Managerial accounting_20 MCQs

Question
Price Corporation reported a $2,000 balance in accounts receivable on January 1, 2012. During the year,$14,400 of sales on account were made. During the year, Price wrote off accounts receivable of $950 asuncollectible. If the ending balance of accounts receivable is $1,200, what is the amount of cash received fromcustomers?$16,400$12,650$14,250$12,400Bridges Company pays cash for all inventory purchases. Bridges reports that it had a beginning inventory of$2,050 and an ending inventory of $1,250. Its cost of goods sold was $4,350. Based on this information, theamount of cash paid for inventory purchases was:$8,150$5,150$1,500$3,550The Updike Company reported a beginning balance of $900 and an ending balance of $1,200 in its unearnedrevenue account for 2012. During the year, $5,900 of revenue was recognized. Based on this information, howmuch cash was received from customers?$4,500$7,900$5,900$6,200Bella, Inc. had beginning and ending accounts payable balances of $2,700 and $2,800, respectively. Inventoryhad beginning and ending balances of $2,800 and $2,750, respectively. If cost of goods sold was $2,600, howmuch cash was spent to obtain inventory?$2,450$2,7009/27/13 Assignment Print Viewezto.mhecloud.mcgraw-hill.com/hm.tpx 2/75. aw ard:3.00 points6. aw ard:3.00 points7. aw ard:3.00 points8. aw ard:3.00 points$2,400$2,600On January 1, 2012, the balance of Baldwin Corporation’s accounts receivable was $8,000. Sales on account for2012 amounted to $70,000 and the ending balance of accounts receivable was $9,000. What is the amount ofcash collected from customers?$78,000$71,000$69,000$61,000Everest Company began the accounting period with $15,500 in accounts receivable. The ending balance inaccounts receivable was $7,000. If the credit sales during the period were $42,000, what is the amount of cashreceived from customers?$50,500$42,000$33,500$64,500Powell Associates, a small consulting firm, charges all of its expenses on accounts payable. On January 1,2012, Powell’s accounts payable balance was $7,000 and, during the year, an additional $38,000 of expenseswere charged on account. The ending Accounts payable balance was $9,000. What is the amount of cash paidfor expenses during 2012?$47,000$40,000$24,000$36,000The 2012 income statement of Winkler Co. reported wages expense of $80,000. The 2011 balance sheetshowed a balance in wages payable of $8,000 while the 2012 balance sheet showed a balance in wagespayable of $11,000. What amount of cash was paid for wages in 2012?$83,000$88,000$72,0009/27/13 Assignment Print Viewezto.mhecloud.mcgraw-hill.com/hm.tpx 3/79. aw ard:3.00 points10. aw ard:3.00 points11. aw ard:3.00 points$77,000The 2012 income statement of Columbus Co. reported total sales revenue of $250,000. The 2011 balancesheet showed a balance in accounts receivable of $37,000, while the 2012 balance sheet showed a balance inaccounts receivable of $52,000. The cash inflow from customers for 2012 would be:$265,000.$250,000.$287,000.$235,000.For the year ended December 31, 2012, Burlington Company had cash collections from customers of $60,000,cash paid to employees of $9,000, cash paid to suppliers of $26,000, cash used to retire long-term bonds of$9,000, and cash payments for dividends of $6,000. Cash provided by operating activities for 2012 is:$25,000.$34,000.$16,000.$10,000.Morrow Company reported the following in 2012: property, plant and equipment account increased by $50,000;accumulated depreciation account increased by $6,000. During the year, the company sold equipment thatoriginally cost $26,000, and had $18,000 of accumulated depreciation for $11,000.rev: 07_27_2012What will Morrow Company report as additions to property, plant, and equipment on its 2012 statement of cashflows?rev: 07_27_2012$50,000$76,000$61,000$24,0009/27/13 Assignment Print Viewezto.mhecloud.mcgraw-hill.com/hm.tpx 4/712. aw ard:3.00 points13. aw ard:3.00 pointsWhat will Morrow Company report as proceeds from the sale of property, plant, and equipment on its 2012statement of cash flows?rev: 07_27_2012$35,000$28,000$1,000$11,000If cash from operations was $9,000, cash from investing activities was ($15,000) and the net change in cashwas $15,000, what was cash from financing activities?$21,000($24,000)$15,000$9,000Abercrombie Associates reports the following comparative balance sheets and income statement information.9/27/13 Assignment Print Viewezto.mhecloud.mcgraw-hill.com/hm.tpx 5/714. aw ard:2.00 points15. aw ard:2.00 pointsThe amount of cash revenue received from customers during 2012 was:$31,000.$33,000.$35,000.$37,000.The amount of cash paid for inventory purchases during 2012 was:Rev: 03-05-2012$20,000.$11,000.$17,000.$18,000.9/27/13 Assignment Print Viewezto.mhecloud.mcgraw-hill.com/hm.tpx 6/716. aw ard:2.00 points17. aw ard:2.00 points18. aw ard:2.00 pointsThe following account balances are for Cullen Company:Additional data for 2012:(1) Sales on account for the period were $20,000.(2) Salary expense was $7,000.(3) Rent expense was $6,000.Based on this information, what was the net cash inflow from operating activities for 2012?$23,000.$18,000.$12,000.$10,000.Worcester Company sold equipment for $25,000 cash. The equipment had cost $40,000 and had accumulateddepreciation of $22,000 at the time of the sale. Based on this information alone, select the True statement.Cash flow from investing activities would be less if the statement of cash flows is prepared by thedirect method than if it is prepared under the indirect method.Cash flow from investing activities would be greater if the sale of equipment is reported on thestatement of cash flows under the direct method than if it is reported under the indirect method.Cash flow from investing activities would be the same regardless of whether the statement of cashflows is prepared by the direct method or the indirect method.The answer cannot be determined because the amount of the salvage value is unknown.Which of the following would not be reported as an investing activity on the statement of cash flows?Cash loaned to another company.Cash dividends received from an investment in marketable securities.Cash received from the sale of equipment.Cash paid to purchase production equipment.9/27/13 Assignment Print Viewezto.mhecloud.mcgraw-hill.com/hm.tpx 7/719. aw ard:2.00 points20. aw ard:2.00 pointsDuring 2012, the Afton Company had the following changes in account balances:1) The accumulated depreciation account had a beginning balance of $50,000 and an ending balance of$70,000. The increase was due to depreciation expense2) The long-term notes payable account had a beginning balance of $80,000 and an ending balance of $30,000.The decrease was due to repayment of debt.3) The accounts receivable account had a beginning balance of $120,000 and an ending balance of $100,000.The difference was due to collection of receivables.4) The equipment account had a beginning balance of $50,000 and an ending balance of $185,000. Theincrease was due to the purchase of equipment for cash.5) The long term investments account (marketable securities) had a beginning balance of $36,000 and anending balance of $25,000. The decrease was due to the sale of investments at cost.6) The amount of cash dividends declared and paid during the year was $44,000.7) The interest payable account had a beginning balance of $4,500 and an ending balance of $2,500. Thedifference was due to the payment of interest.What is the net cash flow from investing activities?$124,000 outflow$124,000 inflow$144,000 inflow$144,000 outflowAssume that a statement of cash flows has been prepared. The combination of the three major components(operating activities, investing activities, financing activities) equals the:Change in the cash account balance between the beginning and end of the period.Net income for the period.Ending cash balance.Amount of cash inflow for the period.

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