71. The amount of total equity on Packard’s 2015 balance sheet is
A. $1,350.
B. $900.
C. $250.
D. $1,300.
72. The amount of retained earnings on Packard’s 2016 balance sheet is
A. $640.
B. $800.
C. $290.
D. $740.
73. The amount of assets on Packard’s 2016 balance sheet is
A. $2,115.
B. $440.
C. $2,215.
D. $395.
74. The net cash inflow from operating activities on Packard’s 2015 statement of cash flows is
A. $400.
B. $650.
C. $350.
D. $820.
75. Which of the following items would appear in the cash flow from financing activities section of a statement of cash flows?
A. Paid cash for dividends.
B. Received cash for common stock.
C. Sold land for cash.
D. sectionPaying cash for dividends and receiving cash from common stock would both appear in the cash flow from financing activities section.
76. Santa Fe Company was started on January 1, 2016, when it acquired $9,000 cash by issuing common stock. During 2016, the company earned cash revenues of $4,500, paid cash expenses of $3,750, and paid a cash dividend of $250. Based on this information,
A. The December 31, 2016 balance sheet would show total equity of $8,750.
B. The 2016 income statement would show net income of $500.
C. The 2016 statement of cash flows would show net cash inflow from operating activities of $4,500.
D. The 2016 statement of cash flows would show a net cash flow from financing activities of $8,750.
77. Robertson Company paid $1,850 cash for rent expense. As a result of this business event,
A. Total equity decreased.
B. Liabilities decreased.
C. The net cash flow from operating activities decreased.
D. Both total equity and net cash flow for operating activities decreased.
78. Mayberry Company paid $30,000 cash to purchase land. As a result of this business event,
A. Total equity was not affected.
B. The net cash flow from investing activities decreased.
C. Total assets were not affected.
D. Total assets and total equity were not affected, and net cash flow from investing activities decreased.
79. The net cash flow from financing activities on Lexington's 2016 statement of cash flows was
A. $2,880 outflow
B. $2,880 inflow
C. $1,000 outflow
D. $1,000 inflow
80. The amount of total assets on Lexington's 2015 balance sheet was
A. $11,000.
B. $12,000.
C. $1,600.
D. $7,600.