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Buckley Corporation's most recent comparative balance sheet appears below: Buckley Corporation's most recent comparative balance sheet appears below: The company's net income for the year was $91 and it paid a cash dividend of $22.It did not dispose of any property,plant,and equipment during the year.The company did not retire any bonds payable or repurchase any of its own common stock. The net cash provided by (used in) operating activities for the year was: A) $32 B) $59 C) $130 D) $150 The company's net income for the year was $91 and it paid a cash dividend of $22.It did not dispose of any property,plant,and equipment during the year.The company did not retire any bonds payable or repurchase any of its own common stock. The net cash provided by (used in) operating activities for the year was:


A) $32
B) $59
C) $130
D) $150

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

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Walmouth Corporation's comparative balance sheet and income statement for last year appear below: Walmouth Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid a cash dividend of $54,000 during the year.It did not purchase or dispose of any property,plant,and equipment.It did not issue any bonds or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) financing activities last year was: A) ($104,000) B) $104,000 C) ($60,000) D) $60,000 Walmouth Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid a cash dividend of $54,000 during the year.It did not purchase or dispose of any property,plant,and equipment.It did not issue any bonds or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) financing activities last year was: A) ($104,000) B) $104,000 C) ($60,000) D) $60,000 The company declared and paid a cash dividend of $54,000 during the year.It did not purchase or dispose of any property,plant,and equipment.It did not issue any bonds or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) financing activities last year was:


A) ($104,000)
B) $104,000
C) ($60,000)
D) $60,000

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

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Hirshberg Corporation's comparative balance sheet appears below: Hirshberg Corporation's comparative balance sheet appears below: The company's net income (loss) for the year was $11,000 and its cash dividends were $4,000.It did not sell or retire any property,plant,and equipment during the year. The company's net cash used in investing activities is: A) $6,000 B) $54,000 C) $24,000 D) $44,000 The company's net income (loss) for the year was $11,000 and its cash dividends were $4,000.It did not sell or retire any property,plant,and equipment during the year. The company's net cash used in investing activities is:


A) $6,000
B) $54,000
C) $24,000
D) $44,000

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

Correct Answer

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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 statements 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 Payable will be added to net income;The change in Accrued Liabilities will be subtracted from net income B) The change in Accounts Payable will be subtracted from net income;The change in Accrued Liabilities will be added to net income C) The change in Accounts Payable will be subtracted from net income;The change in Accrued Liabilities will be subtracted from net income D) The change in Accounts Payable will be added to net income;The change in Accrued Liabilities will be added to net income The company uses the indirect method to construct the operating activities section of its statements 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 Payable will be added to net income;The change in Accrued Liabilities will be subtracted from net income
B) The change in Accounts Payable will be subtracted from net income;The change in Accrued Liabilities will be added to net income
C) The change in Accounts Payable will be subtracted from net income;The change in Accrued Liabilities will be subtracted from net income
D) The change in Accounts Payable will be added to net income;The change in Accrued Liabilities will be added to net income

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

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An increase in accrued liabilities of $1,000 during a year would be shown on the company's statement of cash flows prepared under the indirect method as:


A) an addition to net income of $1,000 in order to arrive at net cash provided by operating activities.
B) a deduction from net income of $1,000 in order to arrive at net cash provided by operating activities.
C) a deduction of $1,000 under investing activities.
D) an addition of $1,000 under financing activities.

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

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Which of the following would be added to net income in the operating activities section of a statement of cash flows prepared using the indirect method?


A) a decrease in accounts receivable.
B) an increase in prepaid expenses.
C) an increase in accrued liabilities.
D) an increase in property,plant and equipment.

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

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Financial statements of Rukavina Corporation follow: Financial statements of Rukavina Corporation follow: Cash dividends were $8.The company did not dispose of any property,plant,and equipment.It did not issue any bonds payable or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was: A) $26 B) $15 C) ($26) D) ($15) Financial statements of Rukavina Corporation follow: Cash dividends were $8.The company did not dispose of any property,plant,and equipment.It did not issue any bonds payable or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was: A) $26 B) $15 C) ($26) D) ($15) Cash dividends were $8.The company did not dispose of any property,plant,and equipment.It did not issue any bonds payable or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was:


A) $26
B) $15
C) ($26)
D) ($15)

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

Correct Answer

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Excerpts from Deblois Corporation's comparative balance sheet appear below: Excerpts from Deblois 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 Accounts Payable is added to net income;The change in Accrued Liabilities is subtracted from net income B) The change in Accounts Payable is added to net income;The change in Accrued Liabilities is added to net income C) The change in Accounts Payable is subtracted from net income;The change in Accrued Liabilities is added to net income D) The change in Accounts Payable is subtracted from net income;The change in Accrued Liabilities 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 Accounts Payable is added to net income;The change in Accrued Liabilities is subtracted from net income
B) The change in Accounts Payable is added to net income;The change in Accrued Liabilities is added to net income
C) The change in Accounts Payable is subtracted from net income;The change in Accrued Liabilities is added to net income
D) The change in Accounts Payable is subtracted from net income;The change in Accrued Liabilities is subtracted from net income

