Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Laser World's income statement reported total revenues, $850,000 and total expenses (including $40,000 depreciation) of $720,000. The balance sheet reported the following: Accounts Receivable-beginning balance,

image text in transcribed
Laser World's income statement reported total revenues, $850,000 and total expenses (including $40,000 depreciation) of $720,000. The balance sheet reported the following: Accounts Receivable-beginning balance, $50,000 and ending balance, $60,000, Accounts Payable-beginning balance, $22,000 and ending balance, $28,000. Therefore, based only on this information, the net cash balance, the net cash inflows from operating activities were: a. $126,000. b. $166,000. c. $174,000. d. $186,000. Data Solutions reports cost of goods sold of $75 million. Inventory at the beginning and end of the year are $8 million and $9 million, respectively. Accounts payable at the beginning and end of the year are $5 million and $3 million, respectively. What is the amount of cash paid to suppliers? a. $78 million. b. $72 million. c. $75 million. d. $76 million. A company had the following transactions during the year: Paid rent for the next two years, $8,000. Purchased office supplies on account, $2, 400. Purchased equipment, paying $12,000 cash and issuing a note payable for $4,000. Borrowed from the bank, $6,000. Paid employee salaries, $7, 200. Paid $2,000 on account related to transaction 2 above. Paid dividends to stockholders, $2, 800. Sold land for $10,000 that was purchased in a prior year for $7, 500 9. Collected cash from customers for services provided, $25, 700. Calculate cash flows from operating activities, investing activities, and financing activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Describe effectiveness of reading at night?

Answered: 1 week ago