ch 5a - Question 1 (1 point) Net income for FJ Company was...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Question 1    (1 point) Net income for FJ Company was $1,000,000. Accounts payable at the beginning of the year was $200,000. Accounts  payable balance at the end of the year was $225,000. When preparing the cash flow from operating activities under the  indirect format, the required adjustment is  Student response: Student Response Answer Choices a. add $25,000 to net income b. subtract $25,000 from net income c. add $200,000 to net income d. none Score: 1 / 1   Question 2    (1 point) The statement of cash flows is designed to report  Student response: Student Response Score: 0 / 1   Question 3    (1 point) Boomer's Auto Sound Company reported 2007 sales of $640,000. The following information is also available: Accounts Receivable Balances Beginning of year $50,000 End of year 80,000 On a statement of cash flows (direct format) what amount would be reported for "cash collected from customers" for 2007?  Student response: Student Response
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 7

ch 5a - Question 1 (1 point) Net income for FJ Company was...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online