The following data is for Kylie's Kapers, Inc. Balance 12/31/19 Balance 12/31/18 $ $ 15,000 60,000 5,000 50,000 200,000 20,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Equipment Accumulated Depreciation Land Security Deposit Accounts Payable Wages Payable Interest Payable Taxes Payable Note Payable Common Stock Retained Earnings Sales Cost of Goods Sold Wages Expense Rent Expense Office Expense Bad Debt Expense Depreciation Expense Interest Expense Income Tax Expense 75,000 70,000 10,000 95,000 250,000 30,000 80,000 10,000 64,500 6,000 4,000 15,000 80,000 120,000 250,500 1,000,000 500,000 200,000 36,000 30,500 15,000 10,000 8,500 60,000 20,000 40,500 10,000 4,500 10,000 90,000 50,000 115,000 The land was acquired on June 30, 2019 for cash. The additional common stock was sold on September 30, 2019 for $10 per share. The company did not sell any equipment during the year. The common shares outstanding at the beginning of the year were 5,000 shares and 12,000 shares at the end of the year. The retained earnings balance for both years is after all closing entries have been made. The Note Payable requires payments of $10,000 principal plus interest at 10% on June 30th of each year. QUESTION 7 The Total Current Liabilities at December 31, 2019 was (be careful!) O A. $ 169,500 O B. $ 79,500 C. some other number D. $ 89,500 E. $ 99,500 QUESTION 8 On the Cash Flow Statement the Cash Flow from (Used by) Financing Activities was O A. some other number B. $(10,000) O C. $ 55,500 O D.$ 13,000 O E. $50,000 QUESTION 9 On the Cash Flow Statement, the Cash Flow from Operations was O A. $ 130,000 B. $ 145,000 C. $ 124,500 D. some other number O E. $125,000 QUESTION 10 Financing Activities include A. Payment on Note Payable ($ 20,000) B. Issuances of Common Stock $ 70,000 O C. Payment of Interest ($ 8,500) O D. some other number E. Issuances of Common Stock $ 150,000 QUESTION 11 The Net Accounts Receivable at December 31, 2019 was O A. $60,000 OB. $80,000 C. some other number D. $79,000 O E. $70,000 QUESTION 12 The "Supplemental Cash Flow Information" section of the Cash Flow Statement for Kylie's would include O A. Cash paid for Interest, Cash Paid for Taxes and Cash Paid for Land O B. Cash paid for Interest, Cash paid for Taxes, Cash Paid for Wages C. Cash Paid for Interest, Cash Paid for Taxes and Cash Received from sale of stock O D. some other number O E. Cash Paid for Working Capital, Cash Paid for Land, and Interest Expense