A100+Midterm%2BFall%2B2%2B2010

A 51000 b 49500 c 52500 d 57000 e none of the above 7

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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? a $51,000 b $49,500 c $52,500 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? a $45,000 b $57,000 c $12,000 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? a $48,000 b $40,000 c $43,000 d $35,000 e None of the above 9 At January 1, 2010 Valentino Inc. had $90,000 of assets and $10,000 of cu...
View Full Document

This note was uploaded on 09/11/2012 for the course BUS 100 taught by Professor Mo during the Spring '08 term at Indiana.

Ask a homework question - tutors are online