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Questions -
Q1. A company provides April cleaning services and charges the client $100,000. The client pays 20% of the charge in April and will pay the rest in May. The company incurs material and other expenses of $20,000 in April and will pay related labor costs of $40,000 in May. The company's effective tax rate is 30%. How much income after taxes should the company report for the month of April, based on accrual accounting?
-$28,000
-$21,000
-$56,000
-$0
Q2. Aston Corporation reported sales of $1,400,000 for the year. In addition, the company's accounts receivable balance grew from $120,000 at the beginning of the year to $170,000 at the end of the year. How much cash did Aston collect from customers during the year?
-$1,150,000
-$1,200,000
-$1,400,000
-$1,350,000
Q3. Luke Company reported cost of goods sold of $650,000 for the year. In addition, the company's inventory balance grew from $225,000 at the beginning of the year to $245,000 at the end of the year. How much cash did Luke spend on inventory purchases during the year?
-$670,000
-$600,000
-$700,000
-$630,000
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