1. Based on the following information, what amount of cash is paid for inventory for the current year?

Cost of goods sold = $545,000

Inventory, prior year-end = $105,000

Inventory, current year-end = $112,000

Accounts payable, prior year-end = $98,500

Accounts payable, current year-end = $101,300

$535,200

$554,800

$549,200

$545,000

$540,800

2. The next seven questions will be on the Statement of Cash Flow, and the Indirect Method will be used. How about an easy question to start? What are the three Activities (sections) shown on the Statement of Cash Flows?

Group of answer choices

Revenues, Expenses, and Net Income

Operating, Investing, and Financing

The sun, the moon and the stars.

Assets, Liabilities, and Owner's Equity

3. During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow:

	December 31, 2018	December 31, 2017
Cash	$ 42,000	$ 11,000
Accounts Receivable	21,000	20,000
Land	0	26,000
Buildings	70,000	70,000
Accum. Depreciation	<15,000>	<10,000>
Total	$ 118,000	$ 117,000
Accounts Payable	$ 11,000	$ 30,000
Common Stock	80,000	70,000
Retained Earnings	27,000	17,000
Total	$ 118,000	$ 117,000

Using the Indirect Method, what is the first dollar figure shown on the Statement of Cash Flows?

4. During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow:

	December 31, 2018	December 31, 2017
Cash	$ 42,000	$ 11,000
Accounts Receivable	21,000	20,000
Land	0	26,000
Buildings	70,000	70,000
Accum. Depreciation	<15,000>	<10,000>
Total	$ 118,000	$ 117,000
Accounts Payable	$ 11,000	$ 30,000
Common Stock	80,000	70,000
Retained Earnings	27,000	17,000
Total	$ 118,000	$ 117,000

Depreciation Expense for 2018 was what dollar amount?

5. During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow:

	December 31, 2018	December 31, 2017
Cash	$ 42,000	$ 11,000
Accounts Receivable	21,000	20,000
Land	0	26,000
Buildings	70,000	70,000
Accum. Depreciation	<15,000>	<10,000>
Total	$ 118,000	$ 117,000
Accounts Payable	$ 11,000	$ 30,000
Common Stock	80,000	70,000
Retained Earnings	27,000	17,000
Total	$ 118,000	$ 117,000

Net Cash Provided from Operating Activities for 2018 was what dollar amount?

6. During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow:

	December 31, 2018	December 31, 2017
Cash	$ 42,000	$ 11,000
Accounts Receivable	21,000	20,000
Land	0	26,000
Buildings	70,000	70,000
Accum. Depreciation	<15,000>	<10,000>
Total	$ 118,000	$ 117,000
Accounts Payable	$ 11,000	$ 30,000
Common Stock	80,000	70,000
Retained Earnings	27,000	17,000
Total	$ 118,000	$ 117,000

Net Cash Provided from Investing Activities (the sale of land) for 2018 was what dollar amount?

7. During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow:

	December 31, 2018	December 31, 2017
Cash	$ 42,000	$ 11,000
Accounts Receivable	21,000	20,000
Land	0	26,000
Buildings	70,000	70,000
Accum. Depreciation	<15,000>	<10,000>
Total	$ 118,000	$ 117,000
Accounts Payable	$ 11,000	$ 30,000
Common Stock	80,000	70,000
Retained Earnings	27,000	17,000
Total	$ 118,000	$ 117,000

The sale (issuance) of stock in 2018 generated what dollar amount of cash in 2018?

8. During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow:

	December 31, 2018	December 31, 2017
Cash	$ 42,000	$ 11,000
Accounts Receivable	21,000	20,000
Land	0	26,000
Buildings	70,000	70,000
Accum. Depreciation	<15,000>	<10,000>
Total	$ 118,000	$ 117,000
Accounts Payable	$ 11,000	$ 30,000
Common Stock	80,000	70,000
Retained Earnings	27,000	17,000
Total	$ 118,000	$ 117,000

What was the dollar amount of dividends paid in 2018 (hint, think of the Retained Earnings Statement)?