I need help in solving this accounting problems.

I have tried hard but i have difficulties in slving it

1. A company reports the following information for Year 1: Sale of Equipment Issuance of the company's bonds Dividends paid Purchase of stock of another company Purchase of U.S. Treasury note Income taxes paid Interest income received $20,000 $10,000 $5,000 $2,000 $2,000 $2,000 $500 What is the company's net cash flow from financing activities? a. ($9,000) b. $5,000 c. $5,500 d. $15,000 2. In a statement of cash flows, used equipment is sold at a gain, the amount shown as a cash inflow from investing activities equals the carrying amount of the equipment a. b. c. d. 3. With no addition or subtraction Plus the gain and less the amount of tax attributable to the gain Plus both the gain and the amount of tax attributable to the gain Plus the gain Best Pear Company incurred interest expense in the current year. In their statement of cash flows prepared under IFRS, where would this expense show up? a. b. c. d. In investing activities or financing activities Financing Activities Either operating activities or financing activities Operating Activities 4. The following costs were incurred by Bird co, a manufacturer, during 2017: Accounting and legal fees Freight-In Freight-Out Admin Salaries $5,000 20,000 15,000 60,000 Insurance Sales Salaries 15,000 20,000 What amount of these costs should be reported as general and administrative expenses for 2017? a. b. c. d. 5. $100,000 $120,000 $80,000 $50,000 When a company decides to discontinue operations of a component unit, the loss on the disposal should a. b. c. d. 6. When preparing financial statement in accordance with IFRS, there are a variety of required disclosures that need to be made. Which of the following is required disclosure on an IFRS Statement of Profit or Loss? a. b. c. d. 7. Exclude operating losses during the period Include operating losses of the current period Be reported in other comprehensive income Be an operating item Gross profit, operating profits, and net profits Finance costs, tax expense, and income Revenues, cost of goods sold, and advertising expense Operating expenses, non-operating expenses, and selling and administrative expenses. For the year ended December 31, 2016 Mark Co. reported pretax financial statement income of $500,000. Its taxable income was 400,000. The difference is due to accelerated depreciation for income tax purposes. Mark's effective income tax rate is 30% and Mark made estimated tax payments during 2016 of $100,000. What amount should Mark report as current income tax expense for 2016? a. b. c. d. $120,000 $150,000 $135,000 $80,000 8. Adam Co.'s 2016 income statement reported $90,000 income before provision for income taxes. To compute the provision for federal income taxes, the following 2016 information is provided: Adam has rent received in advance in the amount of $5,000 and depreciation deducted for income tax purposes in excess of depreciation reported for financial statement purposes was $10,000. Enacted Corporate income tax rate 30% If the alternative minimum tax provisions are ignored, what amount of current federal income tax liability should be reported in Adam's December 31, 2016 balance sheet? a. b. c. d. $45,000 $30,000 25,500 31,500 9. When accounting for income taxes, a permanent difference occurs in which of the following scenarios? a. The accrual method of accounting is used b. An item is included in the calculation of net income in one year and in taxable income in a different year c. An item is treated identically for financial and for tax purposes d. An item is included in the calculation of net income, but is neither taxable nor deductible 10. A company reports the following information as of December 31: Sales Revenue Cost of Goods sold Operating Expenses Gain on Sale of Equipment $500,000 $ 75,000 $200,000 $50,000 Ignoring income taxes, what amount should the company report as net income as of December 31st? a. b. c. d. $300,000 $275,000 $225,000 $325,000 11. Best Corp. reported $250,000 of comprehensive income for 2016. It also reported the following: Beginning retained earnings $250,000 Income tax expense Ending retained earnings Cash dividends declared Other comprehensive income $50,000 $375,000 (continued, next page) $75,000 $60,000 What was Best Corp's net income for 2016? a. $200,000 b. $ 150,000 c. $225,000 d. $175,000 12. Aqua Co had net cash provided by operating activities of $209; net cash used by investing activities of $354,000; and cash provided by financing activities of $190,000. Aqua's cash balance was $36,500 on January 1. During the year, there was a sale of equipment that resulted in a gain of $7,200 and proceeds of $55,000 were received from the sale. What was Aqua's cash balance at the end of the year? a. $45,000 b. $88,700 c. $81,500 d. $55,000 13. Winston Co. prepares its statement of cash flows using the indirect method. Winston's bad debt allowance increased by $20,000 during the year and no accounts were written off. How should Winston report the change in its bad debt allowance in the statement of cash flows? a. b. c. d. As an addition to net income in the operating activities section As a financing cash outflow As a subtraction from net income in the operating activities section As an investing cash outflow 14. A company reacquired some of its own stock to be held as treasury stock and used