Use the following information from The Mane Event, Inc., to prepare the operating activities section of the statement of cash flows for the year ended December 31, 2011 using the indirect method.
Beginning cash balance 40,000
Cash paid for dividends (600 )
Cash received from a loan 10,000
Depreciation expense 3,000
Net change in accounts receivable (1,000 )
Net change in inventory 2,000
Net change in accounts payable 900
Net income 10,000
Proceeds from sale of studio equipment 5,000
Purchase of treasury of stock (4,000 )
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Q. 2) A summation of the dollar value of items in a batch is called a hash total.
Indicate whether the statement is true or false
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Q. 3) In 2011, Bijoux, Inc. sold 35,000 shares of the 1,500,000 shares of 1 par value common stock it is allowed to sell. The shares sold for 8 each.
Bijoux bought back 4,000 shares of its stock at a cost of 6 each. Bijoux declared and paid a 0.20 per share dividend to its common shareholders. Bijoux has no preferred stock.
1. The number of shares of common stock authorized is: shares
2. The number of shares of common stock issued is: shares
3. The number of shares of common stock outstanding is: shares
4. Total dividends paid for the year ended December 31, 2011 is:
5. Common stock balance at December 31, 2011 is:
6. Additional paid-in capital balance at December 31, 2011 is:
7. Treasury stock balance at December 31, 2011 is:
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Q. 4) The first document created in the purchasing process normally is the purchase requisition.
a. True
b. False
Indicate whether the statement is true or false
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Q. 5) On January 1, 2011, Alpha Enterprise signed a 100,000, 6, 20-year mortgage note to buy a new warehouse. The mortgage will be repaid in a series of twenty equal annual installment payments. Calculate the amount of each payment.
Round your answer to the nearest dollar.
A) 8,718
B) 5,000
C) 11,000
D) 6,000
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Q. 6) List and define each of the five elements of internal control.
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