Unformatted text preview: income and stockholders equity.
d keep both total assets and stockholders' equity the same.
e None of the above 6 What will be Thankful's total liabilities related to the loan (principal and interest) as of December 31, 2011?
d $57,000 e None of the above 7 How much will be reported on Thankful's Statement of Cash Flows for 2014 as a financing cash outflow?
d $0 e None of the above 8 During 2010, Presidents Inc. purchased $80,000 of inventory. At January 1, 2010, the company had $2,000 in beginning inventory and
there was a balance of $10,000 in ending inventory at December 31, 2010. The company had $120,000 in sales during the year. There
was no balance in accounts receivable at the beginning of the year, but there was $5,000 in accounts receivable at the end of the year.
What was the company's gross profit for the year?
e None of the above 9 At January 1, 2010 Valentino Inc. had $90,000 of assets and $10,000 of cu...
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- Spring '08
- Balance Sheet