38. Revenue on account amounted to $3,000. Cash collections of accounts receivable amounted to $2,700. Cash paid for expenses was $2,500. The amount of employee salaries accrued at the end of the year was $300. Cash flow from operating activities was 39. Which of the following accounts would not appear on a balance sheet? 40. Woodward Enterprises had the following events during 2013: The business issued $20,000 of common stock to its stockholders. The business purchased land for $12,000 cash. Services were provided to customers for $16,000 cash. Services were provided to customers for $5,000 on account. The company borrowed $16,000 from the bank. Operating expenses of $12,000 were incurred and paid in cash. Salary expense of $800 was accrued. A dividend of $4,000 was paid to the owners of Woodward Enterprises. Assuming the company began operations during 2013, the amount of retained earnings as of December 31, 2013 would be: 41. Which of the following would cause net income on the accrual basis to be different than (either higher or lower than) "cash provided by operating activities" on the statement of cash flows? 42. Ruiz Company provided services for $15,000 cash during the 2013 accounting period. Ruiz incurred $12,000 expenses on account during 2013, and by the end of the year, $3,000 of that amount had been paid with cash. Assuming that are the only accounting events that affected Ruiz during 2013.
38. Revenue on account amounted to $3,000. Cash collections of accounts receivable amounted to $2,700. Cash paid for expenses was $2,500. The amount of employee salaries accrued at the end of the year was $300. Cash flow from operating activities was 39. Which of the following accounts would not appear on a balance sheet? 40. Woodward Enterprises had the following events during 2013: The business issued $20,000 of common stock to its stockholders. The business purchased land for $12,000 cash. Services were provided to customers for $16,000 cash. Services were provided to customers for $5,000 on account. The company borrowed $16,000 from the bank. Operating expenses of $12,000 were incurred and paid in cash. Salary expense of $800 was accrued. A dividend of $4,000 was paid to the owners of Woodward Enterprises. Assuming the company began operations during 2013, the amount of retained earnings as of December 31, 2013 would be: 41. Which of the following would cause net income on the accrual basis to be different than (either higher or lower than) "cash provided by operating activities" on the statement of cash flows? 42. Ruiz Company provided services for $15,000 cash during the 2013 accounting period. Ruiz incurred $12,000 expenses on account during 2013, and by the end of the year, $3,000 of that amount had been paid with cash. Assuming that are the only accounting events that affected Ruiz during 2013.
Test-Bank-for-Survey-of-Accounting-4th-Edition-by-Edmonds.docx