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

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Norbury Corporation's net income last year was $34,000.The company did not sell or retire any property,plant,and equipment last year.Changes in selected balance sheet accounts for the year appear below: Norbury Corporation's net income last year was $34,000.The company 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 operating activities under the indirect method on the statement of cash flows would be: A) $52,000 B) $66,000 C) $53,000 D) $16,000 Based solely on this information,the net cash provided by operating activities under the indirect method on the statement of cash flows would be:


A) $52,000
B) $66,000
C) $53,000
D) $16,000

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

Correct Answer

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Alden Corporation's most recent comparative Balance Sheet is as follows: Alden Corporation's most recent comparative Balance Sheet is as follows: Alden's net income was $34,000.No equipment was purchased and no long-term investments were sold.There was a gain of $3,000 when equipment was sold.The accumulated depreciation on the equipment that was sold was $12,000.Cash dividends of $20,000 were declared and paid during the year. Required: Prepare Alden's statement of cash flows using the indirect method. Alden's net income was $34,000.No equipment was purchased and no long-term investments were sold.There was a gain of $3,000 when equipment was sold.The accumulated depreciation on the equipment that was sold was $12,000.Cash dividends of $20,000 were declared and paid during the year. Required: Prepare Alden's statement of cash flows using the indirect method.

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blured image * Net book value of equipment sold = Or...

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Cash received from the sale of equipment the company had used in its own operations would be considered an operating activity on a statement of cash flows.

A) True
B) False

Correct Answer

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Alcoser Corporation's most recent balance sheet appears below: Alcoser Corporation's most recent balance sheet appears below: Net income for the year was $60.Cash dividends were $12.The company did not dispose of any property,plant,and equipment.It did not issue any bonds payable or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was: A) $74 B) ($74) C) ($72) D) $72 Net income for the year was $60.Cash dividends were $12.The company did not dispose of any property,plant,and equipment.It did not issue any bonds payable or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was:


A) $74
B) ($74)
C) ($72)
D) $72

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

Correct Answer

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Walmouth Corporation's comparative balance sheet and income statement for last year appear below: Walmouth Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid a cash dividend of $54,000 during the year.It did not purchase or dispose of any property,plant,and equipment.It did not issue any bonds or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities last year was: A) $105,000 B) $58,000 C) $130,000 D) $152,000 Walmouth Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid a cash dividend of $54,000 during the year.It did not purchase or dispose of any property,plant,and equipment.It did not issue any bonds or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities last year was: A) $105,000 B) $58,000 C) $130,000 D) $152,000 The company declared and paid a cash dividend of $54,000 during the year.It did not purchase or dispose of any property,plant,and equipment.It did not issue any bonds or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities last year was:


A) $105,000
B) $58,000
C) $130,000
D) $152,000

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

Correct Answer

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Autry Corporation's balance sheet and income statement appear below: Autry Corporation's balance sheet and income statement appear below: Cash dividends were $40.The company sold equipment for $19 that was originally purchased for $6 and that had accumulated depreciation of $4.The net cash provided by (used in) investing activities for the year was: A) $19 B) $140 C) ($159) D) ($140) Autry Corporation's balance sheet and income statement appear below: Cash dividends were $40.The company sold equipment for $19 that was originally purchased for $6 and that had accumulated depreciation of $4.The net cash provided by (used in) investing activities for the year was: A) $19 B) $140 C) ($159) D) ($140) Cash dividends were $40.The company sold equipment for $19 that was originally purchased for $6 and that had accumulated depreciation of $4.The net cash provided by (used in) investing activities for the year was:


A) $19
B) $140
C) ($159)
D) ($140)

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

Correct Answer

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

Correct Answer

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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) investing activities on the statement of cash flows would be: A) $110,000 B) $55,000 C) $150,000 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) investing activities on the statement of cash flows would be:


A) $110,000
B) $55,000
C) $150,000
D) $130,000

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

Correct Answer

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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 statements 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 statements 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) A) and B)
F) B) and D)

Correct Answer

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The collection of a loan made to a supplier would be treated as an investing activity on a statement of cash flows.

A) True
B) False

Correct Answer

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The most recent balance sheet and income statement of Penaloza Corporation appear below: The most recent balance sheet and income statement of Penaloza Corporation appear below: The company paid a cash dividend of $18.It did not dispose of any property,plant,and equipment.The company did not retire any bonds payable or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities for the year was: A) $117 B) $45 C) $36 D) $116 The most recent balance sheet and income statement of Penaloza Corporation appear below: The company paid a cash dividend of $18.It did not dispose of any property,plant,and equipment.The company did not retire any bonds payable or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities for the year was: A) $117 B) $45 C) $36 D) $116 The company paid a cash dividend of $18.It did not dispose of any property,plant,and equipment.The company did not retire any bonds payable or repurchase any of its own common stock.The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities for the year was:


A) $117
B) $45
C) $36
D) $116

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

Correct Answer

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When a company pays a supplier for inventory it has purchased,the cash outflow is recorded in the investing activities section of the statement of cash flows.

A) True
B) False

Correct Answer

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