsumersisunclearinthattheynowbuymorecrudeoil,butatahigherpriceperbarrel. c.Theeffectonthewell-beingofthecountryisunclearinthatdomesticproducersurplusincreases,whiletheeffectondomesticconsumersurplusisunclear. d.Alloftheabovearecorrect. 145.Atariffonaproductmakes a.domesticsellersbetteroffanddomesticbuyersworseoff. b.domesticsellersworseoffanddomesticbuyersworseoff. c.domesticsellersbetteroffanddomesticbuyersbetteroff. d.domesticsellersworseoffanddomesticbuyersbetteroff. 146.Atariffonaproduct a.isadirectquantitativerestrictionontheamountofagoodthatcanbeimported. b.increasesthedomesticquantitysupplied. c.increasesdomesticconsumersurplus. d.Alloftheabovearecorrect. 147.Atariffonaproduct a.enhancestheeconomicwell-beingofthedomesticeconomy. b.increasesthedomesticquantitysupplied. c.increasesthedomesticquantitydemanded. d.resultsinanincreaseinproducersurplusthatisgreaterthantheresultingdecreaseinconsumersurplus. 148.IftheUnitedStatesimportstelevisionsandtheU.S.governmentimposesatariffontelevisions,then a.totalsurplusintheAmericantelevisionmarketdecreases. b.producersurplusintheAmericantelevisionmarketincreases. c.U.S.importsofforeigntelevisionsdecrease. d.Alloftheabovearecorrect. 149.Whenacountrythatimportsaparticulargoodimposesatariffonthatgood, a.consumersurplusincreasesandtotalsurplusincreasesinthemarketforthatgood. b.consumersurplusincreasesandtotalsurplusdecreasesinthemarketforthatgood. c.consumersurplusdecreasesandtotalsurplusincreasesinthemarketforthatgood. d.consumersurplusdecreasesandtotalsurplusdecreasesinthemarketforthatgood. 150.Whenacountrythatimportsaparticulargoodimposesatariffonthatgood, a.producersurplusincreasesandtotalsurplusincreasesinthemarketforthatgood. b.producersurplusincreasesandtotalsurplusdecreasesinthemarketforthatgood. c.producersurplusdecreasesandtotalsurplusincreasesinthemarketforthatgood. d.producersurplusdecreasesandtotalsurplusdecreasesinthemarketforthatgood.    

External link to Question : 9.4   The Case Against Protection 1) If supporters of restrictions imports : 1241655
Economics

Question : 9.4   The Case Against Protection 1) If supporters of restrictions imports : 1241655

  9.4   The Case Against Protection   1) If supporters of restrictions on imports argue that protection is needed to preserve a strategic industry, which of the following is being used? A) Save domestic jobs argument B) National security argument C) Dumping argument D) Infant-industry argument E) Protecting national culture argument   2) Which of the following is the national security argument against free trade? […]

External link to Question : 41.Characterize EACH of the following statements as being TRUE or : 1309579
Economics

Question : 41.Characterize EACH of the following statements as being TRUE or : 1309579

    41.Characterize EACH of the following statements as being TRUE or FALSE and then indicate the collective true-false status using the choices provided. (1) The maximum number of electrons that can occupy an electron shell is the same as the shell number. (2) A nucleus is the very small dense uncharged center of an atom. (3) The number of inner transition elements is greater […]

External link to Question : 11) Refer to Figure 17-14. In the figure above, if : 1244847
Economics

Question : 11) Refer to Figure 17-14. In the figure above, if : 1244847

    11) Refer to Figure 17-14. In the figure above, if the economy in Year 1 is at point A and expected in Year 2 to be at point B, then the appropriate monetary policy by the Federal Reserve would be to A) lower interest rates. B) raise interest rates. C) lower income taxes. D) raise income taxes.   Figure 17-15   12) Refer […]

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July 1, 2023
    

 

136.Mercury Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $150,000 was sold for its book value in Year 2. The following selected information is available for Mercury Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. 

At December 31Year 2Year 1

Equipment$610,000$750,000

Accumulated Depreciation-Equipment428,000500,000

  

A. $32,000.

B. $68,000.

C. $38,000.

D. $40,000.

E. $36,000.

137.Jamison Company reports depreciation expense of $35,000 for Year 2. Also, equipment costing $140,000 was sold for a $5,000 gain in Year 2. The following selected information is available for Jamison Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. 

At December 31Year 2Year 1

Equipment$610,000$750,000

Accumulated Depreciation-Equipment428,000500,000

A. $23,000.

B. $35,000.

C. $38,000.

D. $40,000.

E. $67,000.

138.Jeffreys Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $240,000 was sold for a $10,000 loss in Year 2. The following selected information is available for Jeffreys Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. 

At December 31Year 2Year 1

Equipment$510,000,000$750,000

Accumulated Depreciation-Equipment328,000500,000

  

A. $62,000.

B. $38,000.

C. $28,000.

D. $18,000.

E. $58,000.

139.Bagwell's net income for the year ended December 31, Year 2 was $185,000. Information from Bagwell's comparative balance sheets is given below. Compute the cash received from the sale of its common stock during Year 2. 

