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

B decrease cash by 6000 increase salaries expense by

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Unformatted text preview: states how the company will treat the payment of salaries when payment is made on the Friday of that week? a Decrease cash by $10,000, increase salaries expense by $10,000. b Decrease cash by $6,000, increase salaries expense by $6,000. c Decrease cash by $6,000, decrease salaries payable by $10,000, increase salaries expense by $6,000. d Decrease cash by $10,000, decrease salaries payable by $4,000, increase salaries expense by $6,000. e Decrease cash by $10,000, decrease salaries payable by $4,000, decrease salaries expense by $6,000. 8 The inventory account for Maxwell Company increased by $3,500 from the beginning to the ending of the period. Cost of goods sold increased by $2,000 to $46,000. How much were purchases during the period? a $47,500 b $5,500 c $42,500 d $49,500 e None of the above 9 If Cokins Corp. paid $60,000 for three years of attorney fees on April 1, 2009, what will be the balance of prepaid attorney fees on the balance sheet on December 31, 2012? a $0 b $5,000 c $10,000 d $25,000 e None of the above d Miflin e None of the above Use the following information, taken from four of Maple's year-end financial statements, to answer question 10 and 11: Buildings Accumulated depreciation Land 2007 $22,000 ($2,000) $8,000 2008 $ 22,000 ($6,000) $ 19,000 2009 $ 22,000 ($10,000) $ 6,000 2010 $ 22,000 ($14,000) $ 12,000 10 What were the cash flows from investing activities in 2009, if the only transaction was the sale of land, and there was a gain on the sale of $2,000? a $17,000 b $2,000 c $15,000 11 What was the net book value of the buildings at December 31, 2009? a $12,000 b $10,000 c $22,000 d $6,000 e None of the above d $18,000 e None of the above 12 Cream & Crimson began business on January 1, 2010. At the end of the first month, the company had purchased $10,000 of inventory, paying $4,500 in cash and the balance was on account. What was the impact of this transaction on total assets? a Increased by $5,500 b Increased by $4,500 c Increased by $10,000 d Total assets did...
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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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