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Quick Links Logout QUESTION 1 1. A cash purchase of land would appear in which of the following sections of the statement of cash flows? Cash outflow from financing activities. Cash inflow and cash outflow in a separate schedule of noncash investing and financing activities. Cash inflow from operating activities. Cash outflow from investing activities. 8.5 points QUESTION 2 A company provides services on account. Indicate how this transaction would affect the following five financial statement items: Option a. Option b. Option c. Option d. 8.5 points QUESTION 3 1. A company's adjustment for uncollectible accounts at year-end would include a: Debit to Bad Debt Expense. Credit to Accounts Receivable. Debit to Accounts Receivable. Debit to Allowance for Uncollectible Accounts. 8.5 points QUESTION 4 1. A rationale for recognizing revenue over the life of a contract rather than at a single point in time is that: Results are more conservative. It provides a better measure of periodic accomplishment. It is a better match with legal ownership. It results in a lower income tax. 8.5 points QUESTION 5 1. A series of equal periodic payments is referred to as: The time value of money. An annuity. The future value. Interest. 8.5 points QUESTION 6 1. An extraordinary event for financial reporting purposes is both: Unusual and material. Infrequent and significant. Material and infrequent. Unusual and infrequent. 8.5 points QUESTION 7 1. As of December 31, 2013, Amy Jo's Appliances had unadjusted account balances in accounts receivable of $311,000 and $970 in the allowance for uncollectible accounts, following 2013 writeoffs of $6,450 in bad debts. An analysis of Amy Jo's December 31, 2013, accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. Bad debt expense for 2013 should be: $6,220. $6,450. $5,250. None of the above is correct. 8.5 points QUESTION 8 1. As of January 1, 2013, Farley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's credit sales have been uncollectible. During 2013, Farley wrote off $650,000 of accounts receivable. Credit sales for 2013 were $18,000,000. In its December 31, 2013, balance sheet, what amount should Farley report as allowance for uncollectible accounts? $230,00 0. $360,00 0. $590,00 0. $880,00 0. 8.5 points QUESTION 9 1. Cash equivalents: Are readily convertible to a known cash amount. Include short-term investments purchased within 3 months of their maturity dates. Have a market value that is not sensitive to interest rate changes. Include short-term U.S. treasury bills. All of the choices are cash equivalents. 8.5 points QUESTION 10 Equity. 1. Cash that is restricted and not available for current operations is reported in the balance sheet as: Investments. Liabilities. A separate section between liabilities and equity. 8.5 points QUESTION 11 1. Cash, not including cash equivalents, includes: Postage stamps. Coins, currency, and checking accounts. IOUs. Two-year certificates of deposit. Money market funds. 8.5 points QUESTION 12 1. Consider the following three scenarios: I. ABC Lawncare performed lawn maintenance services for Drake Inc. on June 1st, and received payment of $500 for those services. II. On June 1st, Melly Corp. received payment for 100 pounds of raw material to be delivered to Drake Inc. in 6 months III. Lodo, LLC collected cash on June 1st for services rendered on May 1st. Given these scenarios, revenue can not be recognized on June 1st for I, II I only II, III only III only 8.5 points QUESTION 13 1. Consider the following year-end information for Spitzer Corporation: What amount will Spitzer report for operating income? $200,00 0. $210,00 0. $380,00 0. $120,00 0. 8.5 points QUESTION 14 1. In preparing a company's statement of cash flows for the most recent year on the indirect method, the following information is available: Net cash provided by operating activities was: $120,00 0. $44,000 . $70,000 . $84,000 . $30,000 . 8.5 points QUESTION 15 1. LeAnn wishes to know how much she should set invest now at 7% interest in order to accumulate a sum of $5,000 in four years. She should use a table for the: Present value of 1. Future value of 1. Present value of an ordinary annuity of 1. Future value of an annuity due of 1. 8.5 points QUESTION 16 1. Major Co. reported 2013 income of $300,000 from continuing operations before income taxes and a before-tax extraordinary loss of $80,000. All income is subject to a 30% tax rate. In the 2013 income statement, Major Co. would show the following line-item amounts for income tax expense and net income: $66,000 and $210,000. $90,000 and $154,000. $90,000 and $276,000. $66,000 and $220,000. 8.5 points QUESTION 17 1. Misty Company reported the following before-tax items during the current year: Misty's effective tax rate is 40%. What is Misty's income before extraordinary item(s)? $19 8. $21 0. $33 0. $36 0. 8.5 points QUESTION 18 1. Misty Company reported the following before-tax items during the current year: Misty's effective tax rate is 40%. What is Misty's net income for the current year? $148. $168. $112. None of the amounts given are correct. 