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Please assist me with these basic accounting questions. File attached below Table 5-1 Kasian Catering Balance Sheet December 31, 20X9 and 20X8 Current Assets: Cash

Please assist me with these basic accounting questions.

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image text in transcribed Table 5-1 Kasian Catering Balance Sheet December 31, 20X9 and 20X8 Current Assets: Cash Accounts Receivable Inventory Supplies Prepaid Insurance Total Current Assets Long-term Assets: Fixed Assets Accumulated Depreciation Patent Total Long-term Assets Total Assets 12/31/X9 12/31/X8 $ 4,600 9,600 17,500 1,200 1,400 34,300 $ 3,100 7,900 18,600 2,100 1,000 32,700 71,000 (30,400) 6,000 46,600 $ 80,900 58,000 (26,500) 7,100 38,600 $ 71,300 Current Liabilities: Accounts Payable $ 6,100 Wages Payable 2,200 Interest Payable 800 Taxes Payable 2,300 Total Current Liabilities 11,400 Long-term Liabilities: Bonds Payable 20,300 Total Liabilities 31,700 Stockholders' Equity: Common Stock 22,700 Retained Earnings 26,500 Total Stockholders' Equity 49,200 Total Liabilities and Stockholders' Equity$ 80,900 $ 4,900 2,600 1,000 1,600 10,100 24,000 34,100 20,000 17,200 37,200 $ 71,300 Kasian Catering Income Statement For the Year Ended December 31, 20X9 Sales Cost of Goods Sold Gross Profit Less Operating Expenses: Wage Expense Supply Expense Insurance Expense Depreciation Expense Amortization Expense Rent Expense Operating Income Interest Expense Income before Taxes Income Tax Expense $147,600 (63,800) 83,800 $ 40,100 3,600 3,000 3,900 1,100 5,400 1 57,100 26,700 (2,600) 24,100 (10,800) Net Income $ 13,300 7) Referring to Table 5-1, what was the cash collected from customers by Kasian Catering in 20X9? A) $138,000 B) $145,900 C) $147,600 D) $149,200 E) $157,200 8) Referring to Table 5-1, how much inventory did Kasian Catering purchase in 20X9? A) $81,300 B) $63,800 C) $64,900 D) $46,300 E) $62,700 9) Referring to Table 5-1, what was the cash paid to suppliers of inventory by Kasian Catering in 20X9? A) $63,800 B) $61,500 C) $63,700 D) $63,900 E) $66,100 10) Referring to Table 5-1, what was the cash paid to employees by Kasian Catering in 20X9? A) $40,500 B) $39,700 C) $40,100 D) $38,000 E) $42,300 11) Referring to Table 5-1, what was the cash paid for supplies by Kasian Catering in 20X9? (Assume all purchases of supplies were for cash.) A) $3,600 B) $4,500 C) $2,400 D) $2,700 E) $4,800 12) Referring to Table 5-1, what was the cash paid for income taxes by Kasian Catering in 20X9? A) $7,100 B) $11,700 C) $10,100 D) $10,900 E) $8,600 2 13) Referring to Table 5-1, what was the cash flow from operations for Kasian Catering in 20X9? A) $18,300 B) $19,500 C) $8,200 D) $14,500 E) $13,000 14) Referring to Table 5-1, what was the cash (paid or received) from the purchase and/or sale of fixed assets by Kasian Catering in 20X9? A) $(13,000) B) $(9,100) C) $(16,900) D) $9,100 E) Cannot be determined from the information given 15) Referring to Table 5-1, what was the cash flow from investing activities for Kasian Catering in 20X9? A) $(9,100) B) $9,100 C) $(13,000) D) $(12,000) E) $2,000 16) Referring to Table 5-1, what were the dividends paid by Kasian Catering in 20X9? A) $11,900 B) $0 C) $22,600 D) $4,000 E) $9,300 3

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