$119,000 146,000 616,000 $365,000Beginning Accounts Payable Net Income Depreciat
ID: 2413112 • Letter: #
Question
$119,000 146,000 616,000 $365,000Beginning Accounts Payable Net Income Depreciation Expense Amortization of Intangible 96,000 Ending Accounts Payable Purchase of Long-Term Assets with Cash 11,000 Assets 200,000 Cash from Issuance of Long- Term Debt Beginning Accounts 420,000 Receivable Ending Accounts 439,000Issuance of Stock for Cash 160,000 Receivable Beginning Inventory 516,000Issuance of Stock for Long- 110,000 Term Assets Ending Inventory Beginning Prepaid Expenses48,000 Ending Prepaid Expenses 42,000 The Net Cash Flows from Financing Activities section will include a line item for: 560,000 Purchase of Treasury Stock 64,000 Select one: a. $616,000 b, $(616,000) c. $160,000 d. $64,000 [-] e. $(96,000)
Explanation / Answer
Answer to Question 1:
Cash Flows from Financing Activities = Cash from Issuance of Long-term Debt + Issuance of Stock for Cash - Purchase of Treasury Stock
Cash Flows from Financing Activities = $200,000 + $160,000 - $64,000
Cash Flows from Financing Activities = $296,000
So, Option C is correct.
Net cash flows from financing activities section will include a line item (Issuance of Stock for Cash) for $160,000
Answer to Question 2:
Prepaid expense is asset account
Sales Revenue is revenue account
Unearned revenue is liability account
So, Option A is correct.
Sales Revenue and Unearned Revenue are closed with debits at year end
Answer to Question 3:
Retained Earnings, 12/31/21 = Retained Earnings, 1/1/21 + Net Income - Dividend declared and paid
Retained Earnings, 12/31/21 = $2,680 + $450 - $170
Retained Earnings, 12/31/21 = $2,960
Retained Earnings, 12/31/22 = Retained Earnings, 1/1/22 + Net Income - Dividend declared and paid
Retained Earnings, 12/31/22 = $2,960 + $210 - $0
Retained Earnings, 12/31/22 = $3,170
So, Option C is correct.
Answer to Question 4:
Accruing interest expense will increase total liabilities.
So, Option A is correct.
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