Filters
Question type
Study Flashcards

Digby Corporation's balance sheet and income statement appear below: Digby Corporation's balance sheet and income statement appear below: Cash dividends were $29.The company did not dispose of any property,plant,and equipment during the year. Required: Prepare the operating activities section of the statement of cash flows in good form using the direct method. Digby Corporation's balance sheet and income statement appear below: Cash dividends were $29.The company did not dispose of any property,plant,and equipment during the year. Required: Prepare the operating activities section of the statement of cash flows in good form using the direct method. Cash dividends were $29.The company did not dispose of any property,plant,and equipment during the year. Required: Prepare the operating activities section of the statement of cash flows in good form using the direct method.

Correct Answer

verifed

verified

The changes in Northrup Corporation's balance sheet account balances for last year appear below: The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year.It did not dispose of any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the sales adjusted to a cash basis would be: A) $976,000 B) $982,000 C) $984,000 D) $980,000 The company's income statement for the year appears below: The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year.It did not dispose of any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the sales adjusted to a cash basis would be: A) $976,000 B) $982,000 C) $984,000 D) $980,000 The company declared and paid $28,000 in cash dividends during the year.It did not dispose of any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the sales adjusted to a cash basis would be:


A) $976,000
B) $982,000
C) $984,000
D) $980,000

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

Correct Answer

verifed

verified

Freeport Corporation's income statement for last year appears below: Freeport Corporation's income statement for last year appears below: The beginning and ending balances for last year are available for the following selected accounts (the company did not dispose of any property,plant,and equipment during the year): Required: Using the direct method,prepare in good form the operating activities section of the statement of cash flows. The beginning and ending balances for last year are available for the following selected accounts (the company did not dispose of any property,plant,and equipment during the year): Freeport Corporation's income statement for last year appears below: The beginning and ending balances for last year are available for the following selected accounts (the company did not dispose of any property,plant,and equipment during the year): Required: Using the direct method,prepare in good form the operating activities section of the statement of cash flows. Required: Using the direct method,prepare in good form the operating activities section of the statement of cash flows.

Correct Answer

verifed

verified

Sales reported on the income statement totaled $750,000.The beginning balance in accounts receivable was $70,000.The ending balance in accounts receivable was $80,000.Under the direct method of determining the net cash provided by operating activities on the statement of cash flows,sales adjusted to a cash basis are:


A) $760,000
B) $740,000
C) $680,000
D) $830,000

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

Correct Answer

verifed

verified

Kilduff Corporation's balance sheet and income statement appear below: Kilduff Corporation's balance sheet and income statement appear below: The company sold equipment for $19 that was originally purchased for $10 and that had accumulated depreciation of $5.The company paid a cash dividend of $44 and it did not issue 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) $187 B) $231 C) $257 D) $201 Kilduff Corporation's balance sheet and income statement appear below: The company sold equipment for $19 that was originally purchased for $10 and that had accumulated depreciation of $5.The company paid a cash dividend of $44 and it did not issue 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) $187 B) $231 C) $257 D) $201 The company sold equipment for $19 that was originally purchased for $10 and that had accumulated depreciation of $5.The company paid a cash dividend of $44 and it did not issue 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) $187
B) $231
C) $257
D) $201

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

Correct Answer

verifed

verified

Evita Corporation prepares its statement of cash flows using the indirect method.Evita's statement showed "Net cash provided by operating activities" of $46,000.Under the direct method,this number would have been:


A) $0.
B) $46,000.
C) greater than $46,000.
D) less than $46,000 but greater than $0.

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

Correct Answer

verifed

verified

Harkey Corporation's balance sheet and income statement appear below: Harkey Corporation's balance sheet and income statement appear below: Cash dividends were $29.The company sold equipment for $15 that was originally purchased for $6 and that had accumulated depreciation of $2. Required: Using the direct method,determine the net cash provided by operating activities. Harkey Corporation's balance sheet and income statement appear below: Cash dividends were $29.The company sold equipment for $15 that was originally purchased for $6 and that had accumulated depreciation of $2. Required: Using the direct method,determine the net cash provided by operating activities. Cash dividends were $29.The company sold equipment for $15 that was originally purchased for $6 and that had accumulated depreciation of $2. Required: Using the direct method,determine the net cash provided by operating activities.

