Zippy had cash inflows from operations $60,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000. The net change in cash was:
A) $38,500 increase.
B) $38,500 decrease.
C) $132,500 decrease.
D) $132,000 increase.
E) $11,500 decrease.
A) $38,500 increase.
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Which internal control procedure is violated when the cashier at the checkout stand also records the daily receipts in the journal?
a. Segregation of duties b. Independent review and appraisal c. Independent verifications d. Proper authorizations
Respondents exhibiting order or position bias tend to check the first or last statement in a list
Indicate whether the statement is true or false
A company with working capital of $500,000 and a current ratio of 2.5 pays a $85,000 short-term liability. The amount of working capital immediately after payment is
A) $585,000 B) $415,000 C) $500,000 D) $85,000
Aspen Corporation Data for Aspen Corporation for the year ended December 31, 2012, are presented below. Credit sales $2,100,000 Sales returns 150,000 Gross accounts receivable (December 31, 2012 ) 420,000 Allowance for bad debts (Before adjustment at December 31, 2012 ) 25,000 Estimated amount of uncollected accounts based on an aging analysis 75,000 Refer to the information provided for Aspen
Corporation. If Aspen estimates its bad debts at 4% of net credit sales, what amount will be reported as bad debt expense for 2012? A) $50,000 B) $75,000 C) $78,000 D) $84,000