n 26 Answer saved Marked out of 3.75 Flag question Question text Select one: a.
ID: 341646 • Letter: N
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n 26
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Question text
Select one:
a. $352,000
b. $320,000
c. $288,000
d. $308,000
Question 27
Question text
Cash received from issuing Common Stock would appear in which of the following sections of the statement of cash flows?
Select one:
a. Cash inflow from operating activities.
b. Cash inflow from investing activities.
c. Cash inflow from financing activities.
d. None of the above.
Question 28
Not yet answered
Which form of business organization is established as a legal entity separate from its owners?
Select one:
a. Sole proprietorship
b. Partnership
c. Corporation
d. None of the above
Question 29
Not yet answered
Which of the following represents the correct journal entry to record a sale on account of $1000 if the sales tax rate is 5%?
Select one:
a.
b.
c.
d.
Question 30
Question text
Jackson Company borrowed a one-year $80,000 note with an annual interest rate of 9% on August 1, 2016. Interest and Principal will be paid at maturity.
The amount of cash outflow from financing activities on the December 31, 2017 statement of cash flows would be:
Select one:
a. $0.00
b. $80,000 outflow.
c. $83,000 outflow.
d. $87,200 outflow.
On January 1, 2015, Wages Payable was $32,000. Wages Expense for 2015 totaled $320,000. The ending balance of Wages Payable was $44,000. What is the amount of cash paid for wages in 2015?Explanation / Answer
26.
So, answer is D. $308,000
27.
Issue of common stock for cash is a financing activity. So answer will be: C.Cash inflow from financing activities
Please note that, as per chegg guidlines, need to answer only for 1 question
Beginning balance of wage payable $ 32,000 Add: wage expense for the year $ 320,000 Less: Ending balance of wages payable $ (44,000) Cash paid during the year $ 308,000Related Questions
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