I am really struggling with the statement of Cash Flows. Can you help me with any of these please?
1) The information in the following table is from the statement of cash flows for a company at four different points in time (Period 1, Period 2, Period 3, and Period 4). Negative values are presented in parentheses. Period 1 Period 2 Period 3 Period 4 Cash provided by $(180,000.0 $ $ operations 0) 90,000.00 360,000.00 $ (30,000.00) Cash provided by Investing $ (30,000.00) $ 75,000.00 $ 90,000.00 $(120,000.00) Cash provided by financing $ 210,000.00 $(330,000.00) $(150,000.00) $ 36,000.00 Net Income $ (12,000.00) $ 30,000.00 $ 300,000.00 $ (15,000.00) Based on this information, which of the following answers most likely corresponds with the introductory phase, growth phase, maturity phase or decline phase: Period 2, Period 1, Period 3, Period 4. Period 1, Period 4, Period 3, Period 2. Period 3, Period 4, Period 1, Period 2. Period 4, Period 3, Period 2, Period 1. Questio n 2 1. Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, received dividends on securities held would be classified on the statement of cash flows. Answer Operating activities section. Investing activities section. Financing activities section. Does not represent a cash flow. 2 points Q uestio n 3 1. The net income reported on the income statement for the current year was $220,000. Depreciation was $50,000. Accounts receivable and inventories decreased by $10,000 and $30,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $1,000 and $8,000. How much cash was provided by operating activities? Answer $281,000. $317,000. $301,000. $239,000. Questio n 4 1. Cash receipts from customers are greater than sales revenues when there is a(n) Answer increase in accounts receivable. decrease in accounts receivable. increase in cost of goods sold. decrease in cost of goods sold. Questio n 5 1. Which of the following activities would be classified as an investing activity? Answer Cash received from interest revenue. Cash paid (loaned) to a borrower as a loan. Cash received from dividend revenue. Cash paid to reacquire capital stock. 2 points Q uestio n 6 1. If a company has both an inflow and outflow of cash related to property, plant, and equipment, the ______________ in the investing activities section. Answer two cash effects must be netted and presented as one item cash inflow and cash outflow must be reported separately cash outflow is only is presented cash inflow and cash outflow can either be reported separately or presented as one item Questio n 7 1. Landis Company reported a net loss of $3,000 for the year ended December 31, 2010. During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2010, operating activities Answer used net cash of $1,000. used net cash of $14,000. provided net cash of $14,000. provided net cash of $9,000. 2 points Q uestio n 8 1. Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, purchased land for cash would be classified on the statement of cash flows. Answer Operating activities section. Investing activities section. Financing activities section. Does not represent a cash flow. 2 points Q uestio n 9 1. Hite Company had an increase in inventory of $80,000. The cost of goods sold was $180,000. There was a $20,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Hite's cash payments to suppliers? Answer $280,000. $120,000. $240,000. $200,000. 2 points Q uestio n 10 1. Starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called the Answer direct method. indirect method. working capital method. cost-benefit method. Q uestio n 11 1. Using the indirect method, which of the following adjustments to convert net income to net cash provided by operating activities is correct? Add to Net Income Accounts Receivable Prepaid Expense Inventory Taxes payable Deduct from net Income increase increase decrease decrease Questio n 12 1. Sam's Pest Control Products has the following information available. What is the cash debt coverage ratio? Answer .375 times. 1.17 times. .525 times. 1.625 times. decrease decrease increase increase 1) The information in the following table is from the statement of cash flows for a company at four different points in time (Period 1, Period 2, Period 3, and Period 4). Negative values are presented in parentheses. Period 1 Period 2 Period 3 Period 4 Cash provided by $(180,000.0 $ $ operations 0) 90,000.00 360,000.00 $ (30,000.00) Cash provided by Investing $ (30,000.00) $ 75,000.00 $ 90,000.00 $(120,000.00) Cash provided by financing $ 210,000.00 $(330,000.00) $(150,000.00) $ 36,000.00 Net Income $ (12,000.00) $ 30,000.00 $ 300,000.00 $ (15,000.00) Based on this information, which of the following answers most likely corresponds with the introductory phase, growth phase, maturity phase or decline phase: Period 2, Period 1, Period 3, Period 4. Period 1, Period 4, Period 3, Period 2. (Correct answer) Period 3, Period 4, Period 1, Period 2. Period 4, Period 3, Period 2, Period 1. - Tutors answer - incorrect Questio n 2 1. Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, received dividends on securities held would be classified on the statement of cash flows. Answer Operating activities section (correct answer). Investing activities section (tutors answer). Financing activities section. Does not represent a cash flow. 2 points Q uestio n 3 1. The net income reported on the income statement for the current year was $220,000. Depreciation was $50,000. Accounts receivable and inventories decreased by $10,000 and $30,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $1,000 and $8,000. How much cash was provided by operating activities? Answer $281,000. $317,000 correct answer. $301,000 tutors answer. $239,000. Questio n 4 1. Cash receipts from customers are greater than sales revenues when there is a(n) Answer increase in accounts receivable. decrease in accounts receivable (CORRECT ANSWER Tutor and student) increase in cost of goods sold. decrease in cost of goods sold. Questio n 5 1. Which of the following activities would be classified as an investing activity? Answer Cash received from interest revenue. Cash paid (loaned) to a borrower as a loan Correct Answer. Cash received from dividend revenue Tutors answer. Cash paid to reacquire capital stock. 2 points Q uestio n 6 1. If a company has both an inflow and outflow of cash related to property, plant, and equipment, the ______________ in the investing activities section. Answer two cash effects must be netted and presented as one item cash inflow and cash outflow must be reported separately Correct Answer cash outflow is only is presented cash inflow and cash outflow can either be reported separately or presented as one item (tutors answer) Questio n 7 1. Landis Company reported a net loss of $3,000 for the year ended December 31, 2010. During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2010, operating activities Answer used net cash of $1,000. used net cash of $14,000. provided net cash of $14,000 CORRECT ANSWER (Tutors an student). provided net cash of $9,000. 2 points Q uestio n 8 1. Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, purchased land for cash would be classified on the statement of cash flows. Answer Operating activities section. Investing activities section CORRECT ANSWER tutor an student. Financing activities section. Does not represent a cash flow. 2 points Q uestio n 9 1. Hite Company had an increase in inventory of $80,000. The cost of goods sold was $180,000. There was a $20,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Hite's cash payments to suppliers? Answer $280,000 correct answer, tutor and student. $120,000. $240,000. $200,000. 2 points Q uestio n 10 1. Starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called the Answer direct method. indirect method Correct answer, tutor and student working capital method. cost-benefit method. Q uestio n 11 1. Using the indirect method, which of the following adjustments to convert net income to net cash provided by operating activities is correct? Add to Net Income Accounts Receivable Prepaid Expense Inventory Taxes payable Deduct from net Income increase increase decrease decrease Questio n 12 1. Sam's Pest Control Products has the following information available. What is the cash debt coverage ratio? Answer .375 times. 1.17 times. .525 times. 1.625 times. Information not available for Question no.12. decrease decrease increase Correct Tutor and student increase Current Location 1. 2. 3. ACC 110 502 Financial Accounting I **Spring 2012** 20121011235 Assignments Review Test Submission: QUIZ 12 Menu Management Options ACC 110 502 Financial Accounting I **Spring 2012** (20121011235) Announcements Instructor Information Course Content Assignments Discussion Board Course Tools STLCC Libraries Course Documents Review Test Submission: QUIZ 12 Content User Nicole Tokun Course ACC 110 502 Financial Accounting I **Spring 2012** Test QUIZ 12 Started 5/1/12 5:22 PM Submitted 5/2/12 12:19 PM Status Completed Score 24 out of 24 points Time Elapsed 18 hours, 56 minutes. Instructions Question 1 2 out of 2 points The information in the following table is from the statement of cash flows for a company at four different points in time (Period 1, Period 2, Period 3, and Period 4). Negative values are presented in parentheses. Based on this information, which of the following answers most likely corresponds with the introductory phase, growth phase, maturity phase, or decline phase? Answer Selected Answer: Correct Answer: Period 1, Period 4, Period 3, Period 2. Period 1, Period 4, Period 3, Period 2. Question 2 2 out of 2 points Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, received dividends on securities held would be classified on the statement of cash flows. Answer Selected Answer: Correct Answer: Operating