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8. Harvey Clothing Store had a balance in the Accounts Receivable account of $390,000...

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Accounting

8.

Harvey Clothing Store had a balance in the Accounts Receivable account of $390,000 at the

beginning of the year and a balance of $510,000 at the end of the year. Net credit sales

during the year amounted to $3,000,000.

The average collection period of the receivables in terms of days was:

a.

54.7 days
b.

66.6 days.
c.

48.7 days.
d.

27.4 days

Net income is $167,000. During the year A/P increased $17,000, inventory decreased $8,000,

and A/R increased $12,000. Under the Indirect Method, net cash provided by operations is:

a.

$204,000
b.

$102,000
c.

$180,000
d.

$192,000

33.

Corrados Veggie & Fruit Market had the following transactions during 2016:

1. Issued $65,000 of par value common stock for cash.

2. Repaid a 6 year note payable in the amount of $23,000.

3. Acquired land by issuing common stock of par value $60,000.

4. Declared and paid a cash dividend of $6,000.

5. Sold a long-term investment (cost $63,000) for cash of $6,000.

6. Acquired an investment in IBM stock for cash of $10,000.

What is the net cash provided by financing activities?

a.

$34,000
b.

$80,000
c.

$46,000
d.

$36,000

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