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Company A has the following information excerpted from its financial statements: Which of the following statements is correct?

10. Question 10 Company A has the following information excerpted from its financial statements: Which of the following statements is correct? 1 / 1 point   The company did not take out any…

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In Year 2, Company B has the following information: What amount should Company B report as net cash flow from financing activities in the Year 2 Statement of Cash Flow, assuming no other transactions/accounts?

5. Question 5 In Year 2, Company B has the following information: What amount should Company B report as net cash flow from financing activities in the Year 2 Statement…

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Company A reported salary expense of $12,000 in its annual Income Statement. The balance in Salaries Payable decreased by $3,000 during the year, according to its Balance Sheet. What amount should Company A report as an adjustment to Net Income in its Statement of Cash Flow, assuming the indirect method is used?

2. Question 2 Company A reported salary expense of $12,000 in its annual Income Statement. The balance in Salaries Payable decreased by $3,000 during the year, according to its Balance…

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The company has net income for the year of $130,000. The balance in Retained Earnings at the beginning of the year is $80,000. The company declared dividends of $70,000 during the year. What is the ending balance in Retained Earnings?

1. Question 1 The company has net income for the year of $130,000. The balance in Retained Earnings at the beginning of the year is $80,000. The company declared dividends…

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Company A has the following information excerpted from its financial statements: Suppose the company has only two liability accounts as of Dec. 31, Year 2: Accounts Payable and Loan Payable. Which of the following statements is correct?

12. Question 12 Company A has the following information excerpted from its financial statements: Suppose the company has only two liability accounts as of Dec. 31, Year 2: Accounts Payable…

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Company A has the following information from its financial statements: Which of the following statements is correct?

8. Question 8 Company A has the following information from its financial statements: Which of the following statements is correct? 1 / 1 point   In Year 1, cash flow from operating activities…

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The beginning balance in total assets is $100,000 and total liability $30,000. The ending balance in total assets is $110,000 and total liability $50,000. Which of the following is possible?

1. Question 1 The beginning balance in total assets is $100,000 and total liability $30,000. The ending balance in total assets is $110,000 and total liability $50,000. Which of the…

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The beginning balance in Accounts Receivable on Company A’s Year 2 Balance Sheet is $40,000. Sales on account during Year 2 are $400,000, cash collections from customers are $210,000, and an account for a customer owing $10,000 was written off because the company didn’t think the customer would pay. What is the ending balance in AR on the Year 2 Balance Sheet? Assuming no other transactions affected the account during the year.

6. Question 6 The beginning balance in Accounts Receivable on Company A’s Year 2 Balance Sheet is $40,000. Sales on account during Year 2 are $400,000, cash collections from customers…

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The net decrease in Accounts Receivable (AR) amounts to $30,000 and the net decrease in Wages Payable (WP) is $20,000. Assuming no accounts were written off for lack of payment, what is the net effect of AR and WP on the adjustments to Net Income if the indirect method is used in the Statement of Cash Flows?

4. Question 4 The net decrease in Accounts Receivable (AR) amounts to $30,000 and the net decrease in Wages Payable (WP) is $20,000. Assuming no accounts were written off for…

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Under U.S. GAAP, which of the following activity is correctly categorized in the Statement of Cash Flows?

2. Question 2 Under U.S. GAAP, which of the following activity is correctly categorized in the Statement of Cash Flows? 1 / 1 point   Payment of Dividends: Financing Activity   Receipt of…