activities section. Operating activities section. Question 3 2 out of 2 points The net income reported on the income statement for the current year was $220,000. Depreciation was $50,000. Accounts receivable and inventories decreased by $10,000 and $30,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $1,000 and $8,000. How much cash was provided by operating activities? Answer Selected Answer: Correct Answer: $317,000. $317,000. Question 4 2 out of 2 points Cash receipts from customers are greater than sales revenues when there is a(n) Answer Selected Answer: decrease in accounts receivable. Correct Answer: decrease in accounts receivable. Question 5 2 out of 2 points Which of the following activities would be classified as an investing activity? Answer Selected Answer: Correct Answer: Cash paid (loaned) to a borrower as a loan. Cash paid (loaned) to a borrower as a loan. Question 6 2 out of 2 points If a company has both an inflow and outflow of cash related to property, plant, and equipment, the ______________ in the investing activities section. Answer Selected Answer: Correct Answer: cash inflow and cash outflow must be reported separately cash inflow and cash outflow must be reported separately Question 7 2 out of 2 points Landis Company reported a net loss of $3,000 for the year ended December 31, 2010. During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2010, operating activities Answer Selected Answer: Correct Answer: provided net cash of $14,000. provided net cash of $14,000. Question 8 2 out of 2 points Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, purchased land for cash would be classified on the statement of cash flows. Answer Selected Answer: Correct Answer: Investing activities section. Investing activities section. Question 9 2 out of 2 points Hite Company had an increase in inventory of $80,000. The cost of goods sold was $180,000. There was a $20,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Hite's cash payments to suppliers? Answer Selected Answer: Correct Answer: $280,000. $280,000. Question 10 2 out of 2 points Starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called the Answer Selected Answer: Correct Answer: indirect method. indirect method. Question 11 2 out of 2 points Using the indirect method, which of the following adjustments to convert net income to net cash provided by operating activities is correct? Answer Selected Answer: Correct Answer: Question 12 2 out of 2 points Sam's Pest Control Products has the following information available. What is the cash debt coverage ratio? Answer Selected Answer: Correct Answer: Wednesday, May 2, 2012 5:00:31 PM CDT OK .525 times. .525 times. 1) The information in the following table is from the statement of cash flows for a company at four different points in time (Period 1, Period 2, Period 3, and Period 4). Negative values are presented in parentheses. Period 1 Period 2 Period 3 Period 4 Cash provided by $(180,000.0 $ $ operations 0) 90,000.00 360,000.00 $ (30,000.00) Cash provided by Investing $ (30,000.00) $ 75,000.00 $ 90,000.00 $(120,000.00) Cash provided by financing $ 210,000.00 $(330,000.00) $(150,000.00) $ 36,000.00 Net Income $ (12,000.00) $ 30,000.00 $ 300,000.00 $ (15,000.00) Based on this information, which of the following answers most likely corresponds with the introductory phase, growth phase, maturity phase or decline phase: Period 2, Period 1, Period 3, Period 4. Period 1, Period 4, Period 3, Period 2. (Correct answer) Period 3, Period 4, Period 1, Period 2. Period 4, Period 3, Period 2, Period 1. - Tutors answer - incorrect Questio n 2 1. Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, received dividends on securities held would be classified on the statement of cash flows. Answer Operating activities section (correct answer). Investing activities section (tutors answer). Financing activities section. Does not represent a cash flow. 2 points Q uestio n 3 1. The net income reported on the income statement for the current year was $220,000. Depreciation was $50,000. Accounts receivable and inventories decreased by $10,000 and $30,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $1,000 and $8,000. How much cash was provided by operating activities? Answer $281,000. $317,000 correct answer. $301,000 tutors answer. $239,000. Questio n 4 1. Cash receipts from customers are greater than sales revenues when there is a(n) Answer increase in accounts receivable. decrease in accounts receivable (CORRECT ANSWER Tutor and student) increase in cost of goods sold. decrease in cost of goods sold. Questio n 5 1. Which of the following activities would be classified as an investing activity? Answer Cash received from interest revenue. Cash paid (loaned) to a borrower as a loan Correct Answer. Cash received from dividend revenue Tutors answer. Cash paid to reacquire capital stock. 