Please answer 1,2,3,4!! Use the partial financial statement information for Finl

Question

Please answer 1,2,3,4!!

Use the partial financial statement information for Finley. Inc. to answer the questions below Account Accounts Receivable Inventory Deferred Tax Asset 2017 2016 $13,000 $25,000 9,700 8,200 440 1.350 12,000 15,200 2,500 3,300 4,000 11,000 13,500 800,000 800,000 50,900 55,000 Balance Sheet Accounts Payable Income Taxes Payable Unearned Revenue Interest Payable Bonds Payable Premium on Bonds Payable (Partial) 6,000 $580,000 320,000 49,000 62,500 Revenue Income StatemtCost of Goods Sold (Partial)est Expense Income Tax Expense 1. What was Finley's 'Cash Collected from Customers' for 2017? a. $592,000 b. $594.000 c. $590,000 d. $568,000 2. What was Finley's 'Cash Paid for Interest for 2017? a. $51,500 b. $42,400 c. $49,000 d. $55,600 3. What was Finley's Cash Paid for Income Taxes' for 2017? a. $64,210 b. $63.300 c. $61,700 d. $62.390 4. What was Finley's 'Cash Paid to Inventory Suppliers' for 2017? a. $318,300 b. $315,300 c. $324,700 d. $321,700

Explanation / Answer

1 cash collected from customers for 2017 Sales $580,000 add:decrease in account receivables(net of write-offs) 12000 cash collected from customers for 2017 $568,000 option d 2 cash paid for interest interest expense 49000 Add decrease in interest payable 2500 $          51,500 option a 3 Cash paid for income taxes Income Tax expense 62500 Add decrease in income tax payable 800 $          63,300 option b 4 Cash paid to inventory suppliers cost of goods sold 320000 add:increase in inventory 1500 purchases 321500 deduct:increase in account payable 3200 Cash paid to inventory suppliers $        318,300 option a

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