30 The WellingtonWinery's Stockholders' Equity section includes the followinginformation Preferred Stock $16,000 Paidin Capital in Excess of ParPreferred 6,000 Common Stock 16,000 Paidin Capital in Excess of ParCommon 8,000 Retained Earnings 9,000 What was the total selling price of the commonstock A $22,000 B $16,000 C $24,000 D $33,000 31 The is the financial statement associated with theoperating, investing and financing activities of a corporation A Income Statement B Balance Sheet C Statement ofStockholders' Equity D Statement of Cash Flows 32 The accuracy of the Statement of Cash Flows can be verified by computing the change in the balance ofthe A cash and cash equivalent accounts B revenue accounts C asset and liability accounts D equity account 33 The purpose of the Statement of Cash Flows is toshow A how cash was received and used during the period B the profits that were earned C the expenses that were paid D the revenue earned 34 Which of the following is NOT a part of investingactivities A Collecting on a loan receivable B Buying a building C Selling off equipment D Borrowing money 35 Investing Cash Flowsaffect A current assets and current liabilities B longterm liability accounts C longterm asset accounts D equity accounts 36 Financing activitiesaffect A current and longterm assets B longterm liabilities and equity accounts C current assets and current liabilities D current and longterm liabilities 37 Aspen Corp sold an asset with a book value of$58,000 for$31,000 cash Which of the following is a TRUEstatement A Loss on sale equals$31,000 and Cash inflow equals$31,000 B Loss on sale equals$27,000 and Cash inflow equals$31,000 C Loss on sale equals$31,000 and Cash inflow equals$27,000 D Loss on sale equals$58,000 and Cash inflow equals$58,000 38 Which would be added back to net income in the operating section of an indirect cash flowstatement A Depreciation B An increase in Accounts Receivable C A decrease in Accounts Payable D An increase in inventory 39 An example of a cash inflow from financing activitiesis A cash receipts from sale of investments B selling a building C gain on sale of land D cash receipts from issuance of bonds 40 An example of a cash outflow from investing activitiesis A making a loan to another company B the purchase of treasury stock C payment on bonds payable D paying cash dividends 41 Which of the following is NOT a cash inflow or outflow from an investingactivity A Company A purchases land B Company A purchases treasury stock C Company A loans money to Company B D Company A sells off Company C stock that it had owned for 3 years 42 When preparing the Statement of Cash Flows by the indirectmethod, if current liabilitiesincrease, the differenceis A added to investing activities B deducted from net income C deducted from investing activities D added to net income 43 Activities that increase and decrease as a result of selling acompany's stockare A investing activities B operating activities C marketing activities D financing activities 44 Of thefollowing, which is NOT classified as an investing activity on the Statement of CashFlows A Purchasing land B Selling goods and services C Sale of equipment for cash D Collecting the principal on loans 45 Green Timber reported net income of$53,000 depreciation expenses of$11,000 a gain on a land sale of$3,000 and a decrease in Accounts Receivable of$3,500 Under the indirectmethod, net Cash Flows from operationsis A $70,500 B $57,500 C $67,500 D $64,500 46 If$9,000 was generated from operations(indirect method) $3,000 was used for investingactivities and$8,000 was generated from financingactivities, the cashbalance A increased by$14,000 B decreased by$20,000 C increased by$8,000 D increased by$4,000 47 Exchanging stock for a building under the direct method would bereported A as a separate disclosure B in the operating section of the cash flow statement C in the investing section of the cash flow statement D in the financing section of the cash flow statement 48 When a corporation receivesdividends, they are shown asa(n) when using the direct method A operating activity B investing activity C financing activity D noncash disclosure 49 From the Income Statement and Balance Sheet information listedbelow, what amount of cash was paid for salaries and wages during2016 Salaries and wages expense 2016 $157,000 Salaries and wages payable 12 31 15 $13,600 Salaries and wages payable 12 31 16 $10,300 A $180,900 B $153,700 C $143,400 D $160,300 50 The following information is available for Bestway Company What amount is paid for merchandise for the current year(2016) Cost of goods sold $902,000 Merchandiseinventory, 12 31 15 133,000 Merchandiseinventory, 12 31 16 134,000 AccountsPayable, 12 31 15 109,000 AccountsPayable, 12 31 16 96,000 A $1,374,000 B $916,000 C $888,000 D $914,000 30 The Wellington Winery's