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During the quarter, Menon N Inc.

collected $100 of cash from customers, paid $60 of cash to suppliers,


paid $30 of cash to employees and other creditors, and recorded a $5 loss on sale of equipment. There
were no other cash flows related to operating activities.
What was Menon Ns Cash Flow from Operations during the quarter?

$20
$5
$25
$10
$15
Question 2
Saxena Ltd. had EBITDA of $1000, Depreciation and Amortization Expense of $200, Interest Expense of
$100, and Tax Expense of $50. What was Saxenas Net Income?
$650
$750
$1000
$950
$1250
Question 3
Mangini Co.s Balance Sheet had the following line item:
12/31/2012 12/31/2011
Accounts Receivable, net of allowances of $200 and $150, respectively $4,900 $4,100
What percentage of gross accounts receivable does Mangini expect to be uncollectable as of
12/31/2012?

3.53%
3.92%
4.08%
4.01%
3.66%
Question 4
Odaine Inc.s footnotes had the following line item:
12/31/2012 12/31/2011
Allowance for Doubtful Accounts $700 $750
Odaine also disclosed that Bad Debt Expense was $1200 in 2012 and $990 in 2011. There were no
recoveries of previously-written off accounts in either year. What were total write-offs of uncollectable
accounts for the year ended 12/31/2012?

$1,250
$1,200
$1,150
$210
$950
Question 5
JannaChan Ltd.s Statement of Cash Flows had the following line items:
2012 2011
Bad Debt Expense, net $1,500 $350
Increase in Accts Receivable $(6,600) $(2,900)
JannaChan reported Sales of $150,000 during the year ended 12/31/2012. There were no write-offs or
recoveries during 2012. How much cash did JannaChan collect from customers during the year ended
12/31/2012?

$143,400
$156,600
$150,000
$148,500
$141,900
Question 6
A retail company, Telmo-Mart, had the following line item on its Balance Sheet:
12/31/2012 12/31/2011
Inventory $2,500 $2,200
Telmo-Marts Income Statement had the following line item:

2012 2011
Cost of Goods Sold $65,000 $59,000
How much inventory did Telmo-Mart purchase during the year ended 12/31/2012?

$65,300
$58,700
$59,300
$64,700
$65,000
Question 7
Nguyen Co. incurred the following costs during the quarter:
Raw materials used in production $132,000
Marketing materials used by sales staff $114,000
Wages of factory workers $191,000
Salaries of sales staff $391,000
Depreciation on factory and production equipment $152,000
Depreciation on headquarters building $132,000
Manufacturing overhead $172,000
How much of these costs would have been recorded in Nguyen's Work in Process Inventory account
during the quarter?

$647,000
$495,000
$488,000
$1,252,000
$779,000
Question 8
A manufacturing company, Kutty Industries Ltd., had the following line items in a footnote:
12/31/2012 12/31/2011
Raw Materials $150 $140
Work in Process $215 $200
Finished Goods $250 $240
$615 $580
LIFO Reserve $(100) $(60)
Total Inventory $515 $520
Kutty Industries Income Statement had the following line item:

2012 2011
Cost of Goods Sold $1,850 $1,725
What would Kutty Industriess Cost of Goods Sold had been if they had used the FIFO inventory method
for the year ended 12/31/2012?

$1,850
$1,810
$1,950
$1,890
$1,750