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public accounting

Questions and Answers of Public Accounting

=+Prepaid expenses 7,500 8,000 Accounts payable(merchandise creditors) 51,000 58,000 The total amount reported for cash flows from operating activities in the statement of cash flows, using the
=+6. A long-term investment in bonds with a cost of $60,000 was sold for $72,000 cash.
=+(a) What was the gain or loss on the sale?
=+ (b) What was the effect of the transaction on cash flows?
=+(c) How should the transaction be reported in the statement of cash flows if cash flows from operating activities are reported by the indirect method?
=+Identify whether each of the following would be reported as an operating, investing, or financing activity in the statement of cash flows.a. Issuance of common stockd. Retirement of bonds payableb.
=+Identify whether each of the following would be reported as an operating, investing, or financing activity in the statement of cash flows.a. Payment for selling expensesd. Cash salesb. Issuance of
=+Singh Corporation’s accumulated depreciation—equipment increased by $6,000, while $2,200 of patents were amortized between balance sheet dates. There were no purchases or sales of depreciable or
=+intangible assets during the year. In addition, the income statement showed a loss of $3,200 from the sale of investments. Reconcile a net income of $86,000 to net cash flow from operating
=+Watson Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2010 Dec. 31, 2009 Accounts receivable $30,000 $24,000 Inventory 58,000 49,500 Accounts
=+Chopra Corporation’s comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2010 Dec. 31, 2009 Accounts receivable $15,000 $18,000 Inventory 10,000 8,600 Accounts
=+On its income statement for a recent year, Continental Airlines, Inc. reported a net loss of $68 million from operations. On its statement of cash flows, it reported $457 million of cash flows from
=+Explain this apparent contradiction between the loss and the positive cash flows.
=+EX 16-1 Cash flows from operating activities—net loss obj. 1 State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash
=+e. Retired $250,000 of bonds, on which there was $2,500 of unamortized discount, for$260,000.f. Purchased land for $320,000 cash.g. Paid dividends of $2.00 per share. There were 25,000 shares
=+EX 16-2 Effect of transactions on cash flows obj. 1✔c. Cash receipt,$500,000 Identify the type of cash flow activity for each of the following events (operating, investing, or financing):a.
=+EX 16-3 Classifying cash flows obj. 1 Indicate whether each of the following would be added to or deducted from net income in determining net cash flow from operating activities by the indirect
=+EX 16-4 Cash flows from operating activities—indirect method obj. 2 Chapter 16 Statement of Cash Flows 743 The net income reported on the income statement for the current year was
=+Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.
=+EX 16-5 Cash flows from operating activities—indirect method obj. 2✔ Net cash flow from operating activities, $153,920 The net income reported on the income statement for the current year was
=+b. If the direct method had been used, would the net cash flow from operating activities have been the same? Explain.
=+EX 16-6 Cash flows from operating activities—indirect method objs. 1, 2✔ Cash flows from operating activities,$258,950 The income statement disclosed the following items for 2010:Depreciation
=+Balances of the current assets and current liability accounts changed between December 31, 2009, and December 31, 2010, as follows:Accounts receivable $5,600 Inventory 3,200*Prepaid insurance
=+EX 16-7 Cash flows from operating activities—indirect method objs. 1, 2✔ Cash flows from operating activities,$328,700 The board of directors declared cash dividends totaling $152,000 during
=+EX 16-8 Determining cash payments to stockholders obj. 2 744 Chapter 16 Statement of Cash Flows An analysis of the general ledger accounts indicates that office equipment, which cost$67,000 and on
=+EX 16-9 Reporting changes in equipment on statement of cash flows obj. 2 An analysis of the general ledger accounts indicates that delivery equipment, which cost $96,000 and on which accumulated
=+EX 16-10 Reporting changes in equipment on statement of cash flows obj. 2 On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of
=+EX 16-11 Reporting land transactions on statement of cash flows obj. 2 ACCOUNT Land ACCOUNT NO.Balance Date Item Debit Credit Debit Credit 2010 Balance Purchased for cash Sold for $210,000 15 30
=+EX 16-12 Reporting stockholders’ equity items on statement of cash flows obj. 2 ACCOUNT Common Stock, $10 par ACCOUNT NO.Balance Date Item Debit Credit Debit Credit 2010 Balance, 60,000 shares
=+Date Item Debit Credit Debit Credit 2010 Balance 15,000 shares issued for cash Stock dividend 111 30 Jan.Feb.June 200,000 680,000 759,200 480,000 79,200 Chapter 16 Statement of Cash Flows 745
=+Balance Date Item Debit Credit Debit Credit 2010 Balance Retire bonds Issue bonds 13 30 Jan.July 500,000 400,000 700,000 100,000 300,000
=+ACCOUNT Discount on Bond Payable ACCOUNT NO.Balance Date Item Debit Credit Debit Credit 2010 Balance Retire bonds Issue bonds Amortize discount 13 30 31 Jan.July Dec.22,500 14,500 34,500 32,750
=+ACCOUNT Land ACCOUNT NO.Balance Date Item Debit Credit Debit Credit 2010 Balance Purchased for cash Purchased with long-term mortgage note 110 20 Jan.Feb.Nov.260,000 670,000 1,210,000 410,000
=+EX 16-13 Reporting land acquisition for cash and mortgage note on statement of cash flows obj. 2 On the basis of the details of the following bonds payable and related discount accounts, indicate
=+EX 16-14 Reporting issuance and retirement of long-term debt obj. 2 ACCOUNT Retained Earnings ACCOUNT NO.Balance Date Item Debit Credit Debit Credit 2010 Balance Stock dividend Cash dividend Net
=+746 Chapter 16 Statement of Cash Flows Sanhueza, Inc., reported a net cash flow from operating activities of $162,500 on its statement of cash flows for the year ended December 31, 2010. The
=+Gain on sale of investments 6,000 Increase in accounts payable 2,400 Increase in prepaid expenses 1,350 Increase in accounts receivable 6,500 Determine the net income reported by Sanhueza, Inc.,
=+EX 16-15 Determining net income from net cash flow from operating activities obj. 2✔ Net income,$155,350 Selected data derived from the income statement and balance sheet of Jones Soda Co.for a
=+a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows using the indirect method for Jones Soda Co. for the year.