for its employee's 401K plan. In their statement of cash flows how would this cash outflow be reported? a. b. c. d. Either under operating activities or financing activities Under financing activities Either under investing activities or financing activities Under operating activities 15. Which of the following is true regarding FIFO a. FIFO maximizes net income and ending inventory when costs are rising b. FIFO minimizes net income and ending inventory when costs are rising c. FIFO minimizes net income and ending inventory when costs are decreasing d. Both a and c 16. Identify whether each of the following sentences would be found in (a) the auditor's report; (b) the statement of management's responsibility for financial statements; (c) the notes to the financial statements. _____1. The financial statements of Matthews Corp have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) _____2. Management has established systems of internal control that are designed to provide reasonable assurance that assets are safeguarded from loss or unauthorized use.... _____3. When preparing the financial statements, management undertakes a number of judgments, estimates, and assumptions about the recognition and measurement of assets, liabilities, income, and expenses. Information about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income, and expense are provided below. Actual results may be substantially different. _____4. [...] the accompanying financial statements of Matthews Corp, which comprise the balance sheet as of December 31, 2017, the income statement, statement of changes in equity, and statement of cash flows for the year ended, and a summary of significant accounting policies and other explanatory information. _____5. The accompanying financial statements of the company are the responsibility of management. ____6. The bank loan is due on demand and bears 3.25% annually. It is secured by property of the company. _____7. My responsibility is to express an opinion on the financial statements based on my audit. _____8. Estimates are necessary in the preparation of these statements and, based on careful judgments, have been propery reflected. _____9. I believe that the [...] evidence I have obtained is sufficient and appropriate to provide a basis for my [...]. _____10. The principal activity of Acme Supplies Ltd is retail sales. 17. The following list of accounts is taken from the records of Wilkes Company at December 31, 2016: Account Accounts Payable Accounts Receivable Building Cash Equipment Land Mortgage Payable (due 2020) Notes Receivable (due within 90 days) Retained Earnings Salaries Payable Supplies Balance $2,000 1,500 10,000 2,500 500 8,000 3,000 500 ? 200 10 Required: Prepare a classified balance sheet. Assume all accounts have normal balances. 18. The following data are taken from an unadjusted trial balance at December 31, 2016: Office Supplies Income Taxes Payable Unearned Revenue Prepaid Insurance Salaries Expense $1,000 500 850 300 1,200 Additional Information: a. The prepaid insurance consisted of a payment for three month's insurance at $100 per month for December 2016, January 2017, and February 2017. b. Office supplies on hand at December 31, 2016 were $600. c. The estimated income taxes for 2016 are $2,500 d. All but $300 of unearned revenue has been earned in 2016. e. Salaries for the last three days of December in the amount of $400 have not yet been recorded. Required: 1. Prepare all necessary adjusting entries in the general journal format at December 31, 2016. General Ledger account numbers are not required. 2. Calculate the cumulative financial impact on assets, liabilities, shareholders' equity, revenue and expense if these adjusting entries are not made. 19. Watauga Inc. uses the perpetual inventory system. All sales are made on account. The following data are taken form the company for the year ended December 31, 2017: Jan. 3 Feb. 23 Mar. 10 Jun. 6 Nov. 8 Inventory Purchase 1 Purchase 2 Purchase 3 Purchase 4 Units Unit Cost 30 20 10 20 15 $1 $2 $3 $4 $6 Feb. 26 Mar 29 Jul 3 Sale 1 Sale 2 Sale 3 Units Unit Sell Price 25 20 15 $2.50 $3.00 $5.00 Required: 1. Show the journal entries to record the July 3 sale (a) under FIFO and (b) weighted average inventory cost flow assumptions. 2. Calculate the amount of gross profit for the year under the FIFO and weighted average inventory cost flow assumptions. Which method matches cost of goods sold more closely with revenues? Why? 3. Based on your conclusions to (2), what inventory cost flow assumption would be picked if management wanted to minimize income taxes? 20. Ace Co deposits cash on a daily basis and makes all disbursements by check. After all the posting for the month of June 2017 was completed, the Cash balance in the general ledger account at June 30 was $4,213. The bank statement for the month ended June30 received from County Bank showed a balance of $4,440. The following information should be used for reconciling these balances a. Cash receipts for June 30 in the amount of $421 were placed in the night deposit and do not appear on the bank statement. b. An NSF on a check received as payment for an account receivable of $130. A memo for an electronic deposit to Ace's account in the amount of $500 c. Checks written in June but have not cleared the bank are No. 180, $32; No. 192, $54; No. 193, $83; and No. 194, $109. Prepare a bank reconciliation at June 30