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1. The following computations were made from Clay Co.'s 20X1 books: Number of days' sales in inventory 61 Number of days' sales in trade accounts

1. The following computations were made from Clay Co.'s 20X1 books:

Number of days' sales in inventory

61

Number of days' sales in trade accounts receivable

33

What was the number of days in Clay's 20X1 operating cycle?

a. 61

b. 47

c. 33

d. 94

2. Green Co. had net cash provided by operating activities of $209,000; net cash used by investing activities of $354,000; and cash provided by financing activities of $190,000. Greens cash balance was $36,500 on January 1. During the year, there was a sale of equipment that resulted in a gain of $7,200 and proceeds of $55,000 were received from the sale. What was Greens cash balance at the end of the year?

a.$55,000

b.$88,700

c.$45,000

d.$81,500

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