Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer 230, 231, 220, 221, 224, 225 226) Below are excerpts from interest tables for 8% interest. 10000 0.92593 0.92593 1.08000 2.0800 1.16640 0.85734

please answer 230, 231, 220, 221, 224, 225 image text in transcribed
image text in transcribed
226) Below are excerpts from interest tables for 8% interest. 10000 0.92593 0.92593 1.08000 2.0800 1.16640 0.85734 1.78326 3.2464 0.79383 1-25971 2.57710 4.5061 1.36049 3.31213 0.73503 Column 3 is an interest table for the A) Present value of S$I. C) Future value of an annuity of $l Future value of $1. D) Present value of an annuity of $1 227) Air conditioning cost in a company A) are always an Asset B) Can be an Asset or an Expense C) Are always an Expense 228) The purchase of land is classified in the statement of cash flows as a(n): A) Noncash activity C) Investing activity B) Financing activity. D) Operating activity 229) Where do we put gainslosses on the purchase of Treasury Stock (cost method)?" y Additional Paid in Capital/Retained Earnings )Income Statement C) there is no gain or loss on purchase of Treasury Stock D) adjustments to total Equity 230) During the year, ABC. had the following cash flows: receipt from customers, $10,000; receipt from the bank for long-term borrowing, $6,000: payment to suppliers, $5,000; payment of dividends, $1,000, payment to workers, $2,000; and payment for machinery, $8,000. What amount would be reported for investing net cash flows on the Statement of Cash Flows? A)$5,000. D) $2,000. B) ($8,000). C) $6,000. 231) A company had the following cash flows for the year: (a) Purchased land, $60,000 (b) Borrowed from a local bank, $100,000 (c) Paid employee salaries, $50,000 (d) Issued common stock, $75,000 (e) Paid dividends, $20,000 (0 Sold equipment, $40,000 (g) Sold services to customers, $120,000 What amount would be reported for net financing cash flows on the Statement of Cash Flows? A) $70,000. nt of dividen i amount soulu ie D) (S20,000). C) $40,000. B) $155,000. 30 220)Cost of goods sold $420,000 Sales revenue 800,000 10,000 Nonoperating expenses 170,000 Operating expenses 80,000 Income tax expense whatsoperating income? A)S210,000. B) $200,000 C) S380,000 D) $120,000 221) The correct order from the smallest number of shares to the largest number of shares is: A) Issued, authorized, and outstanding. C) Issued, outstanding, and authorized. B) Authorized, issued, and outstanding. D) Outstanding, issued, and authorized. 222) When I raise money for my business, I will be better off A) if I issue shares B) if I issue debt COIt depends how well the business does 223) Prior to year-end adjusting entries, what would explain the Allowance for Uncolfectibie Accounts having a debit balance? A) The amount of actual uncollectible accounts in the current year was less than the estimate of uncollectible accounts made at the end of the prior year. B The amount of actual uncollectible accounts in the current year was greater than the 'estimate of uncollectible accounts made at the end of the prior year. C) The amount of credit sales in the current year was greater than the amount of credit sales made in the prior year. D) The amount of cash collections from customers in the current year was less the amount of cash collections from customers in the prior year. 224) In an installment loan A) later payments pay the same interest as earlier payments B) later payments pay more interest than earlier payments C) later payments pay less interest than earlier payments D) it depends on the interest rate estim f 225) Which of the following must Debits equal Credits (more than one possible correct answry dit sak C) Closing Entries s the unount o A) Adjusting Entries B) Transaction Entries 30

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

Recommended Textbook for

More Books

Students also viewed these Accounting questions