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Exam 16: Statement of Cash Flows

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Question 71

Multiple Choice

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Cash flow per share is

A) required to be reported on the balance sheet
B) required to be reported on the income statement
C) required to be reported on the statement of cash flows
D) not required to be reported on any statement

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

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Question 72

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

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Question 73

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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.Gain from sale of land b.Paid dividends c.Purchased equipment d.Net income e.Issued company's common stockf. Amortization expense

Land costing $140,000 was sold for $173,000 cash.The gain on the sale was reported on the income statement as other income.On the statement of cash flows,what amount should be reported as an investing activity from the sale of land?

Cash flows from investing activities,as part of the statement of cash flows,would include any payments for the purchase of treasury stock.

Selected data for the current year ended December 31 are as follows:​ During the current year,the cost of merchandise 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.​

Fortune Corporation's comparative balance sheet for current assets and liabilities was as follows:​ Adjust Year 2 net income of $65,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities using the indirect method.

Which of the following would not be on the statement of cash flows?

Use the information below for Washington Company to answer the following questions. ​ The following selected account balances appeared on the financial statements of Washington Company: ​ Washington Company uses the direct method to calculate net cash flow from operating activities. ​ -Cash payments for merchandise were

Kennedy,Inc.reported the following data:​ Prepare the Cash flows from operating activities section of the statement of cash flows using the indirect method.

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

Cash dividends paid on capital stock would be reported in the statement of cash flows in

Free cash flow is

On the statement of cash flows,the Cash flows from financing activities section would include all of the following except

Identify the section of the statement of cash flows (a-d) where each of the following items would be reported. -Sale of machinery held for use by the company

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

The acquisition of land in exchange for common stock is an example of a noncash investing and financing activity.

To determine cash payments for operating expenses for the statement of cash flows using the direct method,a decrease in prepaid expenses is added to operating expenses other than depreciation.

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

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