Multiple Choice Question 187

Concord Corporation's December 31, 2020 balance sheet showed the following:

6% preferred stock, $10 par value, cumulative,

40000 shares authorized; 25000 shares issued

$ 250000

Common stock, $10 par value, 4,000,000 shares authorized;

2,600,000 shares issued, 2,560,000 shares outstanding

26800000

Paid-in capital in excess of par value - preferred stock

70000

Paid-in capital in excess of par value - common stock

28400000

Retained earnings

9750000

Treasury stock (30000 shares)

690000

Concord's total stockholders' equity was

$64580000.

$53220000.

$66260000.

$65420000.

Multiple Choice Question 117

In calculating net cash provided by operating activities using the indirect method, an increase in prepaid expenses during a period is

ignored because it does not affect income.

added to net income.

ignored because it does not affect expenses.

deducted from net income.

Multiple Choice Question 108

If accounts payable have increased during a period,

expenses on an accrual basis are less than expenses on a cash basis.

expenses on an accrual basis are greater than expenses on a cash basis.

expenses on an accrual basis are the same as expenses on a cash basis.

revenues on an accrual basis are less than revenues on a cash basis.

Multiple Choice Question 140

In preparing the statement of cash flows, determining the net increase or decrease in cash requires the use of

a comparative income statement.

the adjusted trial balance.

the current period's retained earnings statement.

a comparative balance sheet.

Multiple Choice Question 64

Pina Colada Corp. had the following transactions during 2022:

1. Issued $302500 of par value common stock for cash.

2. Recorded and paid wages expense of $145200.

3. Acquired land by issuing common stock of par value $121000.

4. Declared and paid a cash dividend of $24200.

5. Sold a long-term investment (cost $7260) for cash of $7260.

6. Recorded cash sales of $968000.

7. Bought inventory for cash of $387200.

8. Acquired an investment in Zynga stock for cash of $50820.

9. Converted bonds payable to common stock in the amount of $1210000.

10. Repaid a 6-year note payable in the amount of $532400.

What is the net cash provided by financing activities?

$1464100.

$955900.

$278300.

$(254100).

Multiple Choice Question 109

Which one of the following affects cash during a period?

Payment of accounts payable.

Recording depreciation expense.

Declaration of a cash dividend.

Write-off of an uncollectible account receivable.

Multiple Choice Question 88

Preferred stock issued in exchange for land would be reported in the statement of cash flows in

the cash flows from investing activities section.

the cash flows from the operating section.

the cash flows from financing activities section.

a separate schedule or note to the financial statements.

Multiple Choice Question 149

Land costing $155000 was sold for $440200 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

$384400.

$285200.

$192200.

$440200.