33.

Prepare the cash flows from operating activities section of cash flow statement by direct method using the following information:

December 31	2011	2010
Accounts Receivable	$34,130	$28,410
Prepaid Rent	20,000	25,000
Prepaid Insurance	6,800	6,000
Inventory	23,030	15,450
Accounts Payable	14,590	31,300
Salaries Payable	8,310	5,120
Interest Payable	700	360
Income Tax Payable	2,340	0
Year Ended December 31	2011
Net Sales	64,970
Salaries Expense	8,610
Rent Expense	5,000
Insurance Expense	3,200

What is the amount of cash paid as salaries?

8,610

11,800

5,420

not enough information

34.

Olmsted Company has the following items: common stock, $750,000; treasury stock, $105,000; deferred income taxes, $125,000 and retained earnings, $454,000. What total amount should Olmsted Company report as stockholders equity?

$974,000.

$1,099,000.

$1,224,000.

$1,349,000.

35.

Which table would show the smallest factor for an interest rate of 10% for five periods?

		Future value of an ordinary annuity of 1
		Present value of an ordinary annuity of 1
		Future value of an annuity due of 1
		Present value of an annuity due of 1

36.

ABC Company purchases a machine for $100,000. It has an estimated salvage value of $10,000 and a useful life of five years. What is the first year depreciation expense for this machine if the company uses the sum-of-the-years-digits method?

		20,000
		30,000
		18,000
		36,000

37.

Keisler Corporation reports:

Cash provided by operating activities	$280,000
Cash used by investing activities	110,000
Cash provided by financing activities	140,000
Beginning cash balance	70,000

What is Keislers ending cash balance?

		$310,000.
		$380,000.
		$530,000.
		$600,000.