During the year, Marigold Corp. reported an increase in Merchandise Inventory of $25,000. Cost of Goods Sold for the year was $150,000, and there was an $8,000 decrease in Accounts Payable. What were the cash payments to suppliers during the year? O $117,000 O $133,600 O $167,000 O $183,000 O None of the above Based on the following account balances, what is the total shareholders' equity? Common Shares... Stock Dividends Distributable........... Retained Earnings............ Preferred Shares...... Cash Dividends Payable......... $600,000 40,000 190,000 20,000 30,000 O $620,000 O $800,000 O $820,000 O $850,000 O None of the above Condensed financial data of Needles Corporation appear below: NEEDLES CORPORATION Comparative Statements of Financial Position As at December 31, 2013 2013 2012 Assets Cash $74,700 $35,000 Accounts receivable 90,000 53,000 Merchandise inventory 120,000 132,000 Prepaid expenses 21,000 25,000 Long-term investments 90,000 75,000 Property, plant, and equipment 310,000 250,000 Accumulated depreciation -65,000 -60,000 Total $640,700 $510,000 Liabilities and Shareholders' Equity. Accounts payable Accrued expenses payable Bonds payable Common shares Retained earnings Total $93,000 $75,000 29,000 24,000 135,000 160,000 240,000 170,000 143,700 81,000 $640,700 $510,000 $500,000 NEEDLES CORPORATION Income Statement Year Ended December 31, 2013 Sales Expenses: Cost of goods sold $295,000 Operating expenses 65,000 Depreciation expense 17,000 Interest expense 18,000 3,000 Loss on sale of equipment Profit before income tax Income tax expense Profit 398,000 102,000 15,300 $86,700 Additional information regarding fiscal 2013: 1. New equipment costing $85,000 was purchased for cash. 2. Old equipment costing $25,000 was sold for $10,000 cash when the carrying amount was $13,000. 3. Cash dividends were declared and paid during the year. 4. Accounts payable pertain to merchandise purchases. Using the INDIRECT method, Cash Flow from (or used by) Operating Activities for Needles Corporation is? O $108,700 O $165,900 O $167,500 O $182,300 None of the above