2 points Q uestio n 6 1. If a company has both an inflow and outflow of cash related to property, plant, and equipment, the ______________ in the investing activities section. Answer two cash effects must be netted and presented as one item cash inflow and cash outflow must be reported separately Correct Answer cash outflow is only is presented cash inflow and cash outflow can either be reported separately or presented as one item (tutors answer) Questio n 7 1. Landis Company reported a net loss of $3,000 for the year ended December 31, 2010. During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2010, operating activities Answer used net cash of $1,000. used net cash of $14,000. provided net cash of $14,000 CORRECT ANSWER (Tutors an student). provided net cash of $9,000. 2 points Q uestio n 8 1. Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, purchased land for cash would be classified on the statement of cash flows. Answer Operating activities section. Investing activities section CORRECT ANSWER tutor an student. Financing activities section. Does not represent a cash flow. 2 points Q uestio n 9 1. Hite Company had an increase in inventory of $80,000. The cost of goods sold was $180,000. There was a $20,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Hite's cash payments to suppliers? Answer $280,000 correct answer, tutor and student. $120,000. $240,000. $200,000. 2 points Q uestio n 10 1. Starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called the Answer direct method. indirect method Correct answer, tutor and student working capital method. cost-benefit method. Q uestio n 11 1. Using the indirect method, which of the following adjustments to convert net income to net cash provided by operating activities is correct? Add to Net Income Accounts Receivable Prepaid Expense Inventory Taxes payable Deduct from net Income increase increase decrease decrease Questio n 12 1. Sam's Pest Control Products has the following information available. What is the cash debt coverage ratio? Answer .375 times. 1.17 times. .525 times. 1.625 times. Information not available for Question no.12. decrease decrease increase Correct Tutor and student increase Current Location 1. 2. 3. ACC 110 502 Financial Accounting I **Spring 2012** 20121011235 Assignments Review Test Submission: QUIZ 12 Menu Management Options ACC 110 502 Financial Accounting I **Spring 2012** (20121011235) Announcements Instructor Information Course Content Assignments Discussion Board Course Tools STLCC Libraries Course Documents Review Test Submission: QUIZ 12 Content User Nicole Tokun Course ACC 110 502 Financial Accounting I **Spring 2012** Test QUIZ 12 Started 5/1/12 5:22 PM Submitted 5/2/12 12:19 PM Status Completed Score 24 out of 24 points Time Elapsed 18 hours, 56 minutes. Instructions Question 1 2 out of 2 points The information in the following table is from the statement of cash flows for a company at four different points in time (Period 1, Period 2, Period 3, and Period 4). Negative values are presented in parentheses. Based on this information, which of the following answers most likely corresponds with the introductory phase, growth phase, maturity phase, or decline phase? Answer Selected Answer: Correct Answer: Period 1, Period 4, Period 3, Period 2. Period 1, Period 4, Period 3, Period 2. Question 2 2 out of 2 points Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, received dividends on securities held would be classified on the statement of cash flows. Answer Selected Answer: Correct Answer: Operating activities section. Operating activities section. Question 3 2 out of 2 points The net income reported on the income statement for the current year was $220,000. Depreciation was $50,000. Accounts receivable and inventories decreased by $10,000 and $30,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $1,000 and $8,000. How much cash was provided by operating activities? Answer Selected Answer: Correct Answer: $317,000. $317,000. Question 4 2 out of 2 points Cash receipts from customers are greater than sales revenues when there is a(n) Answer Selected Answer: decrease in accounts receivable. Correct Answer: decrease in accounts receivable. Question 5 2 out of 2 points Which of the following activities would be classified as an investing activity? Answer Selected Answer: Correct Answer: Cash paid (loaned) to a borrower as a loan. Cash paid (loaned) to a borrower as a loan. Question 6 2 out of 2 points If a company has both an inflow and outflow of cash related to property, plant, and equipment, the ______________ in the investing activities section. Answer Selected Answer: Correct Answer: cash inflow and cash outflow must be reported separately cash inflow and cash outflow must be reported separately Question 7 2 out of 2 points Landis Company reported a net loss of $3,000 for the year ended December 31, 2010. During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2010, operating