A100+Midterm%2BSpring%2BI%2C%2B2010

1210 sold half of the inventory for 11000 half is

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Unformatted text preview: e for the next three months for $900 and paid in cash. 12/4 - Purchased inventory on account for $8,000. 12/7 - Purchased land for $10,000 and paid in cash. 12/10 - Sold half of the inventory for $11,000; half is received in cash and the remainder is on account. 12/22 - Sold one-half of the land for $6,000 which was received in cash. 12/31 - Paid salaries of $2,000. 12/31 - Paid dividend of $1,000. 17 What were the company's financing cash flows? a $30,000 b $29,000 c $28,900 d $29,900 e None of the above 18 What is the ending balance of the cash account? a $27,600 b $33,100 c $23,600 d $28,600 e None of the above 19 What are the company's operating cash flows? a $7,100 b $8,100 c $1,600 d $2,600 e None of the above 20 What is the company's gross profit? a ($2,500) b $4,600 c $3,000 d $1,500 e None of the above 21 What is the company's current ratio at December 31, 2009? a 5.34 b 1.52 c 1.38 d 1.56 e 1.34 22 What are the company's investing cash flows? a ($4,000) b ($10,000) d ($9,000) e None of the above d $42,700 e None of the above c ($5,000) 23 What was the ending balance of retained earnings at December 31, 2009? a $4,600 b $5,600 c $14,600 24 OMIT T HIS QUEST ION Use the following information from the year-end balance sheets to answers questions 25 through 34 : 12/31/2008 12/31/2009 12/31/2008 Cash $2,500 $ 6,000 Accounts payable $4,000 Accounts receivable $12,500 $ 9,000 Salaries payable $1,000 Inventory $4,000 $ 5,500 Unearned revenue $1,800 Prepaid insurance $1,000 $ 1,200 Note payable $25,000 Equipment $22,000 $ 22,000 Interest payable $1,200 Accum. Depreciation ($1,200) ($2,000) Common stock $12,000 Land $12,000 $ 22,000 Retained earnings $7,800 $ 52,800 $ 63,700 $ 52,800 12/31/2009 $ 5,000 $ 4,200 $ 2,500 $ 28,000 $ 2,600 $ 12,000 $ 9,400 $ 63,700 25 If cost of goods sold was $72,000 during 2009, what was the amount paid to suppliers during the year? a $73,500 b $72,500 c $72,000 d $77,500 e None of the above 26 If $94,000 was paid in salaries during 2009, how much was salaries expense? a $93,000 b $94,00...
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This note was uploaded on 09/11/2012 for the course BUS 100 taught by Professor Mo during the Spring '08 term at Indiana.

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