Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with accounting questions. Only 5 questions. 1. The following events occurred last year at Dorder Corporation: Purchase of plant and equipment $61,500 Sale

Need help with accounting questions. Only 5 questions.

image text in transcribed 1. The following events occurred last year at Dorder Corporation: Purchase of plant and equipment $61,500 Sale of long-term investment $45,200 Dividends received on long-term investments $23,500 Paid off bonds payable $45,000 Depreciation expense $24,000 Based on the above information, the cash provided (used) by investing activities for the year on the statement of cash flows would net to: A. $(45,000) B. $(16,300) C. $(61,800) D. $(24,000) 2. Last year Burch Corporation's cash account decreased by $38,000. Net cash provided by investing activities was $9,300. Net cash used in financing activities was $34,500. On the statement of cash flows, the net cash flow provided by (used in) operating activities was: A. $(38,000) B. $(12,800) C. $25,200 D. $(63,200) 3. McCorey Corporation recorded the following events last year: Repurchase by the company of its own common stock Sale of long-term investment Interest paid to lenders Dividends paid to the company's shareholders Collection by McCorey of a loan made to another company Payment of taxes to governmental bodies $26,000 $45,000 $8,000 $55,000 $31,000 $18,000 On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities. Based solely on the information above, the net cash provided by (used in) investing activities on the statement of cash flows would be: A. $21,000 B. $76,000 C. $(13,000) D. $(16,000) 4. Financial statements of Rukavina Corporation follow: Rukavina Corporation Comparative Balance Sheet Ending Beginning Balance Balance Assets: Cash and cash equivalents $45 $42 Accounts receivable 108 93 Inventory 67 52 Property, plant and equipment 843 690 372 320 $691 $557 Liabilities and stockholders' equity: Accounts payable Bonds payable Common stock $85 200 119 $94 320 93 Retained earnings 287 50 Less: accumulated depreciation Total assets Total liabilities and stockholders' equity Income Statement Sales $691 $810 Cost of goods sold 284 Gross margin 526 Selling and administrative expenses 105 Net operating income 421 Income taxes 149 Net income $272 $557 Cash dividends were $35. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was: A. $(120) B. $26 C. $(153) D. $(35) 5. Alcoser Corporation's most recent balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance $34 $29 Accounts receivable 32 36 Inventory 53 66 Property, plant and equipment 554 480 Less accumulated depreciation 208 206 $465 $405 Accounts payable $41 $50 Accrued liabilities 17 16 Income taxes payable 28 30 Bonds payable 217 200 Common stock 75 70 Retained earnings 87 39 $465 $405 Assets: Cash and cash equivalents Total assets Liabilities and stockholders' equity: Total liabilities and equity Net income for the year was $60. Cash dividends were $12. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was: A. $74 B. $(74) C. $(72) D. $72

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Auditing An International Approach

Authors: Wally J. Smieliauskas, Kathryn Bewley

6th edition

978-0070968295, 9781259087462, 978-0071051415

More Books

Students also viewed these Accounting questions