QUESTION 6

1. A company reported the following information for 2014 and 2015

   Accounts Receivable, December 31, 2014 $ 14,000

   Accounts Receivable, December 31, 2015 23,000

   Sales Revenue 2015 154,000

   6. How much cash was collected from customers during 2015?

   	A.	$145,000
   	B.	$154,000
   	C.	$117,000
   	D.	$163,000
   	E.	None of the above.

1 points

QUESTION 7

1. Which of the following properly identifies the section of the cash flow statement where each transaction or event would be reported.

   	A.	Operating Investing Financing purchase of treasury stock purchase of common stock retirement of bonds
   	B.	Operating Investing Financing loss on sale of equipment purchase of equipment payment of dividends
   	C.	Operating Investing Financing purchase of equipment purchase of investments issue of common stock
   	D.	Operating Investing Financing collection of accounts receivable sale of land sale of investments

1 points

QUESTION 8

1. Use the following information for a Company to answer questions 8 and 9.

   Equipment, December 31, 2014 $65,000

   Equipment, December 31, 2015 72,000

   Accumulated Depreciation, December 31, 2014 39,000

   Accumulated Depreciation, December 31, 2015 30,000

   During 2015, the company sold equipment with a cost of $30,000 and accumulated depreciation of $25,000. A gain of $3,000 was recognized on the sale of the equipment.

   8. What amount would be reported as the cash proceeds from the sale of the equipment?

   	A.	$2,000
   	B.	$3,000
   	C.	$5,000
   	D.	$6,000
   	E.	$8,000

1 points

QUESTION 9

1. Using the information from above...

   What was depreciation expense for 2015?

   	A.	$16,000
   	B.	$9,000
   	C.	$21,000
   	D.	$30,000
   	E.	$2,000