=+b. Interpret your results in part (a).
=+EX 16-16 Cash flows from operating activities—indirect method obj. 2✔ Net cash flow from operating activities, $3,048 The comparative balance sheet of Tru-Built Construction Inc. for December
=+The following additional information is taken from the records:a. Land was sold for $25.b. Equipment was acquired for cash.c. There were no disposals of equipment during the year.d. The common
=+f. There was a $20 debit to Retained Earnings for cash dividends declared.
=+Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
=+EX 16-17 Statement of cash flows—indirect method obj. 2✔ Net cash flow from operating activities, $30 Chapter 16 Statement of Cash Flows 747 The cash flows from operating activities are
=+a. If sales for the current year were $685,000 and accounts receivable decreased by$43,500 during the year, what was the amount of cash received from customers?
=+b. If income tax expense for the current year was $46,000 and income tax payable decreased by $5,200 during the year, what was the amount of cash payments for income tax?
=+EX 16-19 Cash flows from operating activities—direct method obj. 3✔a. $728,500 The cost of merchandise sold for Kohl’s Corporation for a recent year was $9,891 million. The balance sheet
=+Determine the amount of cash payments for merchandise.
=+EX 16-20 Cash paid for merchandise purchases obj. 3 Selected data taken from the accounting records of Lachgar Inc. for the current year ended December 31 are as follows:Balance, Balance, December
=+EX 16-21 Determining selected amounts for cash flows from operating activities—direct method obj. 3✔b. $77,870 List the errors you find in the following statement of cash flows. The cash
=+Devon Inc.Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities:Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
=+Cash paid for dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,000 _________ Net cash flow provided by financing activities . . . . . . . . . . . . . . . 182,400 ________
=+EX 16-18 Statement of cash flows—indirect method obj. 2 748 Chapter 16 Statement of Cash Flows The income statement of Kodiak Industries Inc. for the current year ended June 30 is as
=+Changes in the balances of selected accounts from the beginning to the end of the current year are as follows:Increase Decrease*Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . .
=+EX 16-22 Cash flows from operating activities—direct method obj. 3✔ Net cash flow from operating activities, $69,760 During the current year, the cost of merchandise sold was $448,500, and the
=+Beginning End of Year of Year Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . $16,300 $14,190 Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
=+EX 16-23 Cash flows from operating activities—direct method obj. 3✔ Net cash flow from operating activities, $56,490 Chapter 16 Statement of Cash Flows 749 Morrocan Marble Company has cash
=+Determine the free cash flow for Morrocan Marble Company.
=+EX 16-24 Free cash flow The financial statements for Nike, Inc., are provided in Appendix E at the end of the text.Determine the free cash flow for the year ended May 31, 2007. Assume that 90% of
=+EX 16-25 Free cash flow Problems Series A The comparative balance sheet of Mavenir Technologies Inc. for December 31, 2010 and 2009, is shown as follows:Dec. 31, 2010 Dec. 31, 2009 Assets Cash . .
=+Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . 629,680 602,160 ___________ ___________ ___________ ___________$1,181,040 $1,028,560 ___________ ___________ The following
=+c. There were no disposals of equipment during the year.d. The common stock was issued for cash.e. There was a $75,520 credit to Retained Earnings for net income.f. There was a $48,000 debit to
=+Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
=+PR 16-1A Statement of cash flows—indirect method obj. 2✔ Net cash flow from operating activities, $49,520 750 Chapter 16 Statement of Cash Flows The comparative balance sheet of Amelia
=+a. Net income, $126,000.b. Depreciation reported on the income statement, $41,700.
=+c. Equipment was purchased at a cost of $81,400, and fully depreciated equipment costing $22,400 was discarded, with no salvage realized.d. The mortgage note payable was not due until 2013, but
=+e. 7,000 shares of common stock were issued at $20 for cash.
