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In preparing a company's statement of cash flows for the most recent year, the following information is available:

Loss on the sale of equipment	$	14,700
Purchase of equipment		152,000
Proceeds from the sale of equipment		133,000
Repayment of outstanding bonds		90,500
Purchase of treasury stock		65,500
Issuance of common stock		99,500
Purchase of land		122,000
Increase in accounts receivable during the year		46,500
Decrease in accounts payable during the year		78,500
Payment of cash dividends		38,500

Net cash flows from investing activities for the year were:

		$266,000 of net cash used.
		$141,000 of net cash used.
		$141,000 of net cash provided.
		$231,500 of net cash provided.
		$126,300 of net cash used.

Q22

Powers Company reported net sales of $1,220,000, average Accounts Receivable, net of $76,500, and net income of $51,875. The accounts receivable turnover ratio is:

		16.0 times.
		0.63 times.
		29.9 times.
		15.0 times.
		17.0 times.

Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 43,000 shares authorized, 22,800 shares issued, and 17,200 shares of common stock outstanding. The journal entry to record the dividend declaration is:

		Debit Retained Earnings $21,500; credit Common Dividends Payable $21,500.
		Debit Retained Earnings $11,400; credit Common Dividends Payable $11,400.
		Debit Retained Earnings $8600; credit Common Dividends Payable $8600.
		Debit Common Dividends Payable $8600; credit Cash $8600.
		Debit Common Dividends Payable $11,400; credit Cash $11,400.

4

A machine with a cost of $141,000 and accumulated depreciation of $96,000 is sold for $55,500 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:

		Zero. This is an operating activity.
		Zero. This is a financing activity.
		$55,500.
		$45,000.
		$10,500.

On September 1, Ziegler Corporation had 60,000 shares of $5 par value common stock, and $180,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is:

		Debit Retained Earnings $900,000; credit Common Stock $900,000.
		Debit Retained Earnings $300,000; credit Common Stock $300,000.
		Debit Retained Earnings $300,000; credit Stock Split Payable $300,000.
		Debit Retained Earnings $900,000; credit Common Stock Split Distributable $900,000.
		No entry is made for this transaction.