QUESTION 1 ABC started the year with 88,000 of accounts receivable. During the year credit sales were 1,758,000 and at the end of the year, ABC had 94.000 of accounts receivable. How much did ABC collect on its accounts receivable during the year? QUESTION 2 Which one of the following items would be most likely to be reported as an accrued expense on the balance sheet? Payroll owed to workers prior to payday. The cost of goods sold. Amounts owed to vendors for credit purchases. Long-term bank loans. QUESTION 3 At the beginning of the year, ABC's Inventory balance was $91,000. During the year ABC bought $7,076,000 inventory. At the end of the year the firm's reported inventory was $115,000. What was the firm's cost of goods sold over the course of the year? $7,055,000 $7,052,000 $7,044,000 $7,048,000 QUESTION 4 MNO Industries retained earnings grew from $115,000 as of 12/31/1998 to $140,000 as of 12/31/1999. The company paid a cash dividend of $35,000 to its shareholders on 12/15/1999. What was MNO s net income for 1999? 35,000 60,000 75,000 25,000 QUESTION 5 ABC ended the year with inventory of 835,000. During the year, the firm purchased 5,159,000 of new inventory and the cost of goods sold reported on the income statement was 5,146,000. What was ABC's inventory at the beginning of the year? QUESTION 6 At the beginning of the year, ABC's Accounts Payable balance was $152,000. During the year ABC purchased $8,515,000 and the firm paid invoices totalling $8,610,000. What was the firm's Accounts Payable balance at the end of the year? $49,000 $57,000 $60,000 $53,000 QUESTION 7 During the year, ABC purchased $9,820,000 of goods from its suppliers on credit. ABC paid its suppliers $9.875,000 and at the end of the year the firm's Accounts Payable balance owed was $24,000. What was the firm's Accounts Payable balance at the beginning of the year? $83,000 $87,000 $82,000 $79,000 QUESTION 8 At the beginning of the year, ABC's Accounts Receivable balance was $82,300. During the year ABC sold $5,963,000 to its customers on credit. At the end of the year the firm's Accounts Receivable balance was $179,300. How much did ABC receive in payments from its customers over the course of the year? $5,869,000 $5,858,000 $5,866,000 $5,862,000 QUESTION 9 During the year, ABC sold $9,210,000 of goods to its customers on credit. ABC received payments from its customers of $9,269,000 and at the end of the year the firm's Accounts Receivable balance was $41,000. What was the firm's Accounts Receivable balance at the beginning of the year? $96,000 $108,000 $100,000 $97,000 QUESTION 10 On the balance sheet, assets are normally reported using The appraised value of the asset The original purchase price paid for the assets The market value of the asset The replacement cost value of the asset QUESTION 11 Which of the following statements is CORRECT? O a. The difference between the total assets reported on the balance sheet and the debts reported on this statement tells us the current market value of the stockholders' equity, assuming the statements are prepared in accordance with generally accepted accounting principles (GAAP). b. A typical industrial company's balance sheet lists the firm's assets that will be converted to cash first, and then goes on down to list the firm's longest lived assets last. c. The balance sheet for a given year, say 2006, tells us how much money the company earned during that year. d. The balance sheet for a given year, say 2006, is designed to give us an idea of what happened to the firm during that year. QUESTION 12 On the balance sheet, total assets must always equal Total liabilities less retained earnings. Total liabilities plus equity. Long-term debt plus short-term debt plus retained earnings. O Net income plus depreciation