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Exam 14: Statement of Cash Flows

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Question 81

Multiple Choice

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The following transactions occurred last year at Dempsey Inc. Based solely on the above information, the net cash flows from financing activities for the year on the statement of cash flows would be

A) $249,000.
B) $7,000.
C) $(103,000) .
D) $(6,000) .

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

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Question 82

Multiple Choice

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Last year Maine Company reported cost of goods sold of $110,000.Inventories increased by $30,000 during the year, and accounts payable decreased by $15,000.The company uses the direct method to determine the net cash flows from operating activities on the statement of cash flows.The cost of goods sold adjusted to a cash basis would be

A) $140,000.
B) $65,000.
C) $155,000.
D) $125,000.

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

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Question 83

Multiple Choice

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Last year, Uranium Company's cash account increased by $20,000.Net cash flow from investing activities were ($35,000) .Net cash flow from financing activities were $3,000.On the statement of cash flows, net cash flow from operating activities were:

Which of the following is the order of presentation of activities on the statement of cash flows?

The format that should be followed in preparing the statement of cash flows is known as the ______________.

The following transactions were made by Ruby Inc.last year: Based solely on the above information, net cash flow from financing activities for the year on the statement of cash flows would be:

Using the indirect method, patent amortization expense for the period

Long Company's net income last year was $43,000 and cash dividends declared and paid to the company stockholders was $28,000.Changes in selected balance sheet accounts for the year appear below: Based solely on this information, the net cash flows from operating activities under the indirect method on the statement of cash flows would be

The primary purpose of the statement of cash flows is to

Chandler Company's net income last year was $98,000 and cash dividends declared and paid to the company stockholders was $13,000.Changes in selected balance sheet accounts for the year appear below: - The net cash flows from operating activities to be reported in a statement of cash flows is

Activities that increase cash are sources of cash and are referred to as ___________.

Use the following major cash flow activities to classify the activities listed below: -Issued long-term debt

Land costing $78,000 was sold for $93,000 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?