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Questions -
Q1. PAOLO Corporation had the following account balances for 2020:
31-Dec
1-Jan
Accounts Payable
67,200
58,200
Prepaid Rent Expense
24,600
37,200
Accounts Receivable (net)
84,000
66,600
PAOLO's 2020 profit is 450,000. What amount should PAOLO include as net cash provided by operating activities in its 2002 statement of cash flows?
a. 436,200
b. 445,200
c. 453,600
d. 454,200
Q2. PAOLO Company's 2020 income statement reported cost of goods sold as 135,000. Additional information is as follows:
31-Dec-20
31-Dec-19
Inventory
30,000
22,500
13,000
19,500
If PAOLO uses the direct method, what amount should PAOLO report as cash paid to suppliers in its 2020 statement of cash flows?
a. 121,000
b. 134,000
c. 136,000
d. 149,000
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chandler ltd. estimates sales for the second quarter of 2014 will be as follows.monthunitsapril2520may2490june2380the
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