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Exam 16: Statement of Cash Flows

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Question 41

Multiple Choice

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Identify the section of the statement of cash flows (a-d) where each of the following items would be reported. -Amortization of patent

A) Operating activities
B) Financing activities
C) Investing activities
D) Schedule of noncash financing and investing

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

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Question 42

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If a business issued bonds payable in exchange for land,the transaction would be reported in a separate schedule on the statement of cash flows.

A) True
B) False

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Question 43

Multiple Choice

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The last item on the statement of cash flows prior to the schedule of noncash investing and financing activities reports

Identify the section of the statement of cash flows (a-d) where each of the following items would be reported. -Increase in income taxes payable

Sales reported on the income statement were $372,000.The accounts receivable balance declined $4,500 over the year.The amount of cash received from customers was $367,500.

On the statement of cash flows,the Cash flows from operating activities section would include

The statement of cash flows is not useful for

Which of the following should be shown on a statement of cash flows under the financing activities section?

Norris Company declared cash dividends of $60,000 during the year.Cash dividends payable were $20,000 at the beginning of the year and $25,000 at the end of the year.The amount of cash Norris Company used for payment of dividends during the year was

Accounts receivable resulting from sales to customers amounted to $40,000 and $31,000 at the beginning and end of the year,respectively.Income reported on the income statement for the year was $120,000.Exclusive of the effect of other adjustments,the net cash flows from operating activities to be reported on the statement of cash flows using the indirect method is

The statement of cash flows reports a firm's major sources of cash receipts and major uses of cash for a period of time.

For each of the following,identify whether it would be disclosed as an operating (O),financing (F),or investing (I)activity on the statement of cash flows under the indirect method. a.Purchased treasury stock b.Sold equipment at book value c.Net income d.Sold long-term investments e.Issued common stockf. Depreciation expense

Which of the following types of transactions would be reported as a cash flow from investing activity on the statement of cash flows?

Repayments of bonds would be shown as a cash outflow in the investing section of the statement of cash flows.

Equipment with an original cost of $75,000 and accumulated depreciation of $20,000 was sold at a loss of $7,000.As a result of this transaction,cash would

The net income reported on the income statement for the current year was $210,000.Depreciation recorded on equipment and a building amount to $62,500 for the year.Balances of the current assets and current liabilities accounts at the beginning and end of the year are as follows:​​ ​

Selected data taken from the accounting records of Laser Inc.for the current year ended December 31 are as follows:​ During the current year,the cost of merchandise sold was $448,500,and the operating expenses other than depreciation were $78,000.The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.​RequiredDetermine the amount reported on the statement of cash flows for: (a) Cash payments for merchandise (b) Cash payments for operating expenses

Sales for the year were $600,000.Accounts receivable were $100,000 and $80,000 at the beginning and end of the year,respectively.Cash received from customers to be reported on the statement of cash flows using the direct method is

Indicate the section (operating activities,investing activities,financing activities,or none)in which each of the following would be reported on the statement of cash flows prepared by the indirect method.

The net income reported on the income statement for the current year was $250,000.Depreciation recorded on fixed assets and amortization of patents for the year were $40,000,and $9,000,respectively.Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:​ What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?