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4:21 l LTE e bbhosted.cuny.edu 15. Net cash flow from operating activities for 2011 for Graham Corporation was S300,000. The following items are reported on

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4:21 l LTE e bbhosted.cuny.edu 15. Net cash flow from operating activities for 2011 for Graham Corporation was S300,000. The following items are reported on the financial statements for 2011 20,000 Depreciation and amortization Cash dividends paid on common stock Increase in accounts receivable 12,000 24,000 Based only on the information above, Graham's net income for 2011 was: a. $256,000 b. $264,000 c. $296,000 d. S304,000 16. Donnegan Company reported operating expenses of $285,000 for 2011. The following data were extracted from the company's financial records: 1231/10 1231/11 Prepaid Expenses S 60,000 S69,000 Accrued Expenses 210,000 255,000 On a statement of cash flows for 2011, using the direct method, cash payments for operating expenses should be: a. $339,000. b. $321,000 C. $249,000 d. $231,000 17. The following information was taken from the 2011 financial statements of Jenny Gardner Corporation Inventory, January 1, 20 S 90,000 Inventory, December 31, 20 20,000 Accounts payable, January 1, 2011 Accounts payable, December 31, 2011120,000 Sales Cost of goods sold 450,000 75,000 600,000 If the direct method is used in the 2011 statement of cash flows, what amount should Jenny Gardner report as cash payments to suppliers? a. $435,000 b. $465,000 c. $495,000 d. $525,000

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