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ABC Company debited notes receivable and credited accounts receivable for $1,000 on 2/1/20X8. What could be the reason that the Company recorded this journal entry?  

Which of the following direct effects on the accounting equation is not possible as a result of a single business transaction that impacts only two accounts?

Cali Co. acquires a piece of equipment from Flo Co. In exchange, Cali issues 50 shares of common stock in Cali Co. to Flo. On Cali’s Statement of Cash Flows, this exchange will appear in the investing section. 

Ryan Company, a maker of medical devices, has provided the following information: 1. Cash sales totaled $260,000. 2. Credit sales (on account) totaled $479,000. Of this, $78,000 remains uncollected at the end of the period.  3. Cash collections from customers for services yet to be provided totaled $88,000. 4. A $22,000 loss from the sale of property and equipment occurred. 5. Interest revenue was $7,700. 6. Cost of goods sold was $336,000. 7. Rent expense was $36,000. 8. Salaries expense was $49,000. Of this, $4,000 remains unpaid as of the end of the period.  9. Other operating expenses totaled $79,000. 10. Unearned revenue (Advances from Customers) was $4,000. 11.  Interest expense was $19,900.  Ignoring taxes, how much was Ryan’s net income?   *Enter your answer without a comma, without a decimal point, and without a dollar sign. For example, if you believe that the answer is $100,500, you should enter 100500 into the answer box.*

Arizona Imaging reported net income of $35,000 for the current year. During the year, Inventory decreased by $6,000, Accounts Payable increased by $7,200, Long-term Notes Payable decreased by $25,000, Depreciation Expense was $9,000, gain on the sale of a piece of equipment was $1,500, and Prepaid Expenses increased by $4,500. If the indirect method is used to calculate the operating section on the Statement of Cash Flows, what is the net cash provided (used) by operating activities? Enter your answer without a comma, decimal point, or dollar sign. 

Which of the following transactions of the current period is not correctly classified as a financing activity on the statement of cash flows?

Baldwin Company purchased a delivery truck that cost $112,000. Baldwin paid and additional $2,000 to have the truck shipped to their warehouse and an additional $4,000 in sales and transfer taxes. It has an estimated salvage value of $8,000 and will provide 100,000 miles of use before retirement. The firm uses the straight-line depreciation method, and expects the truck to be useful for 4 years. What amount of depreciation expense will appear on the income statement at the end of the period? Enter your answer without a dollar sign, decimal point, or comma.

Shareholders of Dragonflies Corporation have received $35,000 in dividends in the current year. At year end the corporation has total assets of $500,000, total liabilities equal to $300,000, and contributed capital totaling $100,000. If retained earnings at the beginning of the year was $80,000, what was Dragonflies’ net income for the current year? Input your answer without a comma, decimal point, or dollar sign. 

Use the following information about Horse Company to answer this question: Net income $12,000   Depreciation expense $1,100 Cash dividends paid to stockholders $2,800   Cash proceeds from sale of land $3,350   Cash proceeds from bank loan $7,600   Cash payment (principal) on bank loan $2,100   Cash paid to purchase equipment $5,500  The company would report net cash provided by (used in) financing activities of what amount?  Enter your answer without a comma, decimal point, or dollar sign. 

On the statement of cash flows (indirect method), the loss on the sale of an office building by Apple Inc. can be found in the