## Answered) Clicker Question Preparation Guide: Ch. 12 Clicker questions will be asked in class based on your completion of this preparation guide. You will not

Clicker Question Preparation Guide: Ch. 12 Clicker questions will be asked in
class based on your completion of this preparation guide. You will not have time to complete
this guide in class! 1) Sprout Co. began the year with an accounts receivable balance of \$52,000,
and ended the year with an accounts receivable balance of \$68,000. During
the year, Sprout Co. recorded \$430,000 of sales on account. How much
cash did Sprout Co. collect from its customers during the year? 2) S&amp;P Inc. began the year with an accounts payable balance related to
inventory purchases of \$16,000. The balance in the account at the end of
the year was \$7,000. During the year, S&amp;P Inc. purchased \$98,000 of
inventory on account. How much cash did S&amp;P Inc. pay for inventory
purchases during the year? 3) Fill in the table by indicating if it is an increasing (+) or decreasing (-)
transaction. Also indicate if it is an operating (O), investing (I), or financing
(F), activity.
+ or - O, I, or F
a. Cash payment of dividends
2,500
b. Cash payment for inventory
120,630
c. Cash payment for expenses
61,650
d. Cash payment for wages
45,250
e. Cash payment for interest expense
925
f. Cash payment for purchase of equipment
25,250
g. Cash payment for repayment of debt
15,000
h. Cash collection of accounts receivable
340,000
i. Cash collection of interest revenue
12,500
j. Cash collection of dividend revenue
10,500
k. Cash proceeds from sale of equipment
12,000
l. Cash proceeds from sale of common stock
52,000 4) Using the information in the table from question 3), complete the following
statement of cash flows using the direct method. List each transaction and
amount under the appropriate section. Be sure to indicate if it is increasing
or decreasing (+ or -). You may not need to use all of the lines.
Cash from Operating Activity
Amount a. Net cash ____________ (provided or used) by
operating activity
Cash from Investing activity Amount b. Net cash ___________ (provided or used) by
investing activity
Cash from Financing Activity Amount c. Net cash ____________ (provided or used) by
financing activity
d. Net change in cash during period
Cash at beginning of period
e. Cash at end of period \$___________
27,000
\$___________

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