activities Answer Selected Answer: Correct Answer: provided net cash of $14,000. provided net cash of $14,000. Question 8 2 out of 2 points Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, purchased land for cash would be classified on the statement of cash flows. Answer Selected Answer: Correct Answer: Investing activities section. Investing activities section. Question 9 2 out of 2 points Hite Company had an increase in inventory of $80,000. The cost of goods sold was $180,000. There was a $20,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Hite's cash payments to suppliers? Answer Selected Answer: Correct Answer: $280,000. $280,000. Question 10 2 out of 2 points Starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called the Answer Selected Answer: Correct Answer: indirect method. indirect method. Question 11 2 out of 2 points Using the indirect method, which of the following adjustments to convert net income to net cash provided by operating activities is correct? Answer Selected Answer: Correct Answer: Question 12 2 out of 2 points Sam's Pest Control Products has the following information available. What is the cash debt coverage ratio? Answer Selected Answer: Correct Answer: Wednesday, May 2, 2012 5:00:31 PM CDT OK .525 times. .525 times. 1) The information in the following table is from the statement of cash flows for a company at four different points in time (Period 1, Period 2, Period 3, and Period 4). Negative values are presented in parentheses. Period 1 Period 2 Period 3 Period 4 Cash provided by $(180,000.0 $ $ operations 0) 90,000.00 360,000.00 $ (30,000.00) Cash provided by Investing $ (30,000.00) $ 75,000.00 $ 90,000.00 $(120,000.00) Cash provided by financing $ 210,000.00 $(330,000.00) $(150,000.00) $ 36,000.00 Net Income $ (12,000.00) $ 30,000.00 $ 300,000.00 $ (15,000.00) Based on this information, which of the following answers most likely corresponds with the introductory phase, growth phase, maturity phase or decline phase: Period 2, Period 1, Period 3, Period 4. Period 1, Period 4, Period 3, Period 2. (Correct answer) Period 3, Period 4, Period 1, Period 2. Period 4, Period 3, Period 2, Period 1. - Tutors answer - incorrect Questio n 2 1. Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, received dividends on securities held would be classified on the statement of cash flows. Answer Operating activities section (correct answer). Investing activities section (tutors answer). Financing activities section. Does not represent a cash flow. 2 points Q uestio n 3 1. The net income reported on the income statement for the current year was $220,000. Depreciation was $50,000. Accounts receivable and inventories decreased by $10,000 and $30,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $1,000 and $8,000. How much cash was provided by operating activities? Answer $281,000. $317,000 correct answer. $301,000 tutors answer. $239,000. Questio n 4 1. Cash receipts from customers are greater than sales revenues when there is a(n) Answer increase in accounts receivable. decrease in accounts receivable (CORRECT ANSWER Tutor and student) increase in cost of goods sold. decrease in cost of goods sold. Questio n 5 1. Which of the following activities would be classified as an investing activity? Answer Cash received from interest revenue. Cash paid (loaned) to a borrower as a loan Correct Answer. Cash received from dividend revenue Tutors answer. Cash paid to reacquire capital stock. 2 points Q uestio n 6 1. If a company has both an inflow and outflow of cash related to property, plant, and equipment, the ______________ in the investing activities section. Answer two cash effects must be netted and presented as one item cash inflow and cash outflow must be reported separately Correct Answer cash outflow is only is presented cash inflow and cash outflow can either be reported separately or presented as one item (tutors answer) Questio n 7 1. Landis Company reported a net loss of $3,000 for the year ended December 31, 2010. During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2010, operating activities Answer used net cash of $1,000. used net cash of $14,000. provided net cash of $14,000 CORRECT ANSWER (Tutors an student). provided net cash of $9,000. 2 points Q uestio n 8 1. Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, purchased land for cash would be classified on the statement of cash flows. Answer Operating activities section. Investing activities section CORRECT ANSWER tutor an student. Financing activities section. Does not represent a cash flow. 2 points Q uestio n 9 1. Hite Company had an increase in inventory of $80,000. The cost of goods sold was $180,000. There was a $20,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Hite's cash payments to suppliers? Answer $280,000 correct answer, tutor and student. $120,000. $240,000. $200,000. 