acct review set

acct review set - For 2007, Joe Corp reported credit sales...

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For 2007, Joe Corp reported credit sales of $1,500,000, CGS of $700,000, and at year-end: 12/31/07 12/31/06 A/R $50,000 $40,000 Invent 75,000 80,000 A/P 30,000 25,000 How much inventory did Joe buy from vendors in 2007? $700,000 $710,000 $705,000 $695,000 Red Blue Cash from Operations $20,000 $60,000 Cash from Investing Activities (200,000) (100,000) Cash from Financing Activities 230,000 90,000 Which company is more likely to pay the larger dividend? BLUE 3. The state charter of Larry's Wear authorized the corporation to sell 300,000 shares. Larry issued 200,000 shares of stock. There are 7500 shares of treasury stock. The number of outstanding shares is Question 1 answers 7,500 192,500 200,000 300,000 Big Shot had the following cash flows during April: Paid for Inventory 2,000 Paid wages 4,000
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Received from cash sales 10,000 Paid for Equipment 6,000 Received a Loan 7,000 What was the cash flow from investing activities? $5,000 inflow $8,000 outflow $12,000 outflow $6,000 For 2007, Joe Corp reported credit sales of $1,500,000, CGS of $700,000, and at year-end: 12/31/07 12/31/06 A/R $50,000 $40,000 Invent 75,000 80,000 A/P 30,000 25,000 How much cash did Joe pay to vendors in 2007? $690,000 $695,000 $700,000 $705,000 5. The Hambone Soup Store reported for its recent fiscal year that: A/P increased $13, inventory decreased $9, net income was $22, amortization expense of $5. Hambone's net cash flow from operating activities is 5 Lutkins Corp. issues 1,000 shares of its $10 par value preferred stock for $15 a share. As a result, it has an increase in cash of $15,000, an increase in preferred stock of $10,000, and an increase in additional paid-in capital of $5,000 an increase in cash of $15,000 and an increase in preferred stock of $15,000 an increase in assets of $15,000 and an increase in preferred stock of $15,000 an increase in assets of $15,000, an increase in preferred stock of $10,000, and an increase in retained earnings of $5,000 For 2007, Joe Corp reported credit sales of $1,500,000, CGS of $700,000, and at year-end:
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12/31/07 12/31/06 A/R $50,000 $40,000 Invent 75,000 80,000 A/P 30,000 25,000 How much cash did Joe collect from customers in 2007? $1,500,000
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This note was uploaded on 04/08/2008 for the course ACCT 201 taught by Professor Shleifer during the Spring '08 term at Clemson.

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acct review set - For 2007, Joe Corp reported credit sales...

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