1. New England Co. had net cash provided by operating activities of $351,000; net cash used by investing activities of $420,000; and cash provided by financing activities of $250,000.

New England's cash balance was $27,000 on January 1. What was New England's cash balance at the end of the year? A. $40,000 B. $208,000 C. $248,000 D. $27,000

2. In a statement of cash flows, cash receipts from sales of inventory to customers should generally be classified as cash inflows from

A. investing activities B.operating activities C.financing activities D.selling activities 3. Which of the following is a contra account? A. Premium on bonds payable B.Allowance for doubtful accounts C.Patents D.Unearned revenue

4. During periods of rising prices, a perpetual inventory system would result in the same dollar amount of ending inventory as a periodic inventory system under which of the following inventory cost flow methods?

Average Cost

LIFO

A. Yes No B. Yes Yes C. No No D. No Yes