Question $1$ options:

In this section, the number of marks is indicated separately for each question. There are $35$ marks in total.

Milo Inc. had the following account balances at December $31,2021$:

Account Name Amount

Dividends $$2,750$

Prepaid expenses $1,800$

Interest expense $1,150$

Website expense $800$

Accounts receivable $31,325$

Deferred revenue $1,500$

Income tax expense $5,275$

Collections from customers $44,375$

Purchase of intangibles $1,310$

Payments to suppliers $41,840$

Car expense $2,125$

Retained earnings $($beginning of year$)10,235$

Payment of dividends $2,750$

Rent expense $2,400$

Supplies expense $1,500$

Cash $($beginning of year$)37,625$

Service revenue $33,150$

Cash received from debt $15,000$

Prepaid insurance $1,200$

Supplies $1,875$

Business licence $60$

Cash $($end of year$)52,350$

Income tax payable $1,200$

Owners' capital $17,500$

Website design $1,250$

Entertainment expense $575$

Contributions by owners $1,250$

Accounts payable $27,850$

Bank loan payable, due in $202515,000$

answer these questions

What is the correct order for the current liabilities section of the balance sheet?

a$.$ Accounts payable, payments to suppliers, deferred revenue, income tax payable

b$.$ Bank loan payable, Income tax payable, Accounts payable, Deferred revenue

c$.$ Accounts payable, Income tax payable, Payments to suppliers

d$.$ Accounts payable, Deferred revenue, Income tax payable

e$.$ Accounts payable, Income tax payable

Enter the letter that corresponds to your choice. $($A B C D E$)$

D

What is total liabilities on this company's balance sheet?

What is total equity on this company's balance sheet?

What is the correct order for the equity section of the balance sheet?

a$.$ Owners' Capital, Retained earnings

b$.$ Retained earnings, Owners' capital

c$.$ Retained earnings, Owners' capital, Profit

d$.$ Retained earnings, Profit, Owners' capital

e$.$ Owners' capital, Retained earnings, Profit, Dividends

Enter the letter that corresponds to your choice. $($A B C D E$)$

A

What is the correct title for this company's statement of cash flows?

a$.$ Milo Ltd$.,$ Statement of Cash Flows, December $31,2021$

b$.$ December $31,2021,$ Statement of Cash Flows, Milo Ltd$.$

c$.$ Milo Ltd$.,$ December $31,2021,$ Statement of Cash Flows

d$.$ Milo Ltd$.,$ Statement of Cash Flows, Year ended December $31,2021$

e$.$ Statement of Cash Flows, Milo Ltd$.,$ Year ended December $31,2021$

Enter the letter that corresponds to your choice. $($A B C D E$)$

D

What is total cash flow from investing activities on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a $\text{'}+\text{'}$ sign. For example, inflow of $$12,682$ enter as $+12682$

If the amount is an OUTFLOW enter the amount with a $\text{'}-\text{'}$ sign. For example, outflow of $$10,485$ enter as $-10485$

What is total cash flow from operating activities on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a $\text{'}+\text{'}$ sign. For example, inflow of $$12,682$ enter as $+12682$

If the amount is an OUTFLOW enter the amount with a $\text{'}-\text{'}$ sign. For example, outflow of $$10,485$ enter as $-10485$

What is total cash flow from financing activities on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a $\text{'}+\text{'}$ sign. For example, inflow of $$12,682$ enter as $+12682$

If the amount is an OUTFLOW enter the amount with a $\text{'}-\text{'}$ sign. For example, outflow of $$10,485$ enter as $-10485$

What is the net change in cash on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a $\text{'}+\text{'}$ sign. For example, inflow of $$12,682$ enter as $+12682$

If the amount is an OUTFLOW enter the amount with a $\text{'}-\text{'}$ sign. For example, outflow of $$10,485$ enter as $-10485$

What is the correct order for the sections of this company's statement of cash flows?

a$.$ Operating, Investing, Financing, Change in cash

b$.$ Investing, Operating, Financing, Change in cash

c$.$ Financing, Investing, Operating, Change in cash

d$.$ Investing, Operating, Financing

e$.$ Change in cash, Investing, Operating, Financing