At December 31Year 2Year 1

Common Stock, $5 par value$500,000$450,000

Paid-in capital in excess of par948,000853,000

Retained earnings688,000582,000

  

A. $185,000.

B. $106,000.

C. $95,000.

D. $50,000.

E. $145,000.

140.Bagwell's net income for the year ended December 31, Year 2 was $175,000. Information from Bagwell's comparative balance sheets is given below. Compute the cash paid for dividends during Year 2. 

At December 31Year 2Year 1

Common Stock, $5 par value$500,000$450,000

Paid-in capital in excess of par948,000853,000

Retained earnings688,000582,000

  

A. $79,000.

B. $201,000.

C. $95,000.

D. $50,000.

E. $69,000.

141.Scranton, Inc. reports net income of $230,000 for the year ended December 31. It also reports $87,700 depreciation expense and a $5,000 gain on the sale of equipment. Its comparative balance sheet reveals a $35,500 decrease in accounts receivable, a $15,750 increase in accounts payable, and a $12,500 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.    

A. $376,450.

B. $351,450.

C. $356,450.

D. $319,950.

E. $263,750.

142.Alvez Company reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, and a $100,000 decrease in notes payable. Calculate the cash provided (used) in operating activities using the indirect method.    

A. $461,800.

B. $371,400.

C. $381,400.

D. $351,000.

E. $361,000.

143.Alvez reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, a $75,000 increase in equipment, and a $100,000 decrease in notes payable. Calculate the net increase in cash for the year.    

A. $216,400.

B. $281,400.

C. $381,400.

D. $206,400.

E. $406,400.

144.Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: 

Retained earnings balance at the beginning of the year$233,000

Cash dividends declared for the year$50,000

Proceeds from the sale of equipment$85,000

Gain on the sale of equipment$4,500

Cash dividends payable at the beginning of the year$22,000

Cash dividends payable at the end of the year$30,000

Net income for the year$110,000

The ending balance in retained earnings is:    

A. $343,000.

B. $213,000.

C. $293,000.

D. $297,500.

E. $301,000.

145.Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: 

Retained earnings balance at the beginning of the year$233,000

Cash dividends declared for the year$50,000

Proceeds from the sale of equipment$85,000

Gain on the sale of equipment$4,500

Cash dividends payable at the beginning of the year$22,000

Cash dividends payable at the end of the year$30,000

Net income for the year$110,000

The amount of cash paid for dividends was:    

A. $52,000.

B. $60,000.

C. $58,000.

D. $50,000.

E. $42,000.

 

 

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July 1, 2023
    

 

136.Mercury Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $150,000 was sold for its book value in Year 2. The following selected information is available for Mercury Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. 

At December 31Year 2Year 1

Equipment$610,000$750,000

Accumulated Depreciation-Equipment428,000500,000

  

A. $32,000.

B. $68,000.

C. $38,000.

D. $40,000.

E. $36,000.

137.Jamison Company reports depreciation expense of $35,000 for Year 2. Also, equipment costing $140,000 was sold for a $5,000 gain in Year 2. The following selected information is available for Jamison Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. 

At December 31Year 2Year 1

Equipment$610,000$750,000

Accumulated Depreciation-Equipment428,000500,000

A. $23,000.

B. $35,000.

C. $38,000.

D. $40,000.

E. $67,000.

138.Jeffreys Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $240,000 was sold for a $10,000 loss in Year 2. The following selected information is available for Jeffreys Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. 

At December 31Year 2Year 1

Equipment$510,000,000$750,000

Accumulated Depreciation-Equipment328,000500,000

  

A. $62,000.

B. $38,000.

C. $28,000.

D. $18,000.

E. $58,000.

139.Bagwell's net income for the year ended December 31, Year 2 was $185,000. Information from Bagwell's comparative balance sheets is given below. Compute the cash received from the sale of its common stock during Year 2. 

At December 31Year 2Year 1

Common Stock, $5 par value$500,000$450,000

Paid-in capital in excess of par948,000853,000

Retained earnings688,000582,000

  

A. $185,000.

B. $106,000.

C. $95,000.

D. $50,000.

E. $145,000.

140.Bagwell's net income for the year ended December 31, Year 2 was $175,000. Information from Bagwell's comparative balance sheets is given below. Compute the cash paid for dividends during Year 2. 

At December 31Year 2Year 1

Common Stock, $5 par value$500,000$450,000

Paid-in capital in excess of par948,000853,000

Retained earnings688,000582,000

  

A. $79,000.

B. $201,000.

C. $95,000.

D. $50,000.

E. $69,000.

141.Scranton, Inc. reports net income of $230,000 for the year ended December 31. It also reports $87,700 depreciation expense and a $5,000 gain on the sale of equipment. Its comparative balance sheet reveals a $35,500 decrease in accounts receivable, a $15,750 increase in accounts payable, and a $12,500 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.    

A. $376,450.

B. $351,450.

C. $356,450.

D. $319,950.

E. $263,750.

142.Alvez Company reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, and a $100,000 decrease in notes payable. Calculate the cash provided (used) in operating activities using the indirect method.    

