Lab Quiz #4 Solution

Lab Quiz #4 Solution - 401 Lab Quiz #4 Name_ Section : 8:00...

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

View Full Document Right Arrow Icon
401 Lab Quiz #4 Name___________________________ Section : 8:00 – 9:15am 9:30 – 10:45am 1. The following information was taken from the 2013 financial statements of Jenny Gardner Corporation: Inventory, January 1, 2013 $ 90,000 Inventory, December 31, 2013 120,000 Accounts payable, January 1, 2013 75,000 Accounts payable, December 31, 2013 120,000 Sales 600,000 Cost of goods sold 420,000 If the direct method is used in the 2013 statement of cash flows, what amount should Jenny Gardner report as cash payments for purchases? a. $405,000 b. $435,000 c. $465,000 d. $495,000 2. Alex Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December 31, 2013, Alex Company reports the following activity: Sales on account $1,200,000 Cash sales 740,000 Decrease in accounts receivable 610,000 Increase in accounts payable 72,000 Increase in inventory 48,000 Cost of good sold 900,000 What is the amount of cash collections from sales to customers reported by Alex
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.

This note was uploaded on 03/20/2012 for the course ACCT 401 taught by Professor Winchel during the Spring '10 term at South Carolina.

Page1 / 2

Lab Quiz #4 Solution - 401 Lab Quiz #4 Name_ Section : 8:00...

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