Correct Answer

verifed

verified

11eaa3fe_33f4_c04f_908b_11dcefbcc617_TB2461_00

The change in each of Kendall Corporation's balance sheet accounts last year follows: The change in each of Kendall Corporation's balance sheet accounts last year follows: Kendall Corporation's income statement for the year was: There were no sales or retirements of property,plant,and equipment and no dividends paid during the year.The company pays no income taxes and it did not purchase any long-term investments,issue any bonds payable,or repurchase any of its own common stock.The net cash provided by operating activities on the statement of cash flows is determined using the direct method. Using the direct method,sales adjusted to a cash basis would be: A) $300,000 B) $302,000 C) $298,000 D) $305,000 Kendall Corporation's income statement for the year was: The change in each of Kendall Corporation's balance sheet accounts last year follows: Kendall Corporation's income statement for the year was: There were no sales or retirements of property,plant,and equipment and no dividends paid during the year.The company pays no income taxes and it did not purchase any long-term investments,issue any bonds payable,or repurchase any of its own common stock.The net cash provided by operating activities on the statement of cash flows is determined using the direct method. Using the direct method,sales adjusted to a cash basis would be: A) $300,000 B) $302,000 C) $298,000 D) $305,000 There were no sales or retirements of property,plant,and equipment and no dividends paid during the year.The company pays no income taxes and it did not purchase any long-term investments,issue any bonds payable,or repurchase any of its own common stock.The net cash provided by operating activities on the statement of cash flows is determined using the direct method. Using the direct method,sales adjusted to a cash basis would be:


A) $300,000
B) $302,000
C) $298,000
D) $305,000

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

Correct Answer

verifed

verified

Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $49,000 in cash dividends during the year.It did not sell or retire any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be: A) $360,000 B) $350,000 C) $370,000 D) $381,000 Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $49,000 in cash dividends during the year.It did not sell or retire any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be: A) $360,000 B) $350,000 C) $370,000 D) $381,000 The company declared and paid $49,000 in cash dividends during the year.It did not sell or retire any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be:


A) $360,000
B) $350,000
C) $370,000
D) $381,000

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

Correct Answer

verifed

verified

The changes in Northrup Corporation's balance sheet account balances for last year appear below: The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year.It did not dispose of any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be: A) $546,000 B) $536,000 C) $544,000 D) $540,000 The company's income statement for the year appears below: The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year.It did not dispose of any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be: A) $546,000 B) $536,000 C) $544,000 D) $540,000 The company declared and paid $28,000 in cash dividends during the year.It did not dispose of any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be:


A) $546,000
B) $536,000
C) $544,000
D) $540,000

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

Correct Answer

verifed

verified

Last year Cumberland Corporation reported a cost of goods sold of $120,000.Inventories increased by $35,000 during the year,and accounts payable increased by $20,000.The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows.The cost of goods sold adjusted to a cash basis would be:


A) $135,000
B) $100,000
C) $155,000
D) $105,000

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

Correct Answer

verifed

verified

LFM Corporation reported cost of goods sold on its income statement of $15,000.The following account balances appeared on the company's comparative balance sheet for the same year: LFM Corporation reported cost of goods sold on its income statement of $15,000.The following account balances appeared on the company's comparative balance sheet for the same year: The company uses the direct method to determine the net cash provided by operating activities.The cost of goods sold,adjusted to a cash basis,on the company's statement of cash flows for the year would be: A) $14,000 B) $16,000 C) $10,000 D) $15,000 The company uses the direct method to determine the net cash provided by operating activities.The cost of goods sold,adjusted to a cash basis,on the company's statement of cash flows for the year would be:


A) $14,000
B) $16,000
C) $10,000
D) $15,000

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

Correct Answer

verifed

verified

Carr Corporation's comparative balance sheet and income statement for last year appear below: Carr Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $47,000 in cash dividends during the year.It did not dispose of any property,plant,and equipment during the year. Required: Construct in good form the operating activities section of the company's statement of cash flows for the year using the direct method. Carr Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $47,000 in cash dividends during the year.It did not dispose of any property,plant,and equipment during the year. Required: Construct in good form the operating activities section of the company's statement of cash flows for the year using the direct method. The company declared and paid $47,000 in cash dividends during the year.It did not dispose of any property,plant,and equipment during the year. Required: Construct in good form the operating activities section of the company's statement of cash flows for the year using the direct method.

Correct Answer

verifed

verified

Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $49,000 in cash dividends during the year.It did not sell or retire any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the selling and administrative expense adjusted to a cash basis would be: A) $201,000 B) $166,000 C) $254,000 D) $210,000 Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $49,000 in cash dividends during the year.It did not sell or retire any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the selling and administrative expense adjusted to a cash basis would be: A) $201,000 B) $166,000 C) $254,000 D) $210,000 The company declared and paid $49,000 in cash dividends during the year.It did not sell or retire any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the selling and administrative expense adjusted to a cash basis would be:


A) $201,000
B) $166,000
C) $254,000
D) $210,000

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

Correct Answer

verifed

verified

Dorris Corporation's balance sheet and income statement appear below: Dorris Corporation's balance sheet and income statement appear below: Cash dividends were $7.The company sold equipment for $18 that was originally purchased for $8 and that had accumulated depreciation of $6.The net cash provided by (used in) operating activities for the year was: A) $34 B) $35 C) $50 D) $41 Dorris Corporation's balance sheet and income statement appear below: Cash dividends were $7.The company sold equipment for $18 that was originally purchased for $8 and that had accumulated depreciation of $6.The net cash provided by (used in) operating activities for the year was: A) $34 B) $35 C) $50 D) $41 Cash dividends were $7.The company sold equipment for $18 that was originally purchased for $8 and that had accumulated depreciation of $6.The net cash provided by (used in) operating activities for the year was:


