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20. Jon Sports' inventory account increased from $25,000 on December 31, 2013, to $30,000 on December 31, 2014. Which one of the following items would be included in the operating section of its 2014 indirect method statement of cash flows? * Add increase in inventory $5,000 * Subtract increase in inventory ($5,000) * Add inventory balance $20,000 * Subtract inventory balance ($20,000) 21. Taylor Company had a salaries payable balance of $18,000 on December 31, 2014. During 2015, it paid $50,000 in cash as salaries, and recorded a salary expense of $50,000. What is its December 31, 2015, salaries payable balance? * $50,000 * $18,000 * $100,000 * Cannot be determined from the information provided * 22. How much total depreciation and amortization expense did Patnode record during 2015? * $10,000 * $6,000 * $3,000 * $5,000 * 23. Anderson Electronics' 2015 return on sales percentage is 20%. Its 2015 net income is $40,000. What is its 2015 sales? * $400,000 * $80,000 * $200,000 * $100,000 24. On June 1, 2015, Planet Music has accounts payable of $45,000. During the month, debits of $3,000 and credits of $11,000 were made to the account. At the end of June 2015, what was the accounts payable balance? * A credit balance of $53,000 * A debit balance of $42,000 * A credit balance of $56,000 * A debit balance of $53,000 25. Patnode's 2015 statement of cash flows contains four items in the financing section. Three of them are Short-term debt issued, $15,000; Short-term debt paid, ($10,000); and Dividends paid, ($1,000). What is the fourth item in the financing section? * Retained earnings, $4,600 * Common stock issued, $3,000 * Long-term debt paid, ($3,000) * Cash from financing, $3,000 27. During 2015, Sunrise Foods, Inc. records an interest expense of $5,000, and pays $2,000 of it in cash. How should this accounting transaction be recorded? * Debit interest expense $5,000; credit cash $2,000; credit taxes payable $3,000 * Debit interest expense $5,000; credit cash $2,000; credit interest payable $3,000 * Debit various debt accounts $5,000; credit cash $2,000; credit interest payable $3,000 * Debit interest expense $5,000; credit cash $2,000; credit various debt accounts $3,000 28. Annie's Fitness sells a set of free weights to a customer for $1,000. The customer pays $600 in cash and puts the rest on her store credit account. Which one of the following statements describes the most appropriate accounting for the transaction? * Debit cash $600; debit accounts receivable $400; credit cost of good sold $1000 * Debit cash $600; debit accounts receivable $400; credit revenues $1,000 * Debit revenues $1,000; credit cash $600; credit accounts receivable $400 * Debit cash $600; debit accounts receivable $400; credit inventory $1,000 29. A company raised $50,000 in cash by taking a one-year loan of $10,000 and a 5-year loan of $40,000. Which of the following is the correct journal entry to record this transaction? * Debit short-term debt $40,000; debit retained earnings $10,000; credit cash $50,000 * Debit short-term debt $50,000; credit cash $50,000 * Debit cash $50,000; credit long-term debt $50,000 * Debit cash $50,000; credit short-term debt $10,000; credit long-term debt $40,000 30. Which one of the following statements is not true about statements of cash flows prepared according to U.S. GAAP? * The operating section of the indirect method starts with the net income of the period. * In the indirect method statement, the period's depreciation is added to net income because it is a source of cash. * Interest payments are included in the operating section of the direct method statement. * The investing section of the direct method statement for a period is identical to the investing section of the indirect method statement for the same period. * 31. Baxtra, Inc. pays $20,000 in cash as interest to its lenders during 2015. According to U.S. GAAP, in which section of the statement of cash flows would this payment be reflected? * The operating section * The financing section * The investing section * Depends on whether cash flow statement is direct or indirect method. * 32. Which one of the following items will not appear in the operating section of Patnode's 2015 indirect method cash flow statement? * Deduct: increase in accounts receivable $3,000 * Add: decrease in accounts payable $1,000 * Add: increase in taxes payable $2,400 * Add: decrease inventories $6,000 * 33. The fundamental accounting equation is a reflection of the _______ concept. * money measurement * conservatism * dual-aspect * historical cost 34. Sandy Robbins is the sole owner of a hair salon. He often takes small amounts of "lunch money" from the cash register, figuring that "it is my business anyway." His accountant, however, insists that Sandy make a note of the cash he takes, and at the end of the each accounting period, she debits owners' equity and credits the cash account for the total amount that Sandy has taken during the period.In recording the cash withdrawals even though Sandy is sole proprietor, the accountant is correctly applying the _______ concept. * matching * entity * materiality * conservatism 35. Which one of the following statements describes the rules about posting transactions into T-accounts in the ledger? * For assets, debits are entered on the left; for liabilities, credits are entered on the left * For assets, credits are entered on the left; for liabilities, debits are entered on the left * Debits on the left; credits on the right * Credits on the left; debits on the right * 36. Turnkey Systems, Inc. began the month of June, 2014 with a prepaid expenses balance of $240,000. During the month, debits totaling $110,000 and credits totaling $80,000 were made to the prepaid expenses account. What was the June, 2014 ending balance of prepaid expenses? * A debit balance of $210,000 * A credit balance of $210,000 * A debit balance of $270,000 * A credit balance of $270,000 37. Barnaby & Sons receives a large shipment of goods from its supplier. It pays $58,000 at the time of delivery and promises to pay the remaining $42,000 within the next two months. What is appropriate journal entry for this transaction? * Debit cash $42,000; debit inventory $16,000; credit accounts payable $58,000 * Debit inventory $100,000; credit cash $58,000; credit accounts payable $42,000 * Debit accounts payable $58,000; credit cash $42,000; credit inventory $16,000 * Debit accounts payable $58,000; debit cash $42,000; credit inventory $100,000 38. Consider the same scenario as in the previous question: On March 31, 2015, Cars, Inc. owes Preston Devices, one of its suppliers, $25,000 for previous purchases. During April 2015, Preston sells Cars devices with a sales price of $10,000 and a cost to Preston of $8,000. During April, Cars pays Preston $12,000 against the amount owed to Preston. If Preston had no other sales and records no other collections from customers during the month of April, the operating section of Preston's indirect method statement of cash flows for April will show the following de-accrual adjustments to net income: * Subtract change in accounts receivable; add change in inventory * Add change in accounts receivable; subtract change in inventory * Add change in accounts receivable; add change in inventory * Subtract change in accounts receivable; subtract change in inventory * 39. During 2015, Patnode had a cash outflow of $15,000 for investing activities and a cash inflow of $7,000 from financing activities. Its 2015 cash flow from operations was an _______. * outflow of $15,000 * inflow of $15,000 * outflow of $8,000 * inflow of $8,000 40. Planet Music buys all of its inventory on credit. During 2015, Planet Music's inventory account increased by $10,000. Which of the following statements must be true for Planet Music during 2015? * It made payments of less than $10,000 to suppliers. * It made cash payments of $10,000 to suppliers. * It made more cash payments to its suppliers than it recorded as cost of goods sold. * It paid less cash to suppliers than it recorded as cost of goods sold. * - [ ]