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Data Solutions reports sales of $100 million Accounts receivable at the beginning and end of the year are $6 million and $9 million respectively What is the amount of cash received from customers

Data Solutions reports sales of $100 million. Accounts receivable at the beginning and end of the year are $6 million and $9 million, respectively. What is the amount of cash received from customers? 

a.$100 million.

b.$103 million.

c.$97 million.

d.$109 million.

 

 

118. Data Solutions reports cost of goods sold of $75 million. Inventory at the beginning and end of the year are $8 million and $9 million, respectively. Accounts payable at the beginning and end of the year are $5 million and $3 million, respectively. What is the amount of cash paid to suppliers? 

a.$78 million.

b.$72 million.

c.$75 million.

d.$76 million.

 

 

119. Data Solutions reports operating expenses of $5 million. Operating expenses include rent expense. Prepaid rent at the beginning and end of the year are $120,000 and $80,000, respectively. All other operating expenses were paid in cash as incurred. What is the amount of cash paid for operating expenses? 

a.$5,000,000.

b.$5,040,000.

c.$4,960,000.

d.$5,080,000.

 

 

120. Data Solutions reports income tax expense of $1,700,000. Income taxes payable at the beginning and end of the year are $250,000 and $370,000, respectively. What is the amount of cash paid for income taxes? 

a.$1,700,000.

b.$1,820,000.

c.$2,070,000.

d.$1,580,000.

 

 

121. Schneider Inc. purchases its inventory from suppliers on account.  During the year, its Inventory account increased by $10 million and its accounts payable to suppliers decreased by $3 million. Cost of goods sold was $440 million, its cash outflows to inventory suppliers totaled:

a.$453 million.

b.$447 million.

c.$433 million.

d.$427 million.

 

 

122. A company’s Income Tax Payable account decreased from $14 million to $12 million during the year. If its income tax expense was $80 million, what would be shown as cash paid for income taxes under the direct method?

a.A cash outflow of $12 million.

b.A cash outflow of $78 million.

c.A cash outflow of $80 million.

d.A cash outflow of $82 million.

 

 

123. Which of the following items is not reported in the operating section of the statement of cash flows using the direct method?

a.   Depreciation expense.

b.   Cash paid to suppliers.

c.   Cash received from customers.

d.   Cash paid for income taxes.

 

 

124. Which of the following items is reported in the operating section of the statement of cash flows using the direct method?

a.   Depreciation expense.

b.   Gain on sale of an asset.

c.   Cash received from customers.

d.   Loss on sale of an asset.

Jan 27 2020 View more View Less

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