PARTI & FlowCash Company Balance Sheet as of December 31 2018 2017 Assets Cash Accounts Receivable Inventory Total Current Assets Equipment Accumulated Depreciation Land $37.750 41,500 17.000 96,250 75,000 (32,000) 35,000 $174,250 $20,000 14,000 20,000 54,000 50,000 (24,000) 50,000 $130,000 Total Assets Llabilities Accounts Payable Income Taxes Payable Total Current Liabilities Long-term Notes Payable Total Liabilities Stockholders Equity Common Stock Paid in Capital in Excess $38,000 3,000 41,000 25,000 66,000 $15,000 8,000 23,000 33,000 56,000 6,000 32,000 70,250 108,250 $174.250 Retained Earnings Total Stockholders Equity Total Liabilities and Equity 4,000 10,000 60,000 74,000 $130,000 FlowCash Company Income Statement for the Year Ended December 31 2018 2017 Sales $500,000 $450,000 Cost of Goods Sold (200,000) (185,000) Gross Profit 300,000 265,000 Selling & Admin. Expense (225,000) (210,000) Depreciation Expense (8,000) (5,000) Interest Expense (10,000) Gain on Sale of Land (8,000) 4,250 Income before Taxes 61,250 Income Taxes 42,000 Net Income (23,000) (19,000) $23,000 0 $38,250 Additional Information: New equipment was purchased for cash during 2018 -- no equipment was sold during 2018 Land was sold for $19,250 cash during 2018. The cost of the land was $15,000 with a gaino sale of $4,250 Cash was paid to pay-off a portion of the Long-term Notes Payable during 2018. 2,000 shares of $1 par value Common Stock were issued for cash during 2018 The selling price of the Common Stock was $12.00 per share. A cash dividend was declared and paid during 2018 Identify the letter of the choice that best completes the statement or a Multiple Choice Questions Pg 2 Place your answers to questions 1 to 30 on the questions 1 to 30 on the scantron form. ne tirst 30 questions are worth 5 points a piece he statement or answers the question. are not required to e FlowCash Company's Balance Sheet Income Statement and Additional Inform pa 1 to answer questions 1 to 8. You eet, Income Statement, and Additional Information shown on st to help organize your cash flow data Your Cash Flow Worksheet will not be gua ou can use the Cash Flow Worksheet that is provided with your not required to use the Cash Flow Worksheet. vash Flow Worksheet will not be graded - and you Note: All questions refer to how the The questions do not refer to how the amounts appear on the way ne amounts would appear on the Statement of Cash Flows. the amounts appear on the Cash Flow Worksheet. 1. On FlowCash Company's 2018 St. pany s 2018 Statement of Cash Flows the change in Cash would be shown as: A. B. C. D. E Increase in Cash from January 1, 2018 to December 31, 2018 ... $17,150 Decrease in Cash from January 1, 2018 to December 31, 2018 ... $1, Increase in Cash from o to December 31, 2018 ... $17,750 From January 1, 2018 to December 31, 2018 ... ($17,750) Decrease in Cash from January 1, 2018 to December 31, 2018 ...($17,750) none of the above. 2. On FlowCash Company's 2018 Statement of Cash Flows - Sale of Land would be A shown in the Operating Activities section as a $19.250 positive amount. B. shown in the Investing Activities section as a $15,000 positive amount. C. shown in the Operating Activities section as a $15,000 positive amount. D. shown in the Investing Activities section as a $19.250 positive amount. E none of the above. 3. On FlowCash Company's 2018 Statement of Cash Flows - Pay-Off of Long Term Notes Payable would be A shown in the Investing Activities section as a $8,000 negative amount. B. shown in the Financing Activities section as a $8,000 negative amount C. shown in the Operating Activities section as a $8,000 positive amount. D. shown in the Financing Activities section as a $8,000 positive amount E none of the above. 4. On FlowCash Company's 2018 Statement of Cash Flows - Issue Common Stock would be shown in the Investing Activities section as a $2,000 positive amount. shown in the Financing Activities section as a $2,000 positive amount. shown in the Financing Activities section as a $24,000 positive amount. own in the Investing Activities section as a $24,000 positive amount. ne of the above. of Cash Flows -- Dividende a $23.000 negative amour 000 negative amount as a $28.000 negative amo con investering Activities section as a $28.000 positive amoum vities section as a $23.000 cing Activities section as a $23.00 ative amount On FlowCash Company's 2018 Star 4 shown in the investing Activities section shown in the Financing Act shown in the Financing Activities section as D. shown in the Investing Activities E none of the above Which oft who pays A de B de C C D. E. Cash Flows -- the total for Car cash flow be labeled and shown as: wired by Operating Activities..... $72.250 vities. $19,250 Why Operating Activities .......($36.750 ng Activities ....$35,500 On FlowCash Company's 2018 Statement of Ca operating activities would be labeled and shown A Cash Provided by Operating a B Cash Provided by Operating Activities..Sto C Cash Used by Operating Activities D. Cash Provided by Operating Activities E none of the above 10. Acom begini additi notre this total for Cash flows from 2018 Statement of Cash Flows-the total 7. On FlowCash Company's 2018 Statemen investing activities would be labeled and shown as A Cash Used by Investing Activities .........($25.000 B Cash Provided by Investing Activities.... $19, 250 C Cash Provided by Investing Activities ..... $24.000 D. Cash Used by Investing Activities ..........($5,750) E none of the above. 11. If ws-the total for Cash flows from 8. On FlowCash Company's 2018 Statement of Cash Flows - the tot financing activities would be labeled and shown as: A Cash Provided by Financing Activities ...... $24,000 B. Cash Used by Financing Activities .......... ($12,000) C Cash Provided by Financing Activities ...... $23,000 D. Cash Used by Financing Activities ...........($36,000) E none of the above