Colie company had an increase in inventory of 120000

  • University of Phoenix
  • ACC 291
  • Assessment
  • Papertown
  • 13
  • 96% (54) 52 out of 54 people found this document helpful

This preview shows page 6 - 10 out of 13 pages.

final exam acc 291 answers course hero

Colie Company had an increase in inventory of $120,000. The cost of goods sold was $490,000. There was a $30,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Colie's cash payments to suppliers? $370,000. $640,000.
$580,000. $310,000. Each of the following items may be classified as operating or financing activities under IFRS except all of these answer choices may be classified as such.
The current assets of Orangatte Company are $227,500. The current liabilities are $130,000. The current ratio expressed as a proportion is
All of the following requirements about internal controls were enacted under the Sarbanes Oxley Act of 2002 except:
independent outside auditors must eliminate redundant internal control. independent outside auditors must attest to the level of internal control. Which of the following is not an internal control activity for cash? Surprise audits of cash on hand should be made occasionally. The number of persons who have access to cash should be limited. The functions of record keeping and maintaining custody of cash should be combined. All cash receipts should be recorded promptly.
Before a check authorization is issued, the following documents must be in agreement, except for the receiving report.
Mitchell Corporation bought equipment on January 1, 2014 .The equipment cost $180,000 and had an expected salvage value of $30,000. The life of the equipment was estimated to be 6 years. The book value of the equipment at the beginning of the third year would be
$150,000. $130,000. Brevard Corporation purchased a taxicab on January 1, 2013 for $25,500 to use for its shuttle business. The cab is expected to have a five-year useful life and no salvage value. During 2014, it retouched the cab's paint at a cost of $1,200, replaced the transmission for $3,000 (which extended its life by an additional 2 years), and tuned-up the motor for $150. If Brevard Corporation uses straight-line depreciation, what annual depreciation will Brevard report for 2014?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture