Panjim's 2015 cash flow from financing activities is

1. Turnadot & Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below:

August 5, 2015: Turnadot receives the special order for 200 outdoor planters at a selling price of $50 each, including delivery at a future convenient time and location. The customer, with whom Turnadot has had a long-term, trouble-free relationship, pays $3,000 as a deposit and agrees to pay the rest on delivery. Turnadot immediately orders $4,000 worth of planters from its supplier and pays a $1,000 deposit for them.

August 27, 2015: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse.

September 5, 2015: The customer calls for delivery of the planters, and pays the balance of $7,000 when they arrive at the customer site.

On August 27, 2015, upon delivery of planters to Turnadot's warehouse and payment of $3,000 balance due to the supplier, which one of the following journal entries best reflects the economic impact of the transaction?

A Debit inventory $3,000; credit cash $3,000

B Debit inventory $4,000; credit the current asset 'advances to suppliers' $1,000; credit cash $3,000

C Debit cost of goods sold $4,000; credit cash $3,000; credit accounts payable $1,000

D Debit inventory $4,000; credit revenues $4,000

2. Turnadot & Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below:

August 5, 2015: Turnadot receives the special order for 200 outdoor planters at a selling price of $50 each, including delivery at a future convenient time and location. The customer, with whom Turnadot has had a long-term, trouble-free relationship, pays $3,000 as a deposit and agrees to pay the rest on delivery. Turnadot immediately orders $4,000 worth of planters from its supplier and pays a $1,000 deposit for them.

August 27, 2015: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse.

September 5, 2015: The customer calls for delivery of the planters, and pays the balance of $7,000 when they arrive at the customer site.

On September 5, 2015, when the planters are delivered and the balance of $7,000 due from the customer is collected, which one of the following journal entries best reflects the full economic impact of the special order on Turnadot's financial condition?

A Dr. Cash 7,000, Cr. Revenues 7,000 and Dr. COGS 4,000, Cr. Inventory 4,000

B Dr. Cash 7,000, Cr. Revenues 7,000 and Dr. Inventory 4,000, Cr. COGS 4,000

C Dr. Cash 7,000, Dr. Advances from customers (liability) 3,000, Cr. Revenues 10,000 and Dr. COGS 4,000, Cr. Inventory 4,000

3. Turnadot & Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below:

August 5, 2015: Turnadot receives the special order for 200 outdoor planters at a selling price of $50 each, including delivery at a future convenient time and location. The customer, with whom Turnadot has had a long-term, trouble-free relationship, pays $3,000 as a deposit and agrees to pay the rest on delivery. Turnadot immediately orders $4,000 worth of planters from its supplier and pays a $1,000 deposit for them.

August 27, 2015: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse.

September 5, 2015: The customer calls for delivery of the planters, and pays the balance of $7,000 when they arrive at the customer site.

The dollar gross margin earned by Turnadot on the special order for 200 planters _______.

4. Turnadot & Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below:

August 5, 2015: Turnadot receives the special order for 200 outdoor planters at a selling price of $50 each, including delivery at a future convenient time and location. The customer, with whom Turnadot has had a long-term, trouble-free relationship, pays $3,000 as a deposit and agrees to pay the rest on delivery. Turnadot immediately orders $4,000 worth of planters from its supplier and pays a $1,000 deposit for them.

August 27, 2015: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse.

September 5, 2015: The customer calls for delivery of the planters, and pays the balance of $7,000 when they arrive at the customer site.

On August 5, 2015, which one of the following accounting entries, related to the $10,000 special order, should be recorded in Turnadot's financial accounting system?

A Debit accounts receivable $10,000; credit revenues $10,000

B Debit cash $3,000; credit revenues $3,000

C Debit cash $3,000; credit a liability 'advances from customers' $3,000

C Debit cash $3,000; debit accounts receivable $7,000; credit revenues $10,000.

5.CASH T

Debit Side Credit Side

-Balance 1/1 225,000

-Collection

from Customers 60,000 44,000 Payments to suppliers

-Stock Issued 20,000 13,000 Purchase of machinery

-5yrBankLoan 75,000 100,000 Salaries paid

-SaleOfUsedVan 10,000 4,000 Dividends paid

5,000 Interest payment

1,000 Garage rental

_____________________________

Balance 12/31 223,000

Panjim's prepaid expense account consists only of garage rental prepayments. Its 2015 beginning and ending balance were the same. Which one of the following statements must be true?

A Panjim had no garage rental expenses during 2015

B Panjim's prepaid expense account balance never varied during 2015

C Panjim's prepaid expense account balance varied during 2015

D None of the above statements is true

6. CASH T

Debit Side Credit Side

-Balance 1/1 225,000

-Collection

from Customers 60,000 44,000 Payments to suppliers

-Stock Issued 20,000 13,000 Purchase of machinery

-5yrBankLoan 75,000 100,000 Salaries paid

-SaleOfUsedVan 10,000 4,000 Dividends paid

5,000 Interest payment

1,000 Garage rental

_____________________________

Balance 12/31 223,000

Panjim recorded an interest expense of $6,000 for 2015. Which one of the following line items would be included in the operating section of the Panjim's 2015 indirect method statement of cash flows?

A Add increase in interest payable...$1,000

B Subtract increase in interest payable...($1,000)

C Add increase in interest payable...$6,000

D Subtract decrease in interest payable...($5,000)