Acct 202 exam questions - Study guides, Class notes & Summaries

ACCT 202 Exam 3 Questions with 100% Correct Answers| Already Passed Grade A Last document update:   ago

What adjustment must be made when converting net income to net cash provided by operating activities using the indirect method? - increases in inventory and prepaid expenses must be deducted What is the primary purpose of the statement of cash flows? - to provide information about a company's cash receipts and cash payments during a reporting period Determine the ending cash balance for Court Corporation if the net cash provided by operating activities is $31,000, net cash used by investi...

ACCT 202 Cert Exam Questions with 100% Correct Answers| Already Passed Grade A Last document update:   ago

Pickett Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 80,000 subscriptions in January at $15 each. What entry is made in January to record the sale of the subscriptions? a) Subscriptions Receivable 200,000 Unearned Subscription Revenue 200,000 b) Subscriptions Receivable 1,200,000 Subscription Revenue 1,200,000 c) Cash 1,200,000 Unearned Subscription Revenue 1,200,000 d) Prepaid Subscriptions 1,200,000 Cash 1,200,000 - c) C...