Question 4 4P Rage Company reports the following selected account balances: Cash, $430,000 Accounts Receivable, $80,000 Allowance for Uncollectible Accounts, $15,000 Inventory. $120,000 Equipment (net of A/D). $300,000 Accounts Payable, $50,000 Common Stock, $250,000 . How much does Rage Company report as CURRENT ASSETS? O $495.000 $525.000 $615.000 $645,000 Question 5 . . Rage Company reports the following selected account balances: Cash, $430,000 Accounts Receivable, $80,000 Allowance for Uncollectible Accounts, $15,000 Inventory, $120,000 Equipment (net of A/D). $300,000 Accounts Payable, $50,000 Common Stock. $250,000 How much does Rage Company report as TOTAL ASSETS? . . . . $630,000 O 5915,000 $945,000 $1.165.000 Previous Next Question 6 Rage Company reports the following selected account balances: . . Cash, $430,000 Accounts Receivable, $80,000 Allowance for Uncollectible Accounts, $15,000 Inventory, $120,000 Equipment (net of A/D). $300,000 Accounts Payable, $50,000 Common Stock. $250,000 How much does Rage Company report as CURRENT ASSETS BUT NOT QUICK ASSETS? $105.000 O $120,000 $405.000 $420.000 w Instructions Question 7 4 pts Casanova Cavalli Corporation reported Year 2 net income of $200,000; the corporation also declared and paid cash dividends of $65.000 during the year. The balance of Retained Earnings as of January 1, Year 2 was $560,000. What was the ending balance on the Year 2 financial statements? O $560,000 O $695.000 O $760,000 $825.000 Previous Next - Question 8 Which of the following could either increase OR decrease Retained Earnings? O Reacquiring company stock to be held as treasury stock The reissuance of company stock previously held as treasury stock Te declaration and distribution of cash dividends The correction of an error in a previous reporting period Question 9 Where is the issuance of common stock for cash reported on the statement of cash flows? Operating Activities O Investing Activities Financing Activities In the notes as a significant noncash investing/financing activity Question 13 4 pts Bonehead Corporation reported Interest Expense of $75,000 in 2020. The company reported Interest Payable of $10,000 and $25,000, respectively, on the 2019 and 2020 balance sheets. How much cash did the company pay for interest in 2020? $50,000 $60,000 $75,000 590.000 Question 14 Crazy Mario Company reported Sales of $400,000 in 2020. The company reported Accounts Receivable of $40,000 and $62,000, respectively, on the 2019 and 2020 balance sheets. No accounts were written off in 2020. How much cash was collected from customers in 2020? O $360.000 $378,000 $422.000 O $462.000 Statement of Cash Flows Classification: Indicate where each transaction should be reported on the statement of cash flows. The possible responses are Operating, Investing. Financing, Significant Noncash Activity, and Not Reported. A) [Select] Gain on sale of equipment B) [Select) Increase in Accounts Receivable C) [Select] Depreciation Expense D) (Select] Issuance of bonds in exchange for cash E) [Select] Purchase (using cash) of new office building headquarters F) [Select] Dividends paid to shareholders G) (Select] Decrease in Inventory H) (Select ] Interest received from long-term investment (using direct method) 1). Select Proceeds from sale of investment classified as available for sale (long-term J) [Select) Purchase of equipment in exchange for common stock
