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Exam 13: Statement of Cash Flows

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Question 71

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Firefly Inc. sold land for $225,000 cash. The land had been purchased five years earlier for $275,000. The loss on the sale was reported on the income statement. On the statement of cash flows, what amount should Firefly report as an investing activity from the sale of the land?

A) $225,000
B) $275,000
C) $50,000
D) $500,000

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

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Question 72

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Selected data for the current year ended December 31 are as follows: During the current year, the cost of goods sold was $620,000 and the operating expenses other than depreciation were $142,000. The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.Determine the amount reported on the statement of cash flows for (a) cash payments for merchandise and (b) cash payments for operating expenses.

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Question 73

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Identify the section of the statement of cash flows (a-d) where each of the following items would be reported.a.Operating activities b.Financing activities c.Investing activities d.Schedule of noncash financing and investing -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.

The following data for Larson Co. for the year ending December 31, Year 2, and the preceding year ended December 31, Year 1, are available: In addition to the balance sheet data, assume that: $\bullet$ Equipment costing $125,000 was purchased for cash. $\bullet$ Equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000. $\bullet$ The stock was issued for cash. $\bullet$ The only entries in the retained earnings account were net income of $51,000 and cash dividends declared of $13,000.What are the net cash flows from operating, investing, and financing activities for Year 2?

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

The following selected account balances appeared on the financial statements of the Washington Company. Use these balances to answer the questions that follow. The Washington Company uses the direct method to calculate net cash flow from operating activities. Assume that all accounts payable are owed to merchandise suppliers.​ -Cash payments for merchandise were

Which of the following can be found on the statement of cash flows?

Cash dividends of $45,000 were declared during the year. Cash dividends payable were $10,000 at the beginning of the year and $15,000 at the end of the year. The amount of cash for the payment of dividends during the year is

Cash paid to purchase long-term investments would be reported in the statement of cash flows in

Which of the following should be added to net income in calculating net cash flow from operating activities using the indirect method?

The following information is available from the current period financial statements: The net cash flow from operating activities using the indirect method is

Identify the section of the statement of cash flows (a-d) where each of the following items would be reported.a.Operating activities b.Financing activities c.Investing activities d.Schedule of noncash financing and investing -Increase in accounts receivable

A corporation uses the indirect method for preparing the statement of cash flows. A fixed asset has been sold for $25,000 representing a gain of $4,500. The value in the operating activities section regarding this event would be

The following selected account balances appeared on the financial statements of the Washington Company. Use these balances to answer the questions that follow. The Washington Company uses the direct method to calculate net cash flow from operating activities. Assume that all accounts payable are owed to merchandise suppliers.​ -When using the spreadsheet (work sheet) method to analyze noncash accounts, it is best to start with

A company purchases equipment for $32,000 cash. This transaction should be shown on the statement of cash flows under

The following selected account balances appeared on the financial statements of the Washington Company. Use these balances to answer the questions that follow. The Washington Company uses the direct method to calculate net cash flow from operating activities. Assume that all accounts payable are owed to merchandise suppliers.​ -When using the spreadsheet (work sheet) method for the statement of cash flows, indirect method, entries made on the spreadsheet are

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

Depreciation on factory equipment would be reported in the statement of cash flows prepared by the indirect method in

Preferred stock issued in exchange for land would be reported in the statement of cash flows in

Cash dividends of $50,000 were declared during the year. Cash dividends payable were $10,000 and $5,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year is