Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9) The following information was taken from the books of California Company: S Payments to vendors Cash collected on accounts receivable Collections on cash sales

image text in transcribed

9) The following information was taken from the books of California Company: S Payments to vendors Cash collected on accounts receivable Collections on cash sales Cash paid for income taxes Cash paid for machinery 46,000 95,000 27,000 4300 14,600 When preparing the statement of cash flows, what amount should be reported for net cash provided by operating activities as a result of this information? A) $71,700. B) $57,100. C) $163,700. D) $41,700. Select one: A B D 10) Assuming the direct method of preparing the statement of cash flows, how should amortization expense be reported? A) A decrease in cash flows from operating activities. B) An increase in cash flows from operating activities. C) A decrease in cash flows from investing activities. D) Not reported. Select one: A B C D 11) The following information relates to California Company for the year ending December 31, 2020: $6,000 of prepaid rent at December 31, 2019 $14,500 of prepaid rent at December 31, 2020 $22,500 of rent expense for 2020 What amount would be shown as rent paid on the statement of cash flows using the direct method? A) $14,000. C) $31,000. B) $22,500. D) None of these answer choices are correct. Select one: A B D 12) California Corporation reported the following: Cash beginning balance of $257,000 Operating cash inflow of $64,000 Investing cash outflow of $207,000 Financing cash inflow of $360,000 What was the ending cash balance? A) $40,000 B) $143,000 C) $888,000 D) $474,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Trainer Online Purchase Managerial Accounting

Authors: Carl S. Warren, James M. Reeve, Philip E. Fess

8th Edition

ISBN: 0324204604, 978-0324204605

More Books

Students also viewed these Accounting questions

Question

define what is meant by the term human resource management

Answered: 1 week ago