1. The following balance sheet information is provided for Apex Company for Year 2: Assets Cash $ 5,400 Accounts receivable 15,500 Inventory 18,000 Prepaid expenses 1,600 Plant and equipment, net of depreciation 20,200 Land 19,950 Total assets $ 80,650 Liabilities and Stockholders' Equity Accounts payable $ 4,500 Salaries payable 11,500 Bonds payable (Due n 2020) 19,000 Common stock no par 30,000 Retained earnings 15,650 Total liabilities and stockholders equity $ 80,650 What is the company's working capital? A) $20,300 B) $4,900 C) $22,900 D) $24,500

2. On January 1, the balance of Fink Corporation's Accounts Receivable was $10,000. Sales on account amounted to $80,000 during the Year. The ending balance of Accounts Receivable was $16,000. What is the amount of cash collected from customers? A) $64,000 B) $90,000 C) $86,000 D) $74,000

3. The Ling Corporation reported a beginning balance of $1,200 in its Prepaid Insurance account. During the year, a total of $16,000 was recognized as insurance expense and the Prepaid Insurance account had an ending balance of $1,600. How much cash did Ling pay for insurance during the year? A) $17,200 B) $16,000 C) $16,400 D) $14,800

4) Erie Company began the accounting period with $27,000 in Accounts Receivable. The ending balance in Accounts Receivable was $10,000. If the credit sales during the period were $44,000, what is the amount of cash received from customers? A) $27,000 B) $44,000 C) $81,000 D) $61,000