Filters
Question type
Study Flashcards

Sonier Corporation's most recent balance sheet appears below: Sonier Corporation's most recent balance sheet appears below: The net income for the year was $187. Cash dividends were $59. The company did not issue any bonds or repurchase any of its common stock during the year. The net cash provided by (used in) financing activities for the year was: A) $(119) B) $(59) C) $(64) D) $4 The net income for the year was $187. Cash dividends were $59. The company did not issue any bonds or repurchase any of its common stock during the year. The net cash provided by (used in) financing activities for the year was:


A) $(119)
B) $(59)
C) $(64)
D) $4

E) A) and C)
F) None of the above

Correct Answer

verifed

verified

Last year Anderson Corporation reported a cost of goods sold of $100,000. The company's inventory at the beginning of the year was $11,000, and its inventory at the end of the year was $19,000. The prepaid expense account increased by $2,000 between the beginning and end of the year, and the accounts payable account decreased by $4,000. Cost of goods sold adjusted to the cash basis under the direct method would be:


A) $94,000
B) $106,000
C) $112,000
D) $110,000

E) B) and C)
F) B) and D)

Correct Answer

verifed

verified

Furis Corporation's cash and cash equivalents consist of cash and marketable securities. Last year the company's cash account decreased by $12,000 and its marketable securities account increased by $19,000. Net cash provided by (used in) operating activities was $18,000. Net cash provided by (used in) financing activities was $(12,000) . Based on this information, the net cash provided by (used in) investing activities on the statement of cash flows was:


A) $(12,000)
B) $1,000
C) $(6,000)
D) $6,000

E) B) and D)
F) B) and C)

Correct Answer

verifed

verified

Stone Retail Corporation's most recent comparative Balance Sheet is as follows: Stone Retail Corporation's most recent comparative Balance Sheet is as follows: Stone's net income was $46,000. No equipment was sold or purchased. Cash dividends of $40,000 were declared and paid. Stone uses the indirect method to prepare its statement of cash flows.What is Stone's net cash provided by (used in) investing activities?Garrison 16e Rechecks 2017-11-20 A) $0 B) $(15,000) C) $25,000 D) $45,000 Stone's net income was $46,000. No equipment was sold or purchased. Cash dividends of $40,000 were declared and paid. Stone uses the indirect method to prepare its statement of cash flows.What is Stone's net cash provided by (used in) investing activities?Garrison 16e Rechecks 2017-11-20


A) $0
B) $(15,000)
C) $25,000
D) $45,000

E) A) and C)
F) A) and B)

Correct Answer

verifed

verified

Last year Lawn Corporation reported sales of $115,000 on its income statement. During the year, accounts receivable decreased by $10,000 and accounts payable increased by $15,000. The company uses the direct method to determine the net cash provided by (used in) operating activities on the statement of cash flows. The sales revenue adjusted to a cash basis for the year would be:


A) $125,000
B) $90,000
C) $140,000
D) $100,000

E) None of the above
F) A) and D)

Correct Answer

verifed

verified

Frankin Corporation's net cash provided by operating activities was $192; its capital expenditures were $154; and its cash dividends were $27. The company's free cash flow was:


A) $38
B) $373
C) $11
D) $165

E) C) and D)
F) All of the above

Correct Answer

verifed

verified

McCorey Corporation recorded the following events last year: McCorey Corporation recorded the following events last year: On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities.Based solely on the information above, the net cash provided by (used in) financing activities on the statement of cash flows would be: A) $(70,000) B) $70,000 C) $(130,000) D) $130,000 On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities.Based solely on the information above, the net cash provided by (used in) financing activities on the statement of cash flows would be:


A) $(70,000)
B) $70,000
C) $(130,000)
D) $130,000

E) All of the above
F) A) and D)

Correct Answer

verifed

verified

Excerpts from Aultman Corporation's comparative balance sheet appear below: Excerpts from Aultman Corporation's comparative balance sheet appear below: Which of the following is the correct treatment within the operating activities section of the statement of cash flows using the indirect method? A) The change in Inventory is added to net income; The change in Accounts Payable is added to net income B) The change in Inventory is added to net income; The change in Accounts Payable is subtracted from net income C) The change in Inventory is subtracted from net income; The change in Accounts Payable is added to net income D) The change in Inventory is subtracted from net income; The change in Accounts Payable is subtracted from net income Which of the following is the correct treatment within the operating activities section of the statement of cash flows using the indirect method?


