mcq no need for explanation

XYZ Industries T-Account December 31, 2019 Amounts in Millions Cash Balance January 1, 2019 325 Collection from Customers 100 70 Payments to suppliers Notes Payable Issued 80 50 Salaries Paid Sale of Building 300 30 Payment of rent and utilities Sale of old machine 100 10 Dividends Paid 40 Payment of Loan Principal 300 Purchase of new machine Balance December 31, 2019 405 What is XYZ's 2019 cash flow from financing activities? A net inflow of $30 million A net inflow of $40 million Anet inflow of $50 million A net inflow of $130 million A1 RA uhmit 62. Which of the following is not one of the three conditions necessary for revenue to be recognized as earned? The goods and services have been delivered. The customer has agreed to buy the goods and services. Payment has been received. The seller has performed substantially all of its obligation to the buyer. 63. Quogue Sporting Goods purchased a new screen printing machine for $50,000. It cost $1,000 to deliver the machine and $5,000 to install it. The machine has a useful life of 8 years and an estimated salvage value of $8,000. What would the book value for the machine be after 2 years if it was depreciated using the straight-line method? $36,000 $42,000 $44,000 $50,000 64. The following question is based on the cash T-account for XYZ Industries as of December 31, 2019. XYZ Industries T-Account December 31, 2019 Amounts in Millions Cash Balance January 1, 2019 325 Collection from Customers 100 70 Payments to suppliers Notes Payable Issued 50 Salaries Paid Sale of Building 300 30 Payment of rent and utilities Sale of old machine 100 10 Dividends Paid 40 Payment of Loan Principal 300 Purchase of new machine 80 Balance December 31, 2019 405 What is XYZ's 2019 cash flow from operations? A net outflow of $20 million A net outflow of $50 million A net outflow of $90 million A net outflow of $150 million 65. The next question deals with the December 31, 2019 Balance Sheet of Horan Industries. Horan Industries Balance Sheet as of December 31, 2019 Assets Current Assets Cash Inventory Accounts Receivables Total Current Assets $65,000 40,000 20,000 $125,000 $45,000 55,000 $100,000 Liabilities Current Liabilities Accounts Payable Notes Payable Total Current Liabilities Non-current Liabilities Debt Owner's Equity Common Stock Retained Earnings Total Liabilities and Owner's Equity 75,000 Non-current Assets Plant and Equipment (Net) Patents (Net) Total Assets 175,000 25,000 $325,000 110,000 40,000 $325,000 Horan began 2019 with the following non-current asset balances: Plant and equipment (net) $185,000; Patents $27,000. No long-term assets were purchased or sold during the year. How much amortization and depreciation expense did Horan record during 2019? $10,000 $11,000 $12,000 It cannot be determined with the information given. 66. Hampton Industries began December with $17.5 million in accounts receivables. During the month it collected $3.5 million from customers who had previously purchased on credit and it sold $5 million in merchandise on credit. What is Hampton's accounts receivables balance at the end of the month? $9 million $16 million $19 million $26 million 67. F&G Sporting Goods sells baseball equipment to a customer for which F&G had paid $10,000. Which one of the following choices describes the most appropriate accounting for the transaction? Debit inventory $10,000; credit cost of goods sold $10,000 Debit inventory $10,000; credit accounts payable $10,000 Debit cost of goods sold $10,000; credit inventory $10,000 Debit cost of good sold $10,000; credit cash $10,000 68. Choose the option to correctly complete the sentence. The funding portion of the balance sheet, which captures the capital that is supplied consists of and assets and liabilities assets and owner's equity liabilities and owner's equity none of the above