Reference no: EM132603676
Question 1: Under the indirect method, which item would be deducted from net income as part of the process of arriving at cash provided by operating activities on the statement of cash flows?
Select one:
a. Patent amortization expense
b. Increase in accounts payable
c. Increase in prepaid expenses
d. Decrease in accounts receivable
Question 2: All of Gaylord Company's sales are on account. Thirty-five percent of the credit sales are collected in the month of sale, 45% in the month following sale, and the rest are collected in the second month following sale. Bad debts are negligible and should be ignored. The following are budgeted sales data for the company:
Total sales .... January(50,000$), February (60,000$), March (40,000$), April (30,000$)
What is the amount of cash that should be collected in March?
Select one:
a. $39,000
b. $37,000
c. $27,500
d. $51,000
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