A) The change in Inventory is added to net income; The change in Accounts Payable is added to net income
B) The change in Inventory is added to net income; The change in Accounts Payable is subtracted from net income
C) The change in Inventory is subtracted from net income; The change in Accounts Payable is added to net income
D) The change in Inventory is subtracted from net income; The change in Accounts Payable is subtracted from net income

E) B) and D)
F) All of the above

Correct Answer

verifed

verified

Krech Corporation's comparative balance sheet appears below: Krech Corporation's comparative balance sheet appears below: The company's net income (loss) for the year was ($3,000) and its cash dividends were $3,000. It did not sell or retire any property, plant, and equipment during the year. The company uses the indirect method to determine the net cash provided by operating activities.Which of the following is correct regarding the operating activities section of the statement of cash flows? Garrison 16e Rechecks 2017-12-19 A) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be added to net income B) The change in Accounts Receivable will be added to net income; The change in Inventory will be subtracted from net income C) The change in Accounts Receivable will be added to net income; The change in Inventory will be added to net income D) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be subtracted from net income The company's net income (loss) for the year was ($3,000) and its cash dividends were $3,000. It did not sell or retire any property, plant, and equipment during the year. The company uses the indirect method to determine the net cash provided by operating activities.Which of the following is correct regarding the operating activities section of the statement of cash flows? Garrison 16e Rechecks 2017-12-19


A) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be added to net income
B) The change in Accounts Receivable will be added to net income; The change in Inventory will be subtracted from net income
C) The change in Accounts Receivable will be added to net income; The change in Inventory will be added to net income
D) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be subtracted from net income

E) B) and D)
F) B) and C)

Correct Answer

verifed

verified

Illies Corporation's comparative balance sheet appears below: Illies Corporation's comparative balance sheet appears below: The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $3,000 and its cash dividends were $4,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are: A) net cash provided by (used in) operating activities, $43,000; net cash provided by (used in) financing activities, $(6,000) B) net cash provided by (used in) operating activities, $46,000; net cash provided by (used in) financing activities, $(7,000) C) net cash provided by (used in) operating activities, $43,000; net cash provided by (used in) financing activities, $(7,000) D) net cash provided by (used in) operating activities, $46,000; net cash provided by (used in) financing activities, $(6,000) The company did not dispose of any property, plant, and equipment during the year. Its net income for the year was $3,000 and its cash dividends were $4,000. The company did not issue any bonds payable or purchase any of its own common stock during the year. Its net cash provided by (used in) operating activities and net cash provided by (used in) financing activities are:


A) net cash provided by (used in) operating activities, $43,000; net cash provided by (used in) financing activities, $(6,000)
B) net cash provided by (used in) operating activities, $46,000; net cash provided by (used in) financing activities, $(7,000)
C) net cash provided by (used in) operating activities, $43,000; net cash provided by (used in) financing activities, $(7,000)
D) net cash provided by (used in) operating activities, $46,000; net cash provided by (used in) financing activities, $(6,000)

E) A) and D)
F) A) and C)

Correct Answer

verifed

verified

Last year, Knox Corporation reported on its income statement sales of $375,000 and cost of goods sold of $140,000. During the year, the balance in accounts receivable increased $30,000, the balance in accounts payable decreased $25,000, and the balance in inventory increased $10,000. The company uses the direct method to determine the net cash provided by (used in) operating activities on its statement of cash flows.Under the direct method, cost of goods sold adjusted to a cash basis would be:


