Thunderbird Computers went into business on July 1, 2015 selling computers and computer supplies. The comphad the following transactions during the months of July, August, and September of 2015:July 1 – Thunderbird sold stock for a total of $5,000.July 1 – Thunderbird borrowed $8,000 from the bank. No payments will be made until July 1, 2019, and at that timthe company will owe $12,800.August 1 – Purchased six months of insurance for $1,200 cash.August 9 – Bought inventory for $40,000 on account.August 28 – Bought land for $3,000 cash.September 1 – Bought equipment for $6,000 cash. The expected life is ten years with no salvage value.September 6 – Sold $5,000 of inventory for $12,000 on account.September 9 – Sold two thirds of land, originally cost of $2,000, for $2,500 in cash.September 25 – Collected one half of accounts receivable.September 16 – Paid $10,000 on accounts payable.September 30 – Received a utility bill for $2,000 for utilites used through Sept. This bill will be paid in October.1819202122232425How much were current assets at September 30th?a $42,500b $43,100c $49,100d $41,900e None of the aboveHow much were investing cash flows for the quarter?a ($6,500)b ($9,000)c ($7,000)d ($500)e None of the aboveHow much were current liabilities at September 30th?a $32,000b $22,000c $30,000d $30,050e None of the aboveHow much were financing cash flows for the quarter?a $5,000b $8,000c $3,000d $13,000e None of the aboveHow much was gross profit for the quarter?a $4,450b $4,150c $7,000d $3,950e None of the aboveHow much were total net fixed assets at September 30th?a $8,950b $6,950c $9,000d $7,000e None of the aboveHow much were long-term liabilities at September 30th?a $8,000b $8,300c $40,600d $40,000e None of the aboveHow much were operating cash flows for the quarter?a ($11,200)b ($4,000)c ($5,200)d ($1,200)e None of the aboveUse the following information to answer questions 26 through 34: (Answer each question independentlyThese are end-of-the-year amounts.)2014201520142015Cash$600$1,400Accounts payable$2,100$2,500Accounts receivable$4,000$3,600Utilities payable$800$1,100Inventory$7,200$8,600Salaries payable$600$400Prepaid rent$1,400$1,700Notes payable$8,000 $10,000EquipmentAccum. depreciationLand$14,600 $14,600($2,200) ($3,200)$3,400$6,100$29,000 $32,800Interest payableCommon stockRetained earnings$100$10,000$7,400$29,000$300$10,000$8,500$32,80026How much was inventory was purchased during 2015 if $47,000 was paid to suppliers?a $46,600b $48,000c $48,800d $47,400e None of the above27How much was paid in rent if rent expense during 2015 was $12,000?a $13,700b $12,300c $12,000d $11,700e None of the aboveHow much were financing cash flows if net income during 2015 was $2,000?a $1,100b $9,100c ($900)d $2,000e None of the aboveHow much was paid to suppliers if cost of goods sold was $64,000 during 2015?a $64,400b $63,000c $65,000d $65,400e None of the above282930How much was paid for additional land during 2015 if land that had originally been purchased for $1,500 was solfor a $800 gain during the year?a $3,400b $1,900c $2,300d $4,200e None of the above31What was the company’s debt-to-equity ratio for the year 2015?a 79.67%b 72.14%c 77.30%d 162.89%e 62.70%How much was salary expense if $36,000 was paid in salaries during 2015?a $36,200b $36,000c $36,600d $36,400e None of the aboveWhat was the company’s return on equity for 2015 if $2,000 was paid in dividends?a 75.14%b 106.92%c 14.39%d 17.27%e 79.89%323334How much were investing cash flows if land that had been purchased in a prior year was sold during this yearfor $3,500, which was a $1,500 gain?a ($700)b ($2,700)c ($1,200)d ($4,700)e None of the aboveputer supplies. The companyuly 1, 2019, and at that timeo salvage value.will be paid in October.None of the aboveNone of the aboveNone of the aboveNone of the aboveNone of the aboveNone of the aboveNone of the aboveNone of the abovequestion independently.None of the aboveNone of the aboveNone of the aboveNone of the abovechased for $1,500 was soldNone of the aboveNone of the aboveas sold during this yearNone of the above