QUIZ

The following data are available for Sampson Corporation.

Net income	$200,000
Depreciation expense	60,000
Dividends paid	90,000
Loss on sale of land	15,000
Decrease in accounts receivable	30,000
Decrease in accounts payable	45,000

Marke Inc. had cash sales of $400,000 and credit sales of $1,150,000. The accounts receivable balance increased $30,000 during the year. How much cash did Hark receive from its customers during the year?

Ale Company has other operating expenses of $80,000. There has been a decrease in prepaid expenses of $6,000 during the year, and accrued liabilities are $5,000 larger than in the prior period. What were Ale’s cash payments for operating expenses?

Spa Company uses the direct method in determining net cash provided by operating activities. The income statement shows income tax expense $85,000. Income taxes payable were $35,000 at the beginning of the year and $20,000 at the end of the year. Cash payments for income taxes are

The following data are available for Alamo Corporation.

Sale of land	$225,000
Sale of equipment	$130,000
Issuance of common stock	140,000
Purchase of equipment	70,000
Payment of cash dividends	120,000

In Ramon Company, Treasury Stock increased $20,000 from a cash purchase, and Retained Earnings increased $80,000 as a result of net income of $120,000 and cash dividends paid of $40,000. Net cash used by financing activities is:

Lager Company has other operating expenses of $260,000. There has been an increase in prepaid expenses of $20,000 during the year, and accrued liabilities are $15,000 lower than in the prior period. Using the direct method of reporting cash flows from operating activities, what were Lager’s cash payments for operating expenses?

LRRP Company had credit sales of $650,000. The beginning accounts receivable balance was $15,000 and the ending accounts receivable balance was $140,000. What were the cash collections from customers during the period?

The following amounts were taken from the financial statements of Leaf Company:

2014

2013

Total assets	$900,000	$1,000,000
Net sales	840,000	650,000
Gross profit	352,000	320,000
Net income	138,600	117,000
Weighted average number of common shares outstanding	90,000	90,000
Market price of common stock	$35	$39

The following amounts were taken from the financial statements of Leaf Company:

2014

2013

Total assets	$800,000	$880,000
Net sales	720,000	650,000
Gross profit	352,000	320,000
Net income	126,000	117,000
Weighted average number of common shares outstanding	90,000	90,000
Market price of common stock	$35	$39