A) $34
B) $35
C) $50
D) $41

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

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

Correct Answer

verifed

verified

The change in each of Kendall Corporation's balance sheet accounts last year follows: The change in each of Kendall Corporation's balance sheet accounts last year follows: Kendall Corporation's income statement for the year was: There were no sales or retirements of property,plant,and equipment and no dividends paid during the year.The company pays no income taxes and it did not purchase any long-term investments,issue any bonds payable,or repurchase any of its own common stock.The net cash provided by operating activities on the statement of cash flows is determined using the direct method. The selling and administrative expense adjusted to a cash basis would be: A) $120,000 B) $106,000 C) $110,000 D) $112,000 Kendall Corporation's income statement for the year was: The change in each of Kendall Corporation's balance sheet accounts last year follows: Kendall Corporation's income statement for the year was: There were no sales or retirements of property,plant,and equipment and no dividends paid during the year.The company pays no income taxes and it did not purchase any long-term investments,issue any bonds payable,or repurchase any of its own common stock.The net cash provided by operating activities on the statement of cash flows is determined using the direct method. The selling and administrative expense adjusted to a cash basis would be: A) $120,000 B) $106,000 C) $110,000 D) $112,000 There were no sales or retirements of property,plant,and equipment and no dividends paid during the year.The company pays no income taxes and it did not purchase any long-term investments,issue any bonds payable,or repurchase any of its own common stock.The net cash provided by operating activities on the statement of cash flows is determined using the direct method. The selling and administrative expense adjusted to a cash basis would be:


A) $120,000
B) $106,000
C) $110,000
D) $112,000

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

Correct Answer

verifed

verified

Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $49,000 in cash dividends during the year.It did not sell or retire any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the sales adjusted to a cash basis would be: A) $700,000 B) $688,000 C) $677,000 D) $712,000 Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $49,000 in cash dividends during the year.It did not sell or retire any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the sales adjusted to a cash basis would be: A) $700,000 B) $688,000 C) $677,000 D) $712,000 The company declared and paid $49,000 in cash dividends during the year.It did not sell or retire any property,plant,and equipment during the year.The company uses the direct method to determine the net cash provided by operating activities. On the statement of cash flows,the sales adjusted to a cash basis would be:


A) $700,000
B) $688,000
C) $677,000
D) $712,000

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

Correct Answer

verifed

verified

B

Shimko Corporation's most recent comparative balance sheet and income statement appear below: Shimko Corporation's most recent comparative balance sheet and income statement appear below: The company paid a cash dividend of $19 and it did not dispose of any property,plant,and equipment.The company 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) $57 B) ($57) C) $33 D) ($33) Shimko Corporation's most recent comparative balance sheet and income statement appear below: The company paid a cash dividend of $19 and it did not dispose of any property,plant,and equipment.The company 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) $57 B) ($57) C) $33 D) ($33) The company paid a cash dividend of $19 and it did not dispose of any property,plant,and equipment.The company 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) $57
B) ($57)
C) $33
D) ($33)

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

Correct Answer

verifed

verified

B

Wister Corporation had net sales of $462,000 for the just completed year.Shown below are the beginning and ending balances of various Wister accounts: Wister Corporation had net sales of $462,000 for the just completed year.Shown below are the beginning and ending balances of various Wister accounts: Wister prepares its statement of cash flows using the direct method.On its statement of cash flows,what amount should Wister show for its net sales adjusted to a cash basis (i.e. ,cash received from sales) ? A) $488,000 B) $436,000 C) $462,000 D) $445,000 Wister prepares its statement of cash flows using the direct method.On its statement of cash flows,what amount should Wister show for its net sales adjusted to a cash basis (i.e. ,cash received from sales) ?


A) $488,000
B) $436,000
C) $462,000
D) $445,000

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

Correct Answer

verifed

verified

Showing 1 - 20 of 56

Related Exams

Exam 1

Managerial Accounting and Cost Concepts

186 Questions

Exam 2

Job-Order Costing: Calculating Unit Production Costs

138 Questions

Exam 3

Job-Order Costing: Cost Flows and External Reporting

199 Questions

Exam 4

Process Costing

121 Questions

Exam 5

Supplement: Process Costing Using the Fifo Method

81 Questions

Exam 6

Cost-Volume-Profit Relationships

187 Questions

Exam 7

Variable Costing and Segment Reporting: Tools for Management

223 Questions

Exam 8

Activity-Based Costing: a Tool to Aid Decision Making

172 Questions

Exam 9

Master Budgeting

421 Questions

Exam 10

Flexible Budgets and Performance Analysis

115 Questions

Exam 11

Differential Analysis: The Key to Decision Making

114 Questions

Exam 12

Performance Measurement in Decentralized Organizations

118 Questions

Exam 13

Differential Analysis: The Key to Decision Making

133 Questions

Exam 14

Capital Budgeting Decisions

289 Questions

Exam 15

Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

111 Questions

Exam 16

Journal Entries to Record Variance

56 Questions

Exam 17

The Concept of Present Value

13 Questions

Show Answer