29 Jun Elmont’s 2005 income statement included a $30
Question
Accounting_MCQs_Cash flow Statement
Question 1
Use the following to answer questions 1-4:
The financial statements of Wines, Inc., provide the following information for the current year
12-31 jan 1
Accounts Receivable
210,000
180,000
Inventory
200,000
190,000
Prepaid Expenses
14,000
10,000
Accts Pay for mdse
176,000
161,000
Accrued Expenses Payable
13,000
19,000
Net Sales
2,900,000
COGS
1,500,000
Oper Expenses incl depreciation of $40,000
300,000
1.Refer to the above data. Compute the amount of cash
1. Refer to the above data. Compute the amount of cash received from customers during the current year.
NET SALES LESS INCREASE IN ACCTS REC.
Answer
1.
1.
1. A) $2,900,000.
1.
1.
1. B) $2,690,000.
1.
1.
1. C) $2,870,000.
1.
1.
1. D) Some other amount.
.
2.144 points
Question 2
1. 2. Refer to the above data. Compute the amount of Wine’s cash payments for purchases of merchandise during the current year.
A) 1,500,000
B) 1,495,000
C) 1,505,000
D) Other Amount
D)
D)2.144 points
Question 3
1.
1. 3. Refer to the above data. Compute the amount of Wine’s cash payments for operating expenses.
1.
1.
1.
1.Answer
1.
1.
1. A) $260,000.
1.
1.
1. B) $270,000
1.
1.
1. C) $250,000.
1.
1.
1. D) Some other amount.
.
2.144 points
Question 4
1.
1. 4. Refer to the above data. Wine’s net cash flow from operating activities for the current year is:
1.
1.
1.
1.
1.
1.Answer
1.
1.
1. A) $1,105,000.
1.
1.
1. B) $1,375,000.
1.
1.
1. C) $1,495,000.
1.
1.
1. D) Some other amount.
.
Question 5
1.
1. Use the following to answer questions 5-8:
1.
1.An analysis of Elmont Corporation’s Investment in Marketable Securities account during 2005 disclosed the following:
1.
Debit entries $150,000
Credit entries $230,000
.
Elmont’s 2005 income statement included a $30,000 gain on sale of marketable securities and $20,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash.
5. Refer to the above data. The amount of cash paid by Elmont Corporation in 2005 for the purchase of marketable securities was:
A) 230,000
B) 150,000
C) 180,000
D) 190,000
D)
D) 6. Refer to the above data. The cash proceeds received by Elmont Corporation in 2005 for the
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