Assets	2020	2019	Difference
Current assets
Cash	48	36	12
Accounts receivable	58	68	-10
Inventory	180	160	20
Total current assets	286	264
Equipment	620	540	80
Accumulated depreciation, equioment	-300	-360	60
Land	120	0	120
	726	444
Liabilities and shareholders' equity	82	40	42
Current liabilities	30	36	-6
Accounts payable	112	36
Dividends payable	112	76
Total current liabilities	74	120	-46
Bank loan payable	300	180	120
Common shares	240	68	172
Retained earnings	726	444	282

Statement of income

For the year ended october 31, 2020
Sales revenue	1040
Cost of goods sold	520
Gross margin	520
Expenses	-30
Advertising expenses	-144
Wage expense	-12
Utilities expenses	-60
Rent expense	-26	-272
Loss on sale of equipment		-8
Net income		240

QUESTIONS

Q1) Using the information above, net cash provided by ooerating activities equals:

A) 240

B) 340

C) 308

D) 520

Q2) Knowing that in September this company sold equipment for $6 000 cash. The equipment had originally cost $134 000 and had a net carrying amount of 14 000 at the time of sale. The cost of the new equipment purchased is:

A) 314

B) 214

C) 620

D) No equipment was purchased

Q3) Net cash used for investing activities equal:

A) -308

B) 308

C) 208

D) -208

Q4) Using the information given Dividends declared in 2020 equal:

A) 68

B) no dividends declared

C) 6

D) 74

Q5) Using the information given dividends paid in 2020 equal:

A) 30

B) no dividends paid

C) 6

D) 74

Q6) During the year, the company borrowed 14 000 by increasing t

Q7) net cash used for financing activities equals:

A) -120

B) -208

C) -60

D) 14

Q8) Net change in cash equals:

A) 12

B) 48

C) 36

D) -12