ACC 556 WEEK 9 HOMEWORK
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ACC 556 WEEK 9 HOMEWORK
1.
The statement of cash
flows is a required statement that must be prepared along with an income
statement, balance sheet, and retained earnings statement.
2.
The activity from the
balance sheet to be presented in the financing activities section of the
statement of cash flows is based on an analysis of stockholders’ equity only.
3.
The acquisition of a
building by issuing bonds would be considered an investing and financing
activity that did not affect cash.
4.
The cash debt coverage
ratio indicates a company’s ability to repay its liabilities from cash
generated from operations.
5.
The current cash debt
coverage ratio is considered a better representative of liquidity than the
current ratio because it involves the entire year rather than a balance at one
point in time.
6.
The statement of cash
flows
7.
Generally, the most
important category on the statement of cash flows is cash flows from
8.
Assume that the Quinn
Corporation uses the indirect method to depict cash flows. Indicate where, if
at all, interest paid on note would be classified on the statement of cash
flows.
9.
Which of the following
transactions does not affect cash during a period?
10. Zoum Corporation had the following
transactions during 2014:
11. In order to determine net cash provided by
operating activities, a company must convert net income from an accrual basis
to a cash basis under
12. The information to prepare the statement of
cash flows comes from all of the following sources except
13. Peninsula Company reported net income of $260,000
for the year. During the year, accounts receivable increased by $21,000,
accounts payable decreased by $9,000 and depreciation expense of $45,000 was
recorded. Net cash provided by operating activities for the year is
14. In calculating cash flows from operating
activities using the indirect method, a loss on the sale of equipment will
appear as a(n)
15. The net income reported on the income
statement for the current year was $440,000. Depreciation was $62,000. Accounts
receivable and inventories decreased by $20,000 and $32,000, respectively.
Prepaid expenses and accounts payable increased, respectively, by $2,000 and
$16,000. How much cash was provided by operating activities?
16. Authentic Exposure Company had the following
transactions that took place during the year
17. The statement of cash flows will not provide
insight into
18. Laser Performance Inc. has the following
information available (amount in thousands).
Authentic Exposure Company had the following transactions that took place during the year
Authentic Exposure Company had the following transactions that took place during the year
19. All of the following statements are true
regarding cash flow presentations except
20. For each of the following items, indicate by
using the appropriate code letter, how the item should be reported in the
statement of cash flows, using the indirect method.
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