Question
1) Dresser Arts, which owns an art gallery, reported net income of $270,000. In addition, the following information was taken from its general ledger: beginning
1) Dresser Arts, which owns an art gallery, reported net income of $270,000. In addition, the following information was taken from its general ledger: beginning balances in Accounts Receivable and Accounts Payable were $58,000 and$52,000, respectively; ending balances in these accounts were $60,000 and $48,000, respectively. Dressers net cashflows from operating activities would be:
2) Burtons Best Pastries operates a breakfast fast food bar. For the first quarter of 2019 Burtons reported net income of $200,000. Additional information from Burtons general ledger revealed depreciation expense of $16,000, accounts receivable decreased by $15,000, Land increased by $30,000, and accounts payable decreased by $5,000. Based on this information, what is the cash flow from Operating activities?
3) During the year, Jumping Jacks, paid cash to purchase land. reported in the statement of cash flows? How would Jumping Jacks report this on the statement of cash flows?
4) Hoola Hoops is preparing a Cash Flow Statement for the fiscal year ended September 30, 2020. Which of the following transactions affects Hoola Hoops Cash Flows?
5) Bravo Company prepared a Cash Flow Statement that included the following information. Cash from operating activities was $39,000, cash used for investing activities was ($59,000) and the net change in cash was $70,000, Based on this information what was cash from/used for financing activities?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started