Stockholders' Equity section includes the following information Preferred Stock $16,000 Paidin Capital in Excess of ParPreferred 6,000 Common Stock 16,000 Paidin Capital in Excess of ParCommon 8,000 Retained Earnings 9,000 What was the total selling price of the common stock A $22,000 B $16,000 C $24,000 D $33,000 31 The is the financial statement associated with the operating, investing and financing activities of a corporation A Income Statement B Balance Sheet C Statement of Stockholders' Equity D Statement of Cash Flows 32 The accuracy of the Statement of Cash Flows can be verified by computing the change in the balance of the A cash and cash equivalent accounts B revenue accounts C asset and liability accounts D equity account 33 The purpose of the Statement of Cash Flows is to show A how cash was received and used during the period B the profits that were earned C the expenses that were paid D the revenue earned 34 Which of the following is NOT a part of investing activities A Collecting on a loan receivable B Buying a building C Selling off equipment D Borrowing money 35 Investing Cash Flows affect A current assets and current liabilities B longterm liability accounts C longterm asset accounts D equity accounts 36 Financing activities affect A current and longterm assets B longterm liabilities and equity accounts C current assets and current liabilities D current and longterm liabilities 37 Aspen Corp sold an asset with a book value of $58,000 for $31,000 cash Which of the following is a TRUE statement A Loss on sale equals $31,000 and Cash inflow equals $31,000 B Loss on sale equals $27,000 and Cash inflow equals $31,000 C Loss on sale equals $31,000 and Cash inflow equals $27,000 D Loss on sale equals $58,000 and Cash inflow equals $58,000 38 Which would be added back to net income in the operating section of an indirect cash flow statement A Depreciation B An increase in Accounts Receivable C A decrease in Accounts Payable D An increase in inventory 39 An example of a cash inflow from financing activities is A cash receipts from sale of investments B selling a building C gain on sale of land D cash receipts from issuance of bonds 40 An example of a cash outflow from investing activities is A making a loan to another company B the purchase of treasury stock C payment on bonds payable D paying cash dividends 41 Which of the following is NOT a cash inflow or outflow from an investing activity A Company A purchases land B Company A purchases treasury stock C Company A loans money to Company B D Company A sells off Company C stock that it had owned for 3 years 42 When preparing the Statement of Cash Flows by the indirect method, if current liabilities increase, the difference is A added to investing activities B deducted from net income C deducted from investing activities D added to net income 43 Activities that increase and decrease as a result of selling a company's stock are A investing activities B operating activities C marketing activities D financing activities 44 Of the following, which is NOT classified as an investing activity on the Statement of Cash Flows A Purchasing land B Selling goods and services C Sale of equipment for cash D Collecting the principal on loans 45 Green Timber reported net income of $53,000 depreciation expenses of $11,000 a gain on a land sale of $3,000 and a decrease in Accounts Receivable of $3,500 Under the indirect method, net Cash Flows from operations is A $70,500 B $57,500 C $67,500 D $64,500 46 If $9,000 was generated from operations (indirect method) $3,000 was used for investing activities and $8,000 was generated from financing activities, the cash balance A increased by $14,000 B decreased by $20,000 C increased by $8,000 D increased by $4,000 47 Exchanging stock for a building under the direct method would be reported A as a separate disclosure B in the operating section of the cash flow statement C in the investing section of the cash flow statement D in the financing section of the cash flow statement 48 When a corporation receives dividends, they are shown as a(n) when using the direct method A operating activity B investing activity C financing activity D noncash disclosure 49 From the Income Statement and Balance Sheet information listed below, what amount of cash was paid for salaries and wages during 2016 Salaries and wages expense 2016 $157,000 Salaries and wages payable 12 31 15 $13,600 Salaries and wages payable 12 31 16 $10,300 A $180,900 B $153,700 C $143,400 D $160,300 50 The following information is available for Bestway Company What amount is paid for merchandise for the current year (2016) Cost of goods sold $902,000 Merchandise inventory, 12 31 15 133,000 Merchandise inventory, 12 31 16 134,000 Accounts Payable, 12 31 15 109,000 Accounts Payable, 12 31 16 96,000 A $1,374,000 B $916,000 C $888,000 D $914,000