A. $461,800.

B. $371,400.

C. $381,400.

D. $351,000.

E. $361,000.

143.Alvez reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, a $75,000 increase in equipment, and a $100,000 decrease in notes payable. Calculate the net increase in cash for the year.    

A. $216,400.

B. $281,400.

C. $381,400.

D. $206,400.

E. $406,400.

144.Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: 

Retained earnings balance at the beginning of the year$233,000

Cash dividends declared for the year$50,000

Proceeds from the sale of equipment$85,000

Gain on the sale of equipment$4,500

Cash dividends payable at the beginning of the year$22,000

Cash dividends payable at the end of the year$30,000

Net income for the year$110,000

The ending balance in retained earnings is:    

A. $343,000.

B. $213,000.

C. $293,000.

D. $297,500.

E. $301,000.

145.Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: 

Retained earnings balance at the beginning of the year$233,000

Cash dividends declared for the year$50,000

Proceeds from the sale of equipment$85,000

Gain on the sale of equipment$4,500

Cash dividends payable at the beginning of the year$22,000

Cash dividends payable at the end of the year$30,000

Net income for the year$110,000

The amount of cash paid for dividends was:    

A. $52,000.

B. $60,000.

C. $58,000.

D. $50,000.

E. $42,000.

 

 

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July 1, 2023
    

 

136.Mercury Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $150,000 was sold for its book value in Year 2. The following selected information is available for Mercury Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. 

At December 31Year 2Year 1

Equipment$610,000$750,000

Accumulated Depreciation-Equipment428,000500,000

  

A. $32,000.

B. $68,000.

C. $38,000.

D. $40,000.

E. $36,000.

137.Jamison Company reports depreciation expense of $35,000 for Year 2. Also, equipment costing $140,000 was sold for a $5,000 gain in Year 2. The following selected information is available for Jamison Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. 

At December 31Year 2Year 1

Equipment$610,000$750,000

Accumulated Depreciation-Equipment428,000500,000

A. $23,000.

B. $35,000.

C. $38,000.

D. $40,000.

E. $67,000.

138.Jeffreys Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $240,000 was sold for a $10,000 loss in Year 2. The following selected information is available for Jeffreys Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. 

At December 31Year 2Year 1

Equipment$510,000,000$750,000

Accumulated Depreciation-Equipment328,000500,000

  

A. $62,000.

B. $38,000.

C. $28,000.

D. $18,000.

E. $58,000.

139.Bagwell's net income for the year ended December 31, Year 2 was $185,000. Information from Bagwell's comparative balance sheets is given below. Compute the cash received from the sale of its common stock during Year 2. 

At December 31Year 2Year 1

Common Stock, $5 par value$500,000$450,000

Paid-in capital in excess of par948,000853,000

Retained earnings688,000582,000

  

A. $185,000.

B. $106,000.

C. $95,000.

D. $50,000.

E. $145,000.

140.Bagwell's net income for the year ended December 31, Year 2 was $175,000. Information from Bagwell's comparative balance sheets is given below. Compute the cash paid for dividends during Year 2. 

At December 31Year 2Year 1

Common Stock, $5 par value$500,000$450,000

Paid-in capital in excess of par948,000853,000

Retained earnings688,000582,000

  

A. $79,000.

B. $201,000.

C. $95,000.

D. $50,000.

E. $69,000.

141.Scranton, Inc. reports net income of $230,000 for the year ended December 31. It also reports $87,700 depreciation expense and a $5,000 gain on the sale of equipment. Its comparative balance sheet reveals a $35,500 decrease in accounts receivable, a $15,750 increase in accounts payable, and a $12,500 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.    

A. $376,450.

B. $351,450.

C. $356,450.

D. $319,950.

E. $263,750.

142.Alvez Company reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, and a $100,000 decrease in notes payable. Calculate the cash provided (used) in operating activities using the indirect method.    

A. $461,800.

B. $371,400.

C. $381,400.

D. $351,000.

E. $361,000.

143.Alvez reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, a $75,000 increase in equipment, and a $100,000 decrease in notes payable. Calculate the net increase in cash for the year.    

A. $216,400.

B. $281,400.

C. $381,400.

D. $206,400.

E. $406,400.

144.Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: 

Retained earnings balance at the beginning of the year$233,000

Cash dividends declared for the year$50,000

Proceeds from the sale of equipment$85,000

Gain on the sale of equipment$4,500

Cash dividends payable at the beginning of the year$22,000

Cash dividends payable at the end of the year$30,000

Net income for the year$110,000

The ending balance in retained earnings is:    

A. $343,000.

B. $213,000.

C. $293,000.

D. $297,500.

E. $301,000.

145.Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: 

Retained earnings balance at the beginning of the year$233,000

Cash dividends declared for the year$50,000

Proceeds from the sale of equipment$85,000

Gain on the sale of equipment$4,500

Cash dividends payable at the beginning of the year$22,000

Cash dividends payable at the end of the year$30,000

Net income for the year$110,000

The amount of cash paid for dividends was:    

A. $52,000.

B. $60,000.

C. $58,000.

D. $50,000.

E. $42,000.

 

 

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