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Question text

On January 1, 2015, Wages Payable was $32,000.

Wages Expense for 2015 totaled $320,000.

The ending balance of Wages Payable was $44,000.

What is the amount of cash paid for wages in 2015?

Select one:

a. $352,000

b. $320,000

c. $288,000

d. $308,000

Question 27

Question text

Cash received from issuing Common Stock would appear in which of the following sections of the statement of cash flows?

Select one:

a. Cash inflow from operating activities.

b. Cash inflow from investing activities.

c. Cash inflow from financing activities.

d. None of the above.

Question 28

Not yet answered

Which form of business organization is established as a legal entity separate from its owners?

Select one:

a. Sole proprietorship

b. Partnership

c. Corporation

d. None of the above

Question 29

Not yet answered

Which of the following represents the correct journal entry to record a sale on account of $1000 if the sales tax rate is 5%?

Select one:

a.

Accounts Receivable		$950
Sales Tax Expense		$50
Sales Revenue			$1,000

b.

Accounts Receivable		$1,000
Sales Tax Payable			$50
Sales Revenue			$950

c.

Accounts Receivable		$1,050
Sales Tax Payable			$50
Sales Revenue			$1,000

d.

Accounts Receivable		$1,000
Sales Revenue			$1,000

Question 30

Question text

Jackson Company borrowed a one-year $80,000 note with an annual interest rate of 9% on August 1, 2016. Interest and Principal will be paid at maturity.

The amount of cash outflow from financing activities on the December 31, 2017 statement of cash flows would be:

Select one:

a. $0.00

b. $80,000 outflow.

c. $83,000 outflow.

d. $87,200 outflow.