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30.The WellingtonWinery's Stockholders' Equity section includes the followinginformation: Preferred Stock $16,000 Paidin Capital in Excess of ParPreferred 6,000 Common Stock 16,000 Paidin Capital in Excess

30.The WellingtonWinery's Stockholders' Equity section includes the followinginformation:

Preferred Stock

$16,000

Paidin Capital in Excess of ParPreferred

6,000

Common Stock

16,000

Paidin Capital in Excess of ParCommon

8,000

Retained Earnings

9,000

What was the total selling price of the commonstock?

$22,000

$16,000

$24,000

$33,000

31.The________ is the financial statement associated with theoperating, investing and financing activities of a corporation.

Income Statement

Balance Sheet

Statement ofStockholders' Equity

Statement of Cash Flows

32.The accuracy of the Statement of Cash Flows can be verified by computing the change in the balance ofthe:

cash and cash equivalent accounts.

revenue accounts.

asset and liability accounts.

equity account.

33.The purpose of the Statement of Cash Flows is toshow:

how cash was received and used during the period.

the profits that were earned.

the expenses that were paid.

the revenue earned.

34.Which of the following is NOT a part of investingactivities?

Collecting on a loan receivable

Buying a building

Selling off equipment

Borrowing money

35.Investing Cash Flowsaffect:

current assets and current liabilities.

longterm liability accounts.

longterm asset accounts.

equity accounts.

36.Financing activitiesaffect:

current and longterm

assets.

longterm

liabilities and equity accounts.

current assets and current liabilities.

current and

longterm

liabilities.

37.Aspen Corp. sold an asset with a book value of$58,000 for$31,000 cash. Which of the following is a TRUEstatement?

Loss on sale equals$31,000 and Cash inflow equals$31,000.

Loss on sale equals$27,000 and Cash inflow equals$31,000.

Loss on sale equals$31,000 and Cash inflow equals$27,000.

Loss on sale equals$58,000 and Cash inflow equals$58,000.

38.Which would be added back to net income in the operating section of an indirect cash flowstatement?

Depreciation

An increase in Accounts Receivable

A decrease in Accounts Payable

An increase in inventory

39.An example of a cash inflow from financing activitiesis:

cash receipts from sale of investments.

selling a building.

gain on sale of land.

cash receipts from issuance of bonds.

40.An example of a cash outflow from investing activitiesis:

making a loan to another company.

the purchase of treasury stock.

payment on bonds payable.

paying cash dividends.

41.Which of the following is NOT a cash inflow or outflow from an investingactivity?

Company A purchases land

Company A purchases treasury stock

Company A loans money to Company B

Company A sells off Company C stock that it had owned for 3 years

42.When preparing the Statement of Cash Flows by the indirectmethod, if current liabilitiesincrease, the differenceis:

added to investing activities.

deducted from net income.

deducted from investing activities.

added to net income.

43.Activities that increase and decrease as a result of selling acompany's stockare:

investing activities.

operating activities.

marketing activities.

financing activities.

44.Of thefollowing, which is NOT classified as an investing activity on the Statement of CashFlows?

Purchasing land

Selling goods and services

Sale of equipment for cash

Collecting the principal on loans

45.Green Timber reported net income of$53,000; depreciation expenses of$11,000; a gain on a land sale of$3,000; and a decrease in Accounts Receivable of$3,500. Under the indirectmethod, net Cash Flows from operationsis:

$70,500.

$57,500.

$67,500.

$64,500.

46.If$9,000 was generated from operations(indirect method);$3,000 was used for investingactivities; and$8,000 was generated from financingactivities, the cashbalance:

increased by$14,000.

decreased by$20,000.

increased by$8,000.

increased by$4,000.

47.Exchanging stock for a building under the direct method would bereported:

as a separate disclosure.

in the operating section of the cash flow statement.

in the investing section of the cash flow statement.

in the financing section of the cash flow statement.

48.When a corporation receivesdividends, they are shown asa(n) ______ when using the direct method.

operating activity

investing activity

financing activity

noncash disclosure

49.From the Income Statement and Balance Sheet information listedbelow, what amount of cash was paid for salaries and wages during2016?

Salaries and wages expense

2016

$157,000

Salaries and wages payable

12/31/15

$13,600

Salaries and wages payable

12/31/16

$10,300

$180,900

$153,700

$143,400

$160,300

50.The following information is available for Bestway Company. What amount is paid for merchandise for the current year(2016)?

