QUESTION 21 For the year ended December 31, 2020 the "Income From Operations was: A none of the listed choices B. $ 500,000 C. $ 130,000 D. $ 400,000 E. $ 136,000 QUESTION 22 What was the Cash Flow from (used by) Financing Activities for the year? A. $ 11,000 B. none of the listed choices C. ($ 15,000) D. ($ 10,000) E. ($ 11,000) QUESTION 23 You are given the cost and volume information below. Volume Cost 1 unit $ 15 10 units 150 100 units 1500 What type of a cost is given? O A. margin cost OB. none of the listed choices C. variable cost D. an operating expense cost E. fixed cost QUESTION 24 Charleigh Company bought a new pickup for $100,000 to use in their business. They estimate the truck will be useful to them for 5 years and then will be worth $10,000. If the company uses the straight-line method of depreciation, how much would their depreciation expense be for the fourth year? A $ 18,000 B. none of the listed choices C. $ 20,000 D. $ 19,000 E. $72,000 QUESTION 25 What would lead to Company A recording Goodwill on their own Balance Sheet? A none of the listed choices. B. Company A buys another company and pays more for it than the fair value of the total assets less the fair value of the "liabilities of that company C. Company A is sold to another company for more than the financial statements say it is worth D. An appraiser determines that Company A is worth more than its financial statements report E. Company A improves their reputation for increased attention to social responsibility PG December 31, 2019 139,000 85,000 60,000 5,000 170,000 5,000 340,000 5,000 70.000 110,000 45,000 Accounts Payable Accounts Receivable Accumulated Depreciation Allowance for Doubtful Accounts Cash Common Stock ($1 Par) Equipment Interest Payable Inventory Note Payable Paid In Capital Retained Earnings Security Deposit Taxes Payable Wages Payable Bad Debt Expense Cost of Goods Sold Depreciation Expense Interest Expense Rent Expense Sales Tax Expense Wage Expense 2020 78,000 80,000 90.000 10,000 130,000 6,000 420,000 3,000 90.000 100,000 54,000 368,000 10,000 12,000 9,000 8.000 400,000 30,000 6,000 36,000 900,000 39.000 290.000 288,000 10,000 10,000 8,000 On March 30, 2020 Declan Company sold 500 shares of common stock worth for $5,000The additional shares of common stock were issued on September 30, 2020, The Note Payable requires payments of $10,000 per year plus interest at 10%. The company did not sell any equipment during the vean. The retained earnings balance for both years is after all closing entries have been made
