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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

What function does the statement of cash flows serve, as one of the four basic financial statements?
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N).A. Declared and
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N).A. Paid $22,000
Use the following excerpts from Swansea Company’s financial information to prepare the operating section of the statement of cash flows (direct method) for the year 2018. Sales Cost of Goods
Use the following information from Albuquerque Company’s financial statements to determine operating net cash flows (indirect method). Net income Change in accumulated depreciation (no sale of
Use the EDGAR (Electronic Data Gathering, Analysis, and Retrieval system) search tools on the US Securities and Exchange Commission website (https://openstax.org/l/50EDGAR) to locate the latest Form
Which of these transactions would be part of the financing section?A. Inventory purchased for cashB. Sales of product, for cashC. Cash paid for purchase of equipmentD. Dividend payments to
Use the following information from Hamlin Company’s financial statements to determine operating net cash flows (indirect method). Net income Change in accumulated depreciation (no sale of
Describe three examples of operating activities, and identify whether each of them represents cash collected or cash spent.
Use the following information from Dubuque Company’s financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018. From the
What adjustment(s) should be made to reconcile net income to net cash flows from operating activities (indirect method) considering the following balances in current assets? Accounts payable,
Use the following information from Juniper Company’s financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018. From the
If you had $100,000 available for investing, which of these companies would you choose to invest with? Support your answer with analysis of free cash flow, based on the data provided, and include in
Which of these transactions would be part of the operating section?A. Land purchased, with note payableB. Sales of product, for cashC. Cash paid for purchase of equipmentD. Dividend payments to
What adjustment(s) should be made to reconcile net income to net cash flows from operating activities (indirect method) considering the following balances in current assets? Accounts receivable,
Use the following excerpts from Indigo Company’s balance sheets to determine net cash flows from operating activities (indirect method), assuming net income for 2018 of $225,000. Accounts
Describe three examples of investing activities, and identify whether each of them represents cash collected or cash spent.
Use the following information from Eiffel Company’s financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018. Sales Cost
Use the following excerpts from Kayak Company’s financial information to prepare the operating section of the statement of cash flows (indirect method) for the year 2018. Sales Cost of Goods
Use the following information from Birch Company’s balance sheets to determine net cash flows from operating activities (indirect method), assuming net income for 2018 of $122,000. Accounts
Which of these transactions would be part of the investing section?A. Land purchased, with note payableB. Sales of product, for cashC. Cash paid for purchase of equipmentD. Dividend payments to
Describe three examples of financing activities, and identify whether each of them represents cash collected or cash spent.
Use the following information from Jumper Company’s financial statements to determine operating net cash flows (indirect method). Sales Cost of Goods Sold Salaries Expense Depreciation Expense Net
Analysis of Forest Company’s accounts revealed the following activity for its Land account, with descriptions added for clarity of analysis. How would these two transactions be reported for cash
Analysis of Longmind Company’s accounts revealed the following activity for Equipment, with descriptions added for clarity of analysis. How would these two transactions be reported for cash flow
What is the effect on cash when current noncash operating assets increase?A. Cash increases by the same amount.B. Cash decreases by the same amount.C. Cash decreases by twice as much.D. Cash does not
Use the following information from Chocolate Company’s financial statements to determine operating net cash flows (indirect method). Sales Cost of Goods Sold Salaries Expense Depreciation
Explain the difference between the two methods used to prepare the operating section of the statement of cash flows. How do the results of these two approaches compare?
Use the following excerpts from Zowleski Company’s financial information to prepare a statement of cash flows (indirect method) for the year 2018. Cash Account Receivable Merchandise
Use the following information from Kentucky Company’s financial statements to determine operating net cash flows (indirect method). Net income Depreciation expense Gain on sale of plant
Use the following excerpts from Stern Company’s financial information to prepare a statement of cash flows (indirect method) for the year 2018. Cash Account Receivable Merchandise Inventory Plant
Use the following information from Denmark Company’s financial statements to determine operating net cash flows (indirect method). Net income Depreciation Loss on sale of land Decrease in accounts
Use the following excerpts from Yardley Company’s financial information to prepare a statement of cash flows (indirect method) for the year 2018. Sales Cost of Goods Sold Operating Expenses, other
Why is depreciation an addition in the operating section of the statement of cash flows, when prepared by the indirect method?
