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Exam 13: Statement of Cash Flows

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Question 51

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Accounts receivable from sales to customers amounted to $40,000 and $32,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

A) $118,000.
B) $110,000.
C) $102,000.
D) $150,000.

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

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Question 52

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The statement of cash flows reports a firm's major sources of cash receipts and major uses of cash payments for a period.

A) True
B) False

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Question 53

Multiple Choice

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

Cash dividends of $45,000 were declared during the year. Cash dividends payable were $10,000 at the beginning of the year and $15,000 at the end of the year. The amount of cash for the payment of dividends during the year is

Which of the following should be added to net income in calculating net cash flow from operating activities using the indirect method?

The following selected account balances appeared on the financial statements of the Washington Company: The Washington Company uses the direct method to calculate net cash flow from operating activities. Cash collections from customers are

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

Sales for the year were $600,000. Accounts receivable were $100,000 and $80,000 at the beginning and end of the year. Cash received from customers to be reported on the cash flow statement using the direct method is

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.

Free cash flow is cash from operations, less cash for

Durrand Corporation's accumulated depreciation increased by $12,000, while patents decreased by $2,200 between consecutive balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $4,300 from sale of land. Reconcile a net income of $65,000 to net cash flow from operating activities.

Which of the following is not one of the four basic financial statements?

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.

If land costing $145,000 was sold for $205,000, the $60,000 gain on the sale would be added to net income in of the operating activities section of the statement of cash flows (prepared by the indirect method).

Indicate the section (operating activities, investing activities, financing activities, or none) in which each of the following would be reported on the statement of cash flows prepared by the indirect method:

Income tax was $175,000 for the year. Income tax payable was $30,000 and $40,000 at the beginning and end of the year. Cash payments for income tax reported on the cash flow statement using the direct method is

The statement of cash flows is an optional financial statement.

Cash flow per share is

Under the direct method of reporting cash flows from operations, the major source of cash is cash received from customers.

Under the indirect method, expenses that do not affect cash are added to net income in the operating activities section of the statement of cash flows.