Cash collections from customers during 2012 amounted to: $ 907,000. $ 915,000. $
ID: 2397054 • Letter: C
Question
Cash collections from customers during 2012 amounted to: $ 907,000. $ 915,000. $ 943,000. $ 971,000.
Net income (loss) for 2012 is: $ 20,000. $ 70,000. $ 10,000. $ 90,000. none of the above.
Cash payments to suppliers for merchandise inventory during 2012 amounted to: $ 523,000. $ 497,000 $ 485,000. $ 511,000. none of the above.
Cash payments for salaries during 2012 amounted to: $ 210,000. $ 206,000. $ 200,000. $ 194,000. none of the above.
Cash payments for rent during 2012 amounted to: $ 90,000. $ 101,000. $ 79,000. $ 106,000. none of the above.
Purchases of merchandise inventory during 2012 amounted to: $ 510,000. $ 504,000. $ 517,000. $ 491,000. none of the above
Cash collections from customers during 2012 amounted to: $ 907,000. $ 915,000. $ 943,000. $ 971,000. Cash collections from customers during 2012 amounted to: $ 907,000. $ 915,000. $ 943,000. $ 971,000.
Net income (loss) for 2012 is: $ 20,000. $ 70,000. $ 10,000. $ 90,000. none of the above. Net income (loss) for 2012 is: $ 20,000. $ 70,000. $ 10,000. $ 90,000. none of the above.
Cash payments to suppliers for merchandise inventory during 2012 amounted to: $ 523,000. $ 497,000 $ 485,000. $ 511,000. none of the above. Cash payments to suppliers for merchandise inventory during 2012 amounted to: $ 523,000. $ 497,000 $ 485,000. $ 511,000. none of the above.
Cash payments for salaries during 2012 amounted to: $ 210,000. $ 206,000. $ 200,000. $ 194,000. none of the above. Cash payments for salaries during 2012 amounted to: $ 210,000. $ 206,000. $ 200,000. $ 194,000. none of the above.
Cash payments for rent during 2012 amounted to: $ 90,000. $ 101,000. $ 79,000. $ 106,000. none of the above. Cash payments for rent during 2012 amounted to: $ 90,000. $ 101,000. $ 79,000. $ 106,000. none of the above.
Purchases of merchandise inventory during 2012 amounted to: $ 510,000. $ 504,000. $ 517,000. $ 491,000. none of the above Purchases of merchandise inventory during 2012 amounted to: $ 510,000. $ 504,000. $ 517,000. $ 491,000. none of the above Selected Balance Sheet account balances are: WU COMPANY December 31 2012 201 Cash $ 37,000$16,00 ccounts Payable 32,000 192,0 26,000 ccounts Receivable 220,00 13, 70,0 76,00 72, 17 Salaries Payable Land Merchandise Inventory Machinery Prepaid Rent Income Taxes Payable 7 85,00 63,000 98 28 1,000 4,0 Selected Income Statement and other items for the year 2012 are Sales Cost of Goods Sold 943 Salary Expense Gain on Sale of Machine 504,000 200,000 30,00 20 Cash Dividends declared and paid Depreciation Expense Rent Expense 54,00 90,000 35,0 Income Taxes Expense
Explanation / Answer
1)correct option is "D" -971000
Cash collection from customer =Beginning receivable+sales -ending receivable
= 220000+943000-192000
= 971000
2)correct option is "D:
Net income = 943000-504000-200000-54000-90000-35000+30000=90000
3)Correct option is " C"
Purchase =cost of goods sold +ending inventory -beginning inventory
= 504000+63000-76000=491000
payment to supplier =beginning accounts payable +purchase -ending payable
= 26000+491000-32000
= 485000
4)Correct option is " B"
salary paid = salary expense+beginning salary payable -beginning salary payable
= 200000+13000-7000.
= 206000
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