Megan Corporation's net income last year was $98,000. Changes in the company's balance sheet accounts for the year appear below: Increases(Decreases)Asset and Contra-Asset Accounts: Cash and cash equivalents$( 3,000) Accounts receivable$( 14,000) Inventory$3,000 Prepaid expenses$( 7,000) Long-term investments$80,000 Property, plant, and equipment$55,000 Accumulated depreciation$58,000 Liability and Equity Accounts: Accounts payable$0 Accrued liabilities$15,000 Income taxes payable$( 11,000) Bonds payable$( 30,000) Common stock$20,000 Retained earnings$62,000 The company paid a cash dividend of $36,000 and it did not dispose of any long-term investments or property, plant, and equipment. The company did not issue any bonds
payable or repurchase any of its own common stock. The following question pertain to the company's statement of cash flows.The net cash provided by (used in) investing activities last year was:
A. $135,000
B. $(135,000)
C. $(115,000)
D. $115,000
Answer: B
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Suzen knows Landry from work. Landry keeps to himself and always has the newest gadget, which he tells Suzen about. Suzen will often get the gadget herself, and she is the one who convinces the majority of the people in the organization to also make the purchase. Suzen is a(n) ______.
A. innovator B. early adopter C. early majority D. late majority
If the direct method is used to prepare the Operating Activities category of the statement of cash flows, the amount of cash paid to suppliers of inventory is shown as an addition in this section of the statement
a. True b. False Indicate whether the statement is true or false
On April 30, Gomez Services had an Accounts Receivable balance of $25,700. During the month of May, total credits to Accounts Receivable were $60,400 from customer payments. The May 31 Accounts Receivable balance was $20,000. What was the amount of credit sales during May?
A. $66,100. B. $37,600. C. $54,700. D. $5700. E. $60,400.
Which of the following accounts will be closed by crediting the Income Summary account?
A) Service Revenue B) Depreciation Expense C) Accounts Payable D) Accumulated Depreciation