Use the following excerpts from Leopard Company’s financial records to determine net cash flows from investing activities. Collected payments on a customer note receivable Purchased plant
Use the following excerpts from Unigen Company’s financial information to prepare the operating section of the statement of cash flows (indirect method) for the year 2018. Sales Cost of Goods
What is the effect on cash when current noncash operating assets decrease?A. Cash increases by the same amount.B. Cash decreases by the same amount.C. Cash decreases by twice as much.D. Cash does not
Use the following excerpts from Eagle Company’s financial records to determine net cash flows from financing activities. Acquired new plant assets Borrowed from bank, note payable Declared and paid
When preparing the operating section of the statement of cash flows, using the indirect method, how must gains and losses be handled? Why?
Use the following information from Manuscript Company’s financial records to determine net cash flows from financing activities. Repaid principal on bank loan Issued common stock, at par
Use the following excerpts from Wickham Company’s financial information to prepare a statement of cash flows (indirect method) for the year 2018. Cash Account Receivable Merchandise
Use the following excerpts from Mountain Company’s financial information to prepare a statement of cash flows (indirect method) for the year 2018. Cash Account Receivable Merchandise
What is the effect on cash when current liabilities decrease?A. Cash increases by the same amount.B. Cash decreases by the same amount.C. Cash decreases by twice as much.D. Cash does not change.
Use the following excerpts from Fruitcake Company’s financial records to determine net cash flows from investing activities. Acquired new plant assets Collected interest on investment assets Sold
Use the following excerpts from Nutmeg Company’s financial records to determine net cash flows from operating activities and net cash flows from investing activities. Net income this year Purchased
Use the following excerpts from Tungsten Company’s financial information to prepare a statement of cash flows (indirect method) for the year 2018. Beginning cash Net income Depreciation
Use the following excerpts from OpenAir Company’s financial information to prepare a statement of cash flows (indirect method) for the year 2018. Beginning cash Net income Depreciation
If a company reports a gain/(loss) from the sale of assets, as part of the net income on the income statement, and the net book value of those assets on the date of the sale is known, can the amount
Use the following excerpts from Grenada Company’s financial records to determine net cash flows from operating activities and net cash flows from investing activities. Net income this
Provide the missing piece of information for the following statement of cash flows puzzle. Cash flows from operating activities Cash flows from investing activities Cash flows from financing
The following shows excerpts from financial information relating to Aspen Company and Bergamot Company.Compute the following for both companies. Compare your results.A. Free cash flowB. Cash flows to
The following shows excerpts from financial information relating to Stanwell Company and Thodes Company.Compute the following for both companies. Compare your results.A. Free cash flowB. Cash flows
Which of the following would trigger a subtraction in the indirect operating section?A. Gain on sale of investmentsB. Depreciation expenseC. Decrease in accounts receivableD. Decrease in bonds payable
Provide the missing piece of information for the following statement of cash flows puzzle. Cash flows from operating activities Cash flows from investing activities Cash flows from financing
Note payments reduce cash and are related to long-term debt. Do these facts automatically lead to their inclusion as elements of the financing section of the statement of cash flows? Explain.
Provide the missing piece of information for the following statement of cash flows puzzle. Cash flows from operating activities Cash flows from investing activities Cash flows from financing
Use the following excerpts from Fromera Company’s financial information to prepare the operating section of the statement of cash flows (direct method) for the year 2018. Sales Cost of Goods
Which of the following represents a source of cash in the investing section?A. Sale of investmentsB. Depreciation expenseC. Decrease in accounts receivableD. Decrease in bonds payable
Is there any significance that can be attributed to whether net cash flows are generated from operating activities, versus investing and/or financing activities? Explain.
Provide the missing piece of information for the following statement of cash flows puzzle. Cash flows from operating activities Cash flows from investing activities Cash flows from financing
Which of the following would be included in the financing section?A. Loss on sale of investmentsB. Depreciation expenseC. Increase in notes receivableD. Decrease in notes payable
Use the following excerpts from Indira Company’s Statement of Cash Flows and other financial records to determine the company’s free cash flow. From Statement of Cash Flows: Cash flows from
Would there ever be activities that relate to operating, investing, or financing activities that would not be reported in their respective sections of the statement of cash flows? Explain. If a
Use the following excerpts from Victrolia Company’s financial information to prepare a statement of cash flows (direct method) for the year 2018. Sales Cost of Goods Sold Operating Expenses, other
Use the following excerpts from Swahilia Company’s financial information to prepare a statement of cash flows (direct method) for the year 2018. Sales Cost of Goods Sold Operating Expenses, other
If beginning cash equaled $10,000 and ending cash equals $19,000, which is true?A. Operating cash flow 9,000; Investing cash flow (3,500); Financing cash flow (2,500)B. Operating cash flow 4,500;
What insight does the calculation of free cash flow provide about the company’s cash flow position?