A) $105,000
B) $125,000
C) $175,000
D) $155,000

E) None of the above
F) All of the above

Correct Answer

verifed

verified

Morbeck Corporation's net income last year was $56,000. The company paid a cash dividend of $31,000 and did not sell or retire any property, plant, and equipment last year. Changes in selected balance sheet accounts for the year appear below: Morbeck Corporation's net income last year was $56,000. The company paid a cash dividend of $31,000 and did not sell or retire any property, plant, and equipment last year. Changes in selected balance sheet accounts for the year appear below: Based solely on this information, the net cash provided by (used in) operating activities under the indirect method on the statement of cash flows would be: A) $83,000 B) $102,000 C) $29,000 D) $79,000 Based solely on this information, the net cash provided by (used in) operating activities under the indirect method on the statement of cash flows would be:


A) $83,000
B) $102,000
C) $29,000
D) $79,000

E) All of the above
F) A) and C)

Correct Answer

verifed

verified

Krech Corporation's comparative balance sheet appears below: Krech Corporation's comparative balance sheet appears below: The company's net income (loss) for the year was ($3,000) and its cash dividends were $3,000. It did not sell or retire any property, plant, and equipment during the year. The company uses the indirect method to determine the net cash provided by operating activities.Which of the following is correct regarding the operating activities section of the statement of cash flows? A) The change in Prepaid Expenses will be added to net income; The change in Income Taxes Payable will be subtracted from net income B) The change in Prepaid Expenses will be subtracted from net income; The change in Income Taxes Payable will be subtracted from net income C) The change in Prepaid Expenses will be subtracted from net income; The change in Income Taxes Payable will be added to net income D) The change in Prepaid Expenses will be added to net income; The change in Income Taxes Payable will be added to net income The company's net income (loss) for the year was ($3,000) and its cash dividends were $3,000. It did not sell or retire any property, plant, and equipment during the year. The company uses the indirect method to determine the net cash provided by operating activities.Which of the following is correct regarding the operating activities section of the statement of cash flows?


A) The change in Prepaid Expenses will be added to net income; The change in Income Taxes Payable will be subtracted from net income
B) The change in Prepaid Expenses will be subtracted from net income; The change in Income Taxes Payable will be subtracted from net income
C) The change in Prepaid Expenses will be subtracted from net income; The change in Income Taxes Payable will be added to net income
D) The change in Prepaid Expenses will be added to net income; The change in Income Taxes Payable will be added to net income

E) All of the above
F) A) and B)

Correct Answer

verifed

verified

Stone Retail Corporation's most recent comparative Balance Sheet is as follows: Stone Retail Corporation's most recent comparative Balance Sheet is as follows: Stone's net income was $46,000. No equipment was sold or purchased. Cash dividends of $40,000 were declared and paid. Stone uses the indirect method to prepare its statement of cash flows.What is Stone's net cash provided by (used in) operating activities? A) $(18,000) B) $(33,000) C) $69,000 D) $84,000 Stone's net income was $46,000. No equipment was sold or purchased. Cash dividends of $40,000 were declared and paid. Stone uses the indirect method to prepare its statement of cash flows.What is Stone's net cash provided by (used in) operating activities?


A) $(18,000)
B) $(33,000)
C) $69,000
D) $84,000

E) A) and D)
F) All of the above

Correct Answer

verifed

verified

During the year the balance in the Prepaid Expenses account increased by $6,000. In order to adjust the company's net income to a cash basis using the direct method on the statement of cash flows, it would be necessary to:


A) subtract the $6,000 from the selling and administrative expenses reported on the income statement.
B) add the $6,000 to the selling and administrative expenses reported on the income statement.
C) subtract the $6,000 from the cost of goods sold reported on the income statement.
D) add the $6,000 to the cost of goods sold reported on the income statement.

