1. (TCO 2) Select any actions that decrease the cash account. Select all that ap
ID: 2672782 • Letter: 1
Question
1. (TCO 2) Select any actions that decrease the cash account. Select all that apply: (Points : 3)Goods are sold on credit
An interest payment on a notes payable is made
The electric bill is paid
Dividends are paid to shareholders
2. (TCO 2) Which one of the following actions will decrease the operating cycle? (Points : 3)
eliminating all inventory items that are slow sellers
delaying payments to suppliers
paying suppliers faster
increasing the amount of inventory on the shelves
granting customers more time to pay for their credit purchases
3. (TCO 2) Assume Green Leaf Nursery anticipated sales of $500 in the first quarter. Accounts receivable at the beginning of the year was $300. Assuming a collection period of 30 days, which is the approximate beginning balance for the second quarter? (Points : 3)
$550
$630
$250
$170
None of the above
4. (TCO 2) Best Environment Engineering wrote a check and mailed it to the Electric Co. When the Electric Co. went to deposit the check, it discovered that the bank was closed due to flooding in the area. It was 5 days before the Electric Co. could deposit the check from Best Environment Engineering. Because the Electric Co.'s bank was closed: (Points : 3)
Best Environment's collection float decreased.
the Electric Co.'s collection float decreased.
Best Environment
Explanation / Answer
I will answer the ones I know, since this question has a chain of questions. 1) An interest payment on a notes payable is made, the electric bill is paid, and dividends are paid to shareholders. All but cost of goods sold on credit. If the transaction was on credit, cash wasn't exchanged. 6) I get (D-None of the above). I took the 100 units and multiplied by the cost of $522 totaling $52,200 for the goods. If you pay within the 40 days you would receive a discount of 1/25 of the total price. 1/25 is .04%, .04%*$52,200=$2,088. $52,200-2,088=$50,112. So the total is $50,112 after the discount which is not an option. 9) Inventory period
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