29 Jun Question Question 1 (1 point) A negative net cash flow from operating a
Question
Question 1 (1 point)
A negative net cash flow from operating activities:
Question 1 options:
A) indicates the company is selling its assets for more than it cost to purchase them which is a good sign for cash flows
B) indicates the company is paying more money to owners and creditors than it is receiving from them
C) indicates the company is re-investing in itself in order to grow and expand
D) indicates the company had a net loss using the cash basis of accounting
E) indicates the company is selling off its long term assets which is not a good sign for financial health
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Question 2 (1.5 points)
Question 2 options:
The following selected account balances were taken from Buckeye Company’s general ledger at January 1, 2005 and December 31, 2005:
January 1, 2005 December 31, 2005
Unearned revenue 12,000 20,000
Inventory 59,000 42,000
Accounts payable 40,000 51,000
Salaries payable 9,000 3,000
Investments 75,000 68,000
Accounts receivable 63,000 96,000
Land 58,000 88,000
Mortgage payable 120,000 95,000
Common stock 100,000 180,000
Retained earnings 22,000 35,000
The following information was taken from Buckeye Company’s 2005 income statement:
Sales revenue $420,000
Cost of goods sold 300,000
Salaries expense 88,000
Loss on sale of investments 6,000
Net income $ 26,000
Calculate the amount of cash paid to employees for salaries during 2005. Do not use decimals
in your answer.
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Question 3 (2 points)
Question 3 options:
The following selected account balances were taken from Buckeye Company’s general ledger at January 1, 2005 and December 31, 2005:
January 1, 2005 December 31, 2005
Accounts receivable 51,000 70,000
Inventory 39,000 28,000
Accounts payable 45,000 51,000
Salaries payable 7,000 3,000
Investments 46,000 59,000
Common stock 110,000 130,000
Retained earnings 25,000 41,000
The following selected information was taken from Buckeye Company’s 2005 statement of cash flows:
Cash collected from customers $385,000
Cash paid to purchase inventory 199,000
Cash paid to employees 85,000
Cash paid to purchase investments 40,000
Cash received from sale of investments 35,000
Cash paid for dividends 30,000
Calculate the amount of the gain on sale of investments reported in Buckeye C
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