1. Bilton Company reported net income of $30,000 for the year. During the year, accounts receivable increased by $7,000, accounts payable decreased by $3,000 and depreciation expense of $5,000 was recorded. Net cash provided by operating activities for the year is 2. Accounts receivable arising from sales to customers amounted to $40,000 and $35,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is 3. Outstanding stock of the Apex Corporation included 20,000 shares of $5 par common stock and 5,000 shares of 6%, $10 par non-cumulative preferred stock. In 2006, Apex declared and paid dividends of $2,000. In 2007, Apex declared and paid dividends of $6,000. How much of the 2007 dividend was distributed to preferred shareholders? 4. These financial statement items are for Snyder Corporation at year-end, July 31, 2010. Salaries payable $ 2,580 Salaries expense 48,700 Utilities expense 22,600 Equipment 21,000 Accounts payable 4,100 Commission revenue 61,100 Rent revenue 8,500 Long-term note payable 1,800 Common stock 16,000 Cash 24,200 Accounts receivable 9,780 Accumulated depreciation 6,000 Dividends 5,000 Depreciation expense 4,000 Retained earnings (beginning of the year) 35,200 Instructions: Prepare an income statement and a retained earnings statement for the year 5. The following data are taken from the financial statements of Prone, Inc. as of the end of the year 2007. The data are in alphabetical order. Accounts payable $ 28,000 Net income $ 48,000 Accounts receivable 66,000 Other current liabilities 17,000 Cash 54,000 Total assets 250,000 Gross profit 160,000 Total liabilities 200,000 Income before income taxes 54,000 Wages payable 5,000 Additional information: The number of average common shares outstanding during the year was 40,000. Instructions: Compute the following: (a) Current ratio. (b) Working capital. (c) Earnings per share. (d) Debts to total assets ratio. 6. Menschken Company reported net income of $150,000 for the current year. Depreciation recorded on buildings and equipment amounted to $65,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $20,000 $15,000 Accounts receivable 19,000 32,000 Inventories 50,000 65,000 Accounts payable 12,000 18,000 Instructions Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method