=+f. Cash dividends declared and paid, $76,800.Instructions
=+Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
=+PR 16-2A Statement of cash flows—indirect method obj. 2✔ Net cash flow from operating activities, $169,600 The comparative balance sheet of Putnam Cycle Co. at December 31, 2010 and 2009, is as
=+$2,658,600 $2,343,900 ___________ ___________ __________ __________ Liabilities and Stockholders’ Equity Accounts payable (merchandise creditors) . . . . . . . . $ 512,500 $ 532,400 Bonds payable
=+PR 16-3A Statement of cash flows—indirect method obj. 2✔ Net cash flow from operating activities, ($92,000)Chapter 16 Statement of Cash Flows 751 The noncurrent asset, noncurrent liability, and
=+Depreciation for year 126 31 Jan.Dec.88,200 62,200 16,300 78,500 26,000 ACCOUNT Equipment ACCOUNT NO.Balance Date Item Debit Credit Debit Credit 2010 Balance Discarded, no salvage Purchased for
=+ACCOUNT Accumulated Depreciation––Buildings ACCOUNT NO.Balance Date Item Debit Credit Debit Credit 2010 Balance Depreciation for year 131 Jan.Dec.212,400 14,600 227,000 ACCOUNT Land ACCOUNT
=+Balance Date Item Debit Credit Debit Credit 2010 Balance Acquired for cash 120 Jan.Apr.500,500 312,000 812,500 752 Chapter 16 Statement of Cash Flows Instructions
=+Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
=+ACCOUNT Retained Earnings ACCOUNT NO.Balance Date Item Debit Credit Debit Credit 2010 Balance Net loss Cash dividends 131 31 Jan.Dec.1,436,500 1,419,100 1,401,100 17,400 18,000
=+ACCOUNT Paid-In Capital in Excess of Par––Common Stock ACCOUNT NO.Balance Date Item Debit Credit Debit Credit 2010 Balance Issued 10,000 shares of common stock for $22 per share 17
=+Date Item Debit Credit Debit Credit 2010 Balance Issued 10,000 shares of common stock for $22 per share 17 Jan.Dec.65,000 10,000 75,000 ACCOUNT Bonds Payable ACCOUNT NO.Balance
=+Date Item Debit Credit Debit Credit 2010 May 1 Issued 20-year bonds 150,000 150,000 The comparative balance sheet of Rucker Photography Products Inc. for December 31, 2011 and 2010, is as
=+Assets Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 321,700 $ 339,700 Accounts receivable (net). . . . . . . . . . . . . . . . . . . . 283,400 273,700 Inventories . .
=+PR 16-4A Statement of cash flows—direct method obj. 3✔ Net cash flow from operating activities, $146,800 Chapter 16 Statement of Cash Flows 753
=+The comparative balance sheet of Mavenir Technologies Inc. for December 31, 2010 and 2009, is as follows:Dec. 31, 2010 Dec. 31, 2009 Assets Cash . . . . . . . . . . . . . . . . . . . . . . . . . .
=+$1,181,040 $1,028,560 ___________ ___________ __________ __________ Liabilities and Stockholders’ Equity Accounts payable (merchandise creditors) . . . . . . . . $ 214,240 $ 202,480 Accrued
=+PR 16-5A Statement of cash flows—direct method applied to PR 16-1A obj. 3✔ Net cash flow from operating activities, $49,520 Liabilities and Stockholders’ Equity
=+Accounts payable (merchandise creditors) . . . . . . . . $ 385,900 $ 374,200 Accrued expenses payable (operating expenses) . . . 31,700 35,400 Dividends payable . . . . . . . . . . . . . . . . . .
=+$1,688,400 $1,464,600 __________ __________ __________ __________ The income statement for the year ended December 31, 2011, is as follows:Sales . . . . . . . . . . . . . . . . . . . . . . . . . .
=+The following additional information was taken from the records:a. Equipment and land were acquired for cash.b. There were no disposals of equipment during the year.c. The investments were sold for
=+e. There was a $10,000 debit to Retained Earnings for cash dividends declared.Instructions
=+Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities.
=+754 Chapter 16 Statement of Cash Flows The income statement for the year ended December 31, 2010, is as follows:Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,950,699
=+a. The investments were sold for $140,000 cash.b. Equipment and land were acquired for cash.c. There were no disposals of equipment during the year.
=+d. The common stock was issued for cash.e. There was a $48,000 debit to Retained Earnings for cash dividends declared.Instructions
=+Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities.
=+Problems Series B The comparative balance sheet of House Construction Co. for June 30, 2010 and 2009, is as follows:June 30, 2010 June 30, 2009 Assets Cash . . . . . . . . . . . . . . . . . . . . .
=+________ ________$712,800 $530,400 _________ _________ Liabilities and Stockholders’ Equity Accounts payable (merchandise creditors) . . . . . . . . $121,000 $114,200 Accrued expenses payable
=+$712,800 $530,400 _________ _________ The following additional information was taken from the records of House Construction Co.:a. Equipment and land were acquired for cash.b. There were no
=+Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
=+PR 16-1B Statement of cash flows—indirect method obj. 2✔ Net cash flow from operating activities, $86,600 Chapter 16 Statement of Cash Flows 755 The comparative balance sheet of TorMax

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