1. Given the following:

Cash Collected from Customers	$122
Increase in Accounts Receivable	5
Increase in Accounts Payable	8

Accrual-basis Sales Revenue is:

1. $127
2. $119
3. $135
4. $114
5. $130

2. Red Wings Inc. maintains their accounting records on a cash basis. The following information is provided for 2018:

Increase in Wages Payable from 1/1 to 12/31	4
Cash Collected from Customers	97
12/31 Accounts Receivable	8
1/1 Accounts Payable	2
Cash paid to vendors	60
12/31 Accounts Payable	5
1/1 Accounts Receivable	5
12/31 Prepaid Expenses	7
Cash Paid for Expenses	30
1/1 Prepaid Expenses	2
Increase in Inventory from 1/1 to 12/31	1

Accrual-basis Expenses for 2018 are:

1. $31
2. $39
3. $29
4. $21

3. THE DATA FOR THIS QUESTION ARE THE SAME AS THE DATA FOR THE PREVIOUS QUESTION

Red Wings Inc. maintains their accounting records on a cash basis. The following information is provided for 2018:

Increase in Wages Payable from 1/1 to 12/31	4
Cash Collected from Customers	97
12/31 Accounts Receivable	8
1/1 Accounts Payable	2
Cash paid to vendors	60
12/31 Accounts Payable	5
1/1 Accounts Receivable	5
12/31 Prepaid Expenses	7
Cash Paid for Expenses	30
1/1 Prepaid Expenses	2
Increase in Inventory from 1/1 to 12/31	1

Cost of Goods Sold for 2018 is:

1. $62
2. $63
3. $58
4. $57
5. $56
6. THE DATA FOR THIS QUESTION ARE THE SAME AS THE DATA FOR THE PREVIOUS QUESTION

Red Wings Inc. maintains their accounting records on a cash basis. The following information is provided for 2018:

Increase in Wages Payable from 1/1 to 12/31	4
Cash Collected from Customers	97
12/31 Accounts Receivable	8
1/1 Accounts Payable	2
Cash paid to vendors	60
12/31 Accounts Payable	5
1/1 Accounts Receivable	5
12/31 Prepaid Expenses	7
Cash Paid for Expenses	30
1/1 Prepaid Expenses	2
Increase in Inventory from 1/1 to 12/31	1

Accrual-basis Sales for 2018 is:

1. $103
2. $97
3. $105
4. $94
5. $100
6. For the BRB Company, all customers pay in advance for the services they will receive and all amounts are entered in Unearned Revenue. During 2018, $225,500 was received in cash from customers. In the December 31, 2018, financial statements, the firm reported $192,250 in Revenue and $76,950 in Unearned Revenue. What was the beginning balance in Unearned Revenue at January 1, 2018?
7. $33,250
8. $10,450
9. $417,750
10. $43,700
11. $97,850

1. Mr. Ridge wants to invest a certain sum of money at the end of each year for five years. The investment will earn 10% compounded annually. At the end of the fifth year, he will need a total of $30,000 accumulated. What is his approximate required annual investment?

1. $5,348
2. $4,914
3. $3,726
4. $4,095
5. Portland Company wants to invest $1,000 on 1/1/15. The investment will earn 12% compounded semi-annually. What will be the approximate investment amount at 12/31/17?

1. $1,340
2. $1,611
3. $1,419
4. $1,191
5. $1,405

1. Skagway Company purchases a machine on 1/1/17. The four Annual Payments will be $1,000 each January 1, beginning 1/1/17 through 1/1/20 inclusive. Interest Rate is 8% compounded annually. What is the approximate true cost of the machine?

1. $3,312
2. $3,723
3. $3,673
4. $4,546
5. $3,577

1. Hyde Park Company opens a savings account and agrees to deposit five $1,000 annual installments beginning one year from the account opening. The computation to determine the value of the account immediately after the fifth deposit is based on the

1. Future Value of Annuity
2. Present Value of Annuity
3. Future Value of Annuity Due
4. Present Value of Annuity Due

1. Janice invests $100,000 in a savings account on 1/1/15. The account pays 5% annual interest through 12/31/18, and 10% thereafter. What is the approximate bank balance on 12/31/20?
2. $147,077
3. $177,150
4. $154,081
5. $205,081
6. $140,073