What would be the inventory valuation at July

Assignment Help Financial Accounting

Reference no: EM132788384

Question 1 - MNO reported net income of $42,000 for the reporting period ended December 3, 2011. MNO's records provided the following information:

Decrease in accounts payable $5,000

Depreciation expense $6,000

Amortization of premium on bonds payable $500

Declared a cash dividend $2,000

Increase in inventory $3,000

Decrease in accounts receivable $8,000

Increase in income tax payable $1,000

Decrease in long-term debt principal $10,000

Required - Determine the net cash flow from operating activities?

Question 2 - The following information was available from the inventory records of a company for July 2008:

Units Unit Cost Total Cost

Balance at July 1, 2008 2,000 $19.55 $39,100

Purchases July 6, 2008 1,500 20.60 30,900

July 16, 2008 3,400 21.50 73,100

Sales July 7, 2008 (1,800)

July 31, 2008 (3,200)

Balance at July 31, 2008 1,900

Required - Assuming that the company uses the periodic inventory system, what would be the inventory valuation at July 31, 2008, using the weighted-average inventory method?

Question 3 - The records of a corporation provided the following information at the end of the current reporting year, December 31, 2002:

Cash short $50

Petty cash (on hand) 300

Certificates of deposit 30,000

Savings account balance 17,800

Money orders from customers 500

Chequing account balance (reconciled balance; does not include any other items listed) 11,720

Postage stamps on hand 104

Uncashed tax refund cheque 916

Uncashed certified cheque (from customer) 400

Required - Compute the amount that the corporation should report for cash on its 2002 balance sheet?

Reference no: EM132788384

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