Blog

Analysis reveals that a company had a net increase in cash of $22,090 for the current year.  Net cash provided by operating activities was $19,900; net cash used in investing activities was $10,950 and net cash provided by financing activities was $13,140.  If the year-end cash balance is $26,850, the beginning balance was:

A company receives a 10%, 120-day note for $1,500. The total interest due on the maturity date is:

A company’s cost of goods sold was $4,000. Determine Net Purchases and Ending Inventory given goods available for sale were $11,000 and Beginning Inventory was $5,000.

A company with a fiscal year receives a payment of $15,000 for three months of rent from a new customer to cover December in the current fiscal year and January and February of the following fiscal year.  Which of the following is true for the company at the end of the current fiscal year?

A company’s board of directors votes to declare a cash dividend of $1.00 per share on its 12,000 common shares outstanding. The journal entry to record the declaration of the cash dividend is:

Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 3% charge on sales for using its card. On June 28, Jervis had $3,500 in credit card sales all of which were paid for using a NB Card credit card. What entry should Jervis make on June 28 to record the deposit?

In the statement of cash flows, activities that involve the production or purchase of merchandise and the sale of goods and services to customers, including expenditures related to administering the business, are classified as:

A company has Salaries Expense of $2,000 per day and has five working days each week, Monday through Friday.  The company pays its employees on Friday for the days worked that week.  June 30 falls on a Wednesday.  When the company pays its employees on Friday, July 2nd, the journal entry would be:

All of the following are external users of financial statements except:  

Given the following information, determine the cost of goods sold for December 31 using the FIFO perpetual inventory method. December 2:     5 units were purchased at  $  7.00 per unit December 9:   10 units were purchased at  $  9.40 per unit December 11:  12 units were sold at          $35.00 per unit December 15:  20 units were purchased at  $10.15 per unit December 22:  18 units were sold at           $35.00 per unit