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21. 22. An increase in inventory balance would be reported in a statement of cash flows as a(n) a. addition to net income in arriving at net cash flow from operating activities. b. cash outflow from financing activities. c. cash outflow from Investing activities. d. deduction from net income in arriving at net cash flow from operating activities. When a plant asset is acquired by issuance of common stock, the cost of the plant asset is properly measured by the a book value of the stock. b. stated value of the stock. c. par value of the stock. d. market price of the stock. 23 24. Kingman Company had 500 units of "Dink in its inventory at a cost of $5 each. It purchased, for $2,400, 300 more units of "Dink". Kingman then sold 600 units at a selling price of $10 each, resulting in a gross profit of $2,100. The cost flow assumption used by Kingman a, is FIFO b. is weighted average. C. is LIFO. d. cannot be determined from the information given The amount of the liability for compensated absences should be based on 1. the current rates of pay in effect when employees earn the right to compensated absences 2. the future rates of pay expected to be paid when employees use compensated time. 3. the present value of the amount expected to be paid in future periods. a. 1. b. 2. c. 3. d. Either 1 or 2 is acceptable, Glow Co. purchased machinery on January 2, 2012, for $880.000. The straight-line method is used and useful life is estimated to be 10 years, with a $80,000 salvage value. At the beginning of 2018 Glow spent $192,000 to overhaul the machinery. After the overhaul, Glow estimated that the useful life would be extended 4 years (14 years total). and the salvage value would be $40,000. The depreciation expense for 2018 should be a. $56,500 b. $69.000. C. $80,000 d. $74,000 25