Answered step by step
Verified Expert Solution
Question
1 Approved Answer
NO EXPLANATION NECESSARY, just the final answer for 4 MC questions, it would help me tremendously! (thumbs up) 163 The accountant for Walter Company is
NO EXPLANATION NECESSARY, just the final answer for 4 MC questions, it would help me tremendously! (thumbs up)
163 The accountant for Walter Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year Cash dividends declared for the year Proceeds from the sale of equipment Gain on the sale of equipment Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year Net income for the year $133,000 53,000 88,000 8,400 25,000 28,400 99,000 The amount of cash dividends paid during the year would be: Multiple Choice 0 $49,600. 0 $262,000. 0 $188,000. $188,0 0 $266,600. 0 $290,000 164 On February 15, Jewel Company buys bonds of Marcelo Corp. for $201,400. The investment is classified as available-for-sale securities. This is the company's first and only investment in available-for-sale securities. On December 31, the bonds had a fair value of $203,100. The entry to record the year-end adjustment is: Multiple Choice 0 Debit Fair Value Adjustment-Available-for-Sale $1,700; credit Realized Gain-Income $1,700. 0 Debit Cash $1,700, credit Gain on Sale of Investments $1,700. 0 Debit Fair Value Adjustment-Available-for-Sale $1,700, credit Interest Revenue $1,700. 0 Debit Fair Value Adjustment-Available-for-Sale $1,700; credit Unrealized Gain-Equity $1,700. 0 Debit Cash $1,700, credit Dividend Revenue $1,700. 165 Canberry Corporation had net income of $84,000, beginning total assets of $664,000 and ending total assets of $600,000. Its return on total assets is: 166 Stormer Company reports the following amounts on its statement of cash flow: Net cash provided by operating activities was $32,000; net cash used in investing activities was $11,600 and net cash used in financing activities was $14,400. If the beginning cash balance is $5,800, what is the ending cash balance? Multiple Choice 0 $6,000 0 $63,800 0 $52,200 0 $11,800 0 $35,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started