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Lab Quiz #4 Solution

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

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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 Company for the year ended December 31, 2013? a. \$1,940,000 b. \$1,810,000 c. \$2,550,000 d. \$1,330,000

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Fleming Company provided the following information on selected transactions that
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