1- The financial statements of Wines, Inc., provide the following information for the current year: Dec.31 Jan. 1 Accounts receivable...... $210,000 $180,000 Inventory.... 200,000 190,000 Prepaid expenses 14,000 10,000 Accounts payable (for merchandise). 176,000 161,000 Accrued expenses payable..... 13,000 19,000 Net sales.......... 2,900,000 Cost of goods sold. 1,500,000 Operating expenses (including depreciation of $40,000)... 300,000 1. Refer to the above data. Compute the amount of cash received from customers during the current year. A) $2,900,000. B) $2,690,000 C) $2,870,000 D) Some other amount. 2. Refer to the above data. Compute the amount of Wine's cash payments for purchases of merchandise during the current year. A) $1,500,000 B) $1,495,000. C) $1,505,000 D) Some other amount. 3. Refer to the above data. Compute the amount of Wine's cash payments for operating expenses. A) $260,000 B) $270,000. C) $250,000. D) Some other amount 4. Refer to the above data. Wine's net cash flow from operating activities for the current year is: A) $1,105,000 B) $1,375,000 C) $1.495,000 D) Some other amount III- Each of the following statements may or may not) describe one of these technical terms. In the space provided below each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. (a) Cash sales and collections of accounts receivable. (b) The classification of cash flows which includes issuing capital stock and paying dividends. (c) The financial statement which best describes the profitability of a business. (d) The section of a statement of cash flows summarizing the cash effects of most transactions entering into the determination of net income. (e) An expense that reduces net cash flow but does not reduce net income. (1) The classification of cash flows that includes purchases and sales of plant assets. (8) Transactions shown in a supplementary schedule accompanying a statement of cash flows