2 points Q uestio n 10 1. Starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called the Answer direct method. indirect method Correct answer, tutor and student working capital method. cost-benefit method. Q uestio n 11 1. Using the indirect method, which of the following adjustments to convert net income to net cash provided by operating activities is correct? Add to Net Income Accounts Receivable Prepaid Expense Inventory Taxes payable Deduct from net Income increase increase decrease decrease Questio n 12 1. Sam's Pest Control Products has the following information available. What is the cash debt coverage ratio? Answer .375 times. 1.17 times. .525 times. 1.625 times. Information not available for Question no.12. decrease decrease increase Correct Tutor and student increase Current Location 1. 2. 3. ACC 110 502 Financial Accounting I **Spring 2012** 20121011235 Assignments Review Test Submission: QUIZ 12 Menu Management Options ACC 110 502 Financial Accounting I **Spring 2012** (20121011235) Announcements Instructor Information Course Content Assignments Discussion Board Course Tools STLCC Libraries Course Documents Review Test Submission: QUIZ 12 Content User Nicole Tokun Course ACC 110 502 Financial Accounting I **Spring 2012** Test QUIZ 12 Started 5/1/12 5:22 PM Submitted 5/2/12 12:19 PM Status Completed Score 24 out of 24 points Time Elapsed 18 hours, 56 minutes. Instructions Question 1 2 out of 2 points The information in the following table is from the statement of cash flows for a company at four different points in time (Period 1, Period 2, Period 3, and Period 4). Negative values are presented in parentheses. Based on this information, which of the following answers most likely corresponds with the introductory phase, growth phase, maturity phase, or decline phase? Answer Selected Answer: Correct Answer: Period 1, Period 4, Period 3, Period 2. Period 1, Period 4, Period 3, Period 2. Question 2 2 out of 2 points Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, received dividends on securities held would be classified on the statement of cash flows. Answer Selected Answer: Correct Answer: Operating activities section. Operating activities section. Question 3 2 out of 2 points The net income reported on the income statement for the current year was $220,000. Depreciation was $50,000. Accounts receivable and inventories decreased by $10,000 and $30,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $1,000 and $8,000. How much cash was provided by operating activities? Answer Selected Answer: Correct Answer: $317,000. $317,000. Question 4 2 out of 2 points Cash receipts from customers are greater than sales revenues when there is a(n) Answer Selected Answer: decrease in accounts receivable. Correct Answer: decrease in accounts receivable. Question 5 2 out of 2 points Which of the following activities would be classified as an investing activity? Answer Selected Answer: Correct Answer: Cash paid (loaned) to a borrower as a loan. Cash paid (loaned) to a borrower as a loan. Question 6 2 out of 2 points If a company has both an inflow and outflow of cash related to property, plant, and equipment, the ______________ in the investing activities section. Answer Selected Answer: Correct Answer: cash inflow and cash outflow must be reported separately cash inflow and cash outflow must be reported separately Question 7 2 out of 2 points Landis Company reported a net loss of $3,000 for the year ended December 31, 2010. During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2010, operating activities Answer Selected Answer: Correct Answer: provided net cash of $14,000. provided net cash of $14,000. Question 8 2 out of 2 points Harden Corporation engaged in the following transaction. Assume that the Harden Corporation uses the indirect method to depict cash flows. Indicate where, if at all, purchased land for cash would be classified on the statement of cash flows. Answer Selected Answer: Correct Answer: Investing activities section. Investing activities section. Question 9 2 out of 2 points Hite Company had an increase in inventory of $80,000. The cost of goods sold was $180,000. There was a $20,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Hite's cash payments to suppliers? Answer Selected Answer: Correct Answer: $280,000. $280,000. Question 10 2 out of 2 points Starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called the Answer Selected Answer: Correct Answer: indirect method. indirect method. Question 11 2 out of 2 points Using the indirect method, which of the following adjustments to convert net income to net cash provided by operating activities is correct? Answer Selected Answer: Correct Answer: Question 12 2 out of 2 points Sam's Pest Control Products has the following information available. What is the cash debt coverage ratio? Answer Selected Answer: Correct Answer: Wednesday, May 2, 2012 5:00:31 PM CDT OK .525 times. .525 times