Use the following excerpts from Kirsten Company’s Statement of Cash Flows and other financial records to determine the company’s free cash flow. From Statement of Cash Flows: Cash flows from
Use the following excerpts from Bolognese Company’s statement of cash flows and other financial records to determine the company’s free cash flow for 2018 and 2017. Cash flows from operating
Use the following cash transactions relating to Lucknow Company to determine the cash flows from operating, using the direct method. Beginning cash balance Collected from customers Paid dividends to
Use the following cash transactions relating to Warthoff Company to determine the cash flows from operating, using the direct method. Beginning cash balance Collected from customers Paid dividends to
Which of the following is a stronger indicator of cash flow flexibility?A. Cash flow from operating activitiesB. Cash flow to sales ratioC. Free cash flowD. All three indicate comparable degrees of
Use the following excerpts from Franklin Company’s statement of cash flows and other financial records to determine the company’s free cash flow for 2018 and 2017. Cash flows from operating
Why is using the direct method to prepare the operating section of the statement of cash flows more challenging for accountants than preparing the balance sheet, income statement, and retained
The following shows excerpts from Camole Company’s statement of cash flows and other financial records.Compute the following for the company:A. Free cash flowB. Cash flows to sales ratioC. Cash
The following are excerpts from Hamburg Company’s statement of cash flows and other financial records.Compute the following for the company:A. Free cash flowB. Cash flows to sales ratioC. Cash
Use the following excerpts from Brownstone Company’s financial statements to determine cash received from customers in 2018. From Balance Sheets Accounts Receivable From Income
Use the following excerpts from Algona Company’s financial statements to determine cash received from customers in 2018. From Balance Sheets Accounts Receivable From Income Statement: Sales Dec.
Use the following excerpts from Jasper Company’s financial statements to determine cash paid to suppliers for inventory in 2018. From Balance Sheets: Inventory Accounts Payable From Income
Use the following excerpts from Huckleberry Company’s financial statements to determine cash paid to suppliers for inventory in 2018. From Balance Sheets: Inventory Accounts Payable From Income
Retained earnings is accurately described by all except which of the following statements?A. Retained earnings is the primary component of a company’s earned capital.B. Dividends declared are added
A partnership ________.A. Has one ownerB. Can issue stockC. Pays taxes on partnership incomeD. Can have more than one general partner
On May 1, 2017, BJ and Paige formed a partnership. Each contributed assets with the following agreed-upon valuations.Prepare a separate journal entry to record each partner’s contributions.
The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the
Does a partnership pay income tax?
The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss
The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits and losses in a 1:3 ratio, with capital balances of $60,000 each. Maureen wants to retire and
While sole proprietorships and corporations are the most popular forms of business organization, the limited liability company (LLC) is a close third. Limited liability companies are treated like
Any assets invested by a particular partner in a partnership ________.A. Do not become a partnership asset but instead remain with the partnerB. Can be used only by the investing partnerC. Become the
Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammy’s admission are $50,000 each. Prepare a schedule showing how the bonus should be
Can a partner’s personal assets in a limited liability partnership be at risk?
The partnership of Arun, Margot, and Tammy has been doing well. Arun wants to retire and move to another state for a once-in-a-lifetime opportunity. The partners’ capital balances prior to Arun’s
The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided,
Match each of the following descriptions with the appropriate term related to partnership accounting. A. Each and every partner can enter into contracts on behalf of the partnership B. The business
A partnership is thriving. The three partners get along well; they complement each other’s skill sets and enjoy each other’s company. One of the partners, Melinda, begins to behave differently.
Cheese Partners has decided to close the store. At the date of closing, Cheese Partners had the following account balances:A competitor agrees to buy the inventory and store fixtures for $20,000.
Which of the following is a disadvantage of the partnership form of organization?A. Limited lifeB. No taxation at the partnership levelC. Flexibility in business operationsD. Combining of financial
When a partnership is liquidated, any gains or losses realized by the sale of noncash assets are allocated to the partners based on their income sharing ratio. Why?
Can a partnership assume liabilities as part of one of the partner’s contributions?
Mutual agency is defined as:A. A mutual agreementB. The right of all partners to represent the company’s normal business operationsC. A synonym for partnershipD. A partnership between two

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