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Student's Name: Section INSTRUCTIONS: Part 1-Answer all questions in this section. Choose the best answer for each of the following questions. Indicat your answer on

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Student's Name: Section INSTRUCTIONS: Part 1-Answer all questions in this section. Choose the best answer for each of the following questions. Indicat your answer on the line to the left of the question. DONOTCRd Use a #2 pencil only . Part II - Answer all questions in this section. Part I Multiple Choice - Answer all questions. Identify the choice that best completes the statement or answers the question. . Travis Company purchased merchandise on account from a supplier for s5,7 2/10, n/30. Two days later, Travis Company returned $500 of the merchandis purchased. What amount of cash is paid if Travis Company paid for the mer within the discount period? A) $5,096 B) S5,200 C) $5,304 D) $5,700 2. Nefertiti Corporation had the following transactions in its first year of $1,500,000 1,200,000 Sales (90% collected in the first year) Payment for costs and expenses Payment for income taxes 90,000 Purchases of fixed assets 400,000 80,000 500,000 Depreciation of fixed assets Cash received from issuance of common stock Cash reveived from short-term borrowings 100,00 Payments on short-term borrowings 50,0 What is the cash balance at the end of the year? A) $280,000 B) $210,000 $170,000 Student's Name: Section INSTRUCTIONS: Part 1-Answer all questions in this section. Choose the best answer for each of the following questions. Indicat your answer on the line to the left of the question. DONOTCRd Use a #2 pencil only . Part II - Answer all questions in this section. Part I Multiple Choice - Answer all questions. Identify the choice that best completes the statement or answers the question. . Travis Company purchased merchandise on account from a supplier for s5,7 2/10, n/30. Two days later, Travis Company returned $500 of the merchandis purchased. What amount of cash is paid if Travis Company paid for the mer within the discount period? A) $5,096 B) S5,200 C) $5,304 D) $5,700 2. Nefertiti Corporation had the following transactions in its first year of $1,500,000 1,200,000 Sales (90% collected in the first year) Payment for costs and expenses Payment for income taxes 90,000 Purchases of fixed assets 400,000 80,000 500,000 Depreciation of fixed assets Cash received from issuance of common stock Cash reveived from short-term borrowings 100,00 Payments on short-term borrowings 50,0 What is the cash balance at the end of the year? A) $280,000 B) $210,000 $170,000

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