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New England Co. had net cash provided by operating activities of $351,000; net cash used by investing activities of $420,000; and cash provided by financing activities of $250,000. New England's cash balance was $27,000 on January 1. During the year, there was a sale of land that resulted in a gain of $25,000 and proceeds of $40,000 were received from the sale. What was New England's cash balance at the end of the year? a. $ 27,000 b. $ 40,000 c. $208,000 d. $248,000 TGR Enterprises provided the following information from its statement of financial position for the year ended December 31, year 1: Cash Accounts receivable Inventories Prepaid expenses Accounts payable Accrued liabilities January 1 $ 10,000 120,000 200,000 20,000 175,000 25,000 December 31 $ 50,000 100,000 160,000 10,000 120,000 30,000 TGR's sales and cost of sales for year 1 were $1,400,000 and $840,000, respectively. What is the accounts receivable turnover, in days. a. 26.1 b. 28.7 c. 31.3 d. 41.7 The following information was taken from Baxter Department Store's financial statements: Inventory at January 1 Inventory at December 31 Net sales Net purchases $ 100,000 300,000 2,000,000 700,000 What was Baxter's inventory turnover for the year ending December 31? a. 2.5 b. 3.5 c. 5 d. 10

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