E) All of the above
F) A) and D)

Correct Answer

verifed

verified

Marks Corporation's balance sheet appears below: Marks Corporation's balance sheet appears below: Net income for the year was $77. Cash dividends were $13. The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year.Required:Prepare a statement of cash flows in good form using the indirect method. Net income for the year was $77. Cash dividends were $13. The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year.Required:Prepare a statement of cash flows in good form using the indirect method.

Correct Answer

verifed

verified

The most recent comparative balance sheet of Giacomelli Corporation appears below: The most recent comparative balance sheet of Giacomelli Corporation appears below: The company uses the indirect method to construct the operating activities section of its statement of cash flows.Which of the following is correct regarding the operating activities section of the statement of cash flows? A) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be added to net income B) The change in Accounts Receivable will be added to net income; The change in Inventory will be subtracted from net income C) The change in Accounts Receivable will be added to net income; The change in Inventory will be added to net income D) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be subtracted from net income The company uses the indirect method to construct the operating activities section of its statement of cash flows.Which of the following is correct regarding the operating activities section of the statement of cash flows?


A) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be added to net income
B) The change in Accounts Receivable will be added to net income; The change in Inventory will be subtracted from net income
C) The change in Accounts Receivable will be added to net income; The change in Inventory will be added to net income
D) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be subtracted from net income

E) C) and D)
F) All of the above

Correct Answer

verifed

verified

In a statement of cash flows, a change in an income taxes payable account would be recorded in the:


A) operating activities section.
B) financing activities section.
C) investing activities section.
D) stockholders' equity section.

E) B) and D)
F) A) and B)

Correct Answer

verifed

verified

Crossland Corporation reported sales on its income statement of $435,000. On the statement of cash flows, which used the direct method, sales adjusted to a cash basis were $455,000. Crossland Corporation reported the following account balances on its balance sheet for the year: Crossland Corporation reported sales on its income statement of $435,000. On the statement of cash flows, which used the direct method, sales adjusted to a cash basis were $455,000. Crossland Corporation reported the following account balances on its balance sheet for the year: Based on this information, the beginning balance in accounts receivable was: A) $50,000 B) $40,000 C) $30,000 D) $20,000 Based on this information, the beginning balance in accounts receivable was:


A) $50,000
B) $40,000
C) $30,000
D) $20,000

E) None of the above
F) A) and C)

Correct Answer

verifed

verified

Spackel Corporation recorded the following events last year: Spackel Corporation recorded the following events last year: On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities.Based solely on the information above, the net cash provided by (used in) investing activities on the statement of cash flows would be: A) $(280,000) B) $(390,000) C) $(760,000) D) $(1,286,000) On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities.Based solely on the information above, the net cash provided by (used in) investing activities on the statement of cash flows would be:


A) $(280,000)
B) $(390,000)
C) $(760,000)
D) $(1,286,000)

E) A) and D)
F) None of the above

Correct Answer

verifed

verified

Showing 121 - 140 of 221

Related Exams

Exam 1

Managerial Accounting and Cost Concepts

346 Questions

Exam 2

Job-Order Costing: Calculating Unit Product Costs

408 Questions

Exam 3

Job-Order Costing: Cost Flows and External Reporting

314 Questions

Exam 4

Process Costing

365 Questions

Exam 5

Cost-Volume-Profit Relationships

396 Questions

Exam 6

Variable Costing and Segment Reporting: Tools for Management

392 Questions

Exam 7

Activity-Based Costing: a Tool to Aid Decision Making

382 Questions

Exam 8

Master Budgeting

284 Questions

Exam 9

Flexible Budgets and Performance Analysis

491 Questions

Exam 10

Standard Costs and Variances

469 Questions

Exam 11

Responsibility Accounting Systems

335 Questions

Exam 12

Strategic Performance Measurement

153 Questions

Exam 13

Differential Analysis: the Key to Decision Making

432 Questions

Exam 14

Capital Budgeting Decisions

405 Questions

Exam 16

Financial Statement Analysis

327 Questions

Show Answer