Cost of goods sold

$902,000

Merchandiseinventory, 12/31/15

133,000

Merchandiseinventory, 12/31/16

134,000

AccountsPayable, 12/31/15

109,000

AccountsPayable, 12/31/16

96,000

$1,374,000

$916,000

$888,000

$914,000

30.The Wellington Winery's Stockholders' Equity section includes the following information: Preferred Stock $16,000 Paidin Capital in Excess of ParPreferred 6,000 Common Stock 16,000 Paidin Capital in Excess of ParCommon 8,000 Retained Earnings 9,000 What was the total selling price of the common stock? A. $22,000 B. $16,000 C. $24,000 D. $33,000 31.The ________ is the financial statement associated with the operating, investing and financing activities of a corporation. A. Income Statement B. Balance Sheet C. Statement of Stockholders' Equity D. Statement of Cash Flows 32.The accuracy of the Statement of Cash Flows can be verified by computing the change in the balance of the: A. cash and cash equivalent accounts. B. revenue accounts. C. asset and liability accounts. D. equity account. 33.The purpose of the Statement of Cash Flows is to show: A. how cash was received and used during the period. B. the profits that were earned. C. the expenses that were paid. D. the revenue earned. 34.Which of the following is NOT a part of investing activities? A. Collecting on a loan receivable B. Buying a building C. Selling off equipment D. Borrowing money 35.Investing Cash Flows affect: A. current assets and current liabilities. B. longterm liability accounts. C. longterm asset accounts. D. equity accounts. 36.Financing activities affect: A. current and longterm assets. B. longterm liabilities and equity accounts. C. current assets and current liabilities. D. current and longterm liabilities. 37.Aspen Corp. sold an asset with a book value of $58,000 for $31,000 cash. Which of the following is a TRUE statement? A. Loss on sale equals $31,000 and Cash inflow equals $31,000. B. Loss on sale equals $27,000 and Cash inflow equals $31,000. C. Loss on sale equals $31,000 and Cash inflow equals $27,000. D. Loss on sale equals $58,000 and Cash inflow equals $58,000. 38.Which would be added back to net income in the operating section of an indirect cash flow statement? A. Depreciation B. An increase in Accounts Receivable C. A decrease in Accounts Payable D. An increase in inventory 39.An example of a cash inflow from financing activities is: A. cash receipts from sale of investments. B. selling a building. C. gain on sale of land. D. cash receipts from issuance of bonds. 40.An example of a cash outflow from investing activities is: A. making a loan to another company. B. the purchase of treasury stock. C. payment on bonds payable. D. paying cash dividends. 41.Which of the following is NOT a cash inflow or outflow from an investing activity? A. Company A purchases land B. Company A purchases treasury stock C. Company A loans money to Company B D. Company A sells off Company C stock that it had owned for 3 years 42.When preparing the Statement of Cash Flows by the indirect method, if current liabilities increase, the difference is: A. added to investing activities. B. deducted from net income. C. deducted from investing activities. D. added to net income. 43.Activities that increase and decrease as a result of selling a company's stock are: A. investing activities. B. operating activities. C. marketing activities. D. financing activities. 44.Of the following, which is NOT classified as an investing activity on the Statement of Cash Flows? A. Purchasing land B. Selling goods and services C. Sale of equipment for cash D. Collecting the principal on loans 45.Green Timber reported net income of $53,000; depreciation expenses of $11,000; a gain on a land sale of $3,000; and a decrease in Accounts Receivable of $3,500. Under the indirect method, net Cash Flows from operations is: A. $70,500. B. $57,500. C. $67,500. D. $64,500. 46.If $9,000 was generated from operations (indirect method); $3,000 was used for investing activities; and $8,000 was generated from financing activities, the cash balance: A. increased by $14,000. B. decreased by $20,000. C. increased by $8,000. D. increased by $4,000. 47.Exchanging stock for a building under the direct method would be reported: A. as a separate disclosure. B. in the operating section of the cash flow statement. C. in the investing section of the cash flow statement. D. in the financing section of the cash flow statement. 48.When a corporation receives dividends, they are shown as a(n) ______ when using the direct method. A. operating activity B. investing activity C. financing activity D. noncash disclosure 49.From the Income Statement and Balance Sheet information listed below, what amount of cash was paid for salaries and wages during 2016? Salaries and wages expense 2016 $157,000 Salaries and wages payable 12/31/15 $13,600 Salaries and wages payable 12/31/16 $10,300 A. $180,900 B. $153,700 C. $143,400 D. $160,300 50.The following information is available for Bestway Company. What amount is paid for merchandise for the current year (2016)? Cost of goods sold $902,000 Merchandise inventory, 12/31/15 133,000 Merchandise inventory, 12/31/16 134,000 Accounts Payable, 12/31/15 109,000 Accounts Payable, 12/31/16 96,000 A. $1,374,000 B. $916,000 C. $888,000 D. $914,000