8.5 points QUESTION 19 1. Nevada Boot Co. reported net income of $216,000 for its year ended December 31, 2013. Purchases totaled $152,000. Accounts payable balances at the beginning and end of the year were $36,000 and $33,000, respectively. Beginning and ending inventory balances were $44,000 and $46,000, respectively. Assuming that all relevant information has been presented, Nevada Boot would report operating cash flows of: $155,00 0. $221,00 0. $211,00 0. $151,00 0. 8.5 points QUESTION 20 Option a. Option b. 1. On July 1, 2015, Herzog Mining lends cash and accepts a $9,000 note receivable that offers 10% interest and is due in nine months. How would Herzog record the transaction on April 1, 2016, when the borrower pays Herzog the correct amount owed? Option c. Option d. 8.5 points QUESTION 21 1. Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. Oswego uses the gross method of accounting for cash discounts. What entry would Oswego make on April 12? 8.5 points QUESTION 22 1. Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. Oswego uses the gross method of accounting for cash discounts. What entry would Oswego make on April 23, assuming the customer made the correct payment on that date? 8.5 points QUESTION 23 1. Present and future value tables of $1 at 3% are presented below: Shane wants to invest money in a 6% CD account that compounds semiannually. Shane would like the account to have a balance of $100,000 four years from now. How much must Shane deposit to accomplish his goal? $88,84 9. $78,94 1. $25,33 6. $22,51 0. 8.5 points QUESTION 24 1. Present and future value tables of $1 at 3% are presented below: At the end of each quarter, Patti deposits $500 into an account that pays 12% interest compounded quarterly. How much will Patti have in the account in three years? $7,09 6. $7,21 3. $7,12 9. $8,88 0. 8.5 points QUESTION 25 1. Present and future value tables of $1 at 3% are presented below: Bill wants to give Maria a $500,000 gift in seven years. If money is worth 6% compounded semiannually, what is Maria's gift worth today? $66,110 . $81,309 . $406,54 5. $330,56 0. 8.5 points QUESTION 26 1. Present and future value tables of 1 at 9% are presented below. Ajax Company purchased a five-year certificate of deposit for its building fund in the amount of $220,000. How much should the certificate of deposit be worth at the end of five years if interest is compounded at an annual rate of 9%? $855,72 3. $142,98 5. $319,00 0. $338,49 6. 8.5 points QUESTION 27 1. Present and future value tables of 1 at 9% are presented below. How much must be invested now at 9% interest to accumulate to $10,000 in five years? $9,17 6. $6,49 9. $5,50 0. $5,96 0. 8.5 points QUESTION 28 1. Present and future value tables of 1 at 9% are presented below. Mustard's Inc. sold the rights to use one of their patented processes that will result in cash receipts of $2,500 at the end of each of the next four years and a lump sum receipt of $4,000 at the end of the fifth year. The total present value of these payments if interest is at 9% is: $10,69 9. $11,46 8. $12,10 0. $14,00 0. 8.5 points QUESTION 29 1. Roberts Company sold equipment for $250,000, purchased a building for $6,500,000, sold shortterm investments for $280,000, repaid principal on a note payable for $2,300,000 plus $230,000 of interest, and paid cash dividends of $20,000. What was the net cash flow from financing activities? $2,300,000 outflow. $2,320,000 outflow $2,530,000 outflow. $2,550,000 outflow. 8.5 points QUESTION 30 1. Stayman Associates has sold a good to a buyer and wants to recognize revenue. Which of the following is an indicator that control of a good has passed from Stayman to the buyer? Buyer has scheduled delivery. Buyer has a strong credit history, such that bad debts are reasonably estimable. Buyer has not scheduled delivery. Buyer has assumed the risk and rewards of ownership. 8.5 points QUESTION 31 1. The Maytag Corporation's income statement includes income from continuing operations, a loss from discontinued operations, and extraordinary items. Earnings per share information would be provided for: Net income only. Income from continuing operations and net income only. Income from continuing operations, loss from discontinued operations and net income only. Income from continuing operations, loss from discontinued operations, extraordinary items and net income. 8.5 points QUESTION 32 1. The amount of accounts receivable that is actually expected to be collected is known as: Net realizable value. Uncollectible accounts expense. The present value of accounts receivable. Allowance for doubtful accounts. 8.5 points QUESTION 33 1. The core revenue principle states that Companies recognize revenue when the earnings process is virtually complete and it is probable that payments will be received. Companies recognize revenue when goods or services are transferred to customers for the amount the company expects to be entitled to receive in exchange for those goods or services. Companies recognize revenue when goods or services are transferred to the customer and payments are received. Companies recognize revenue when the goods or services are transferred to the customer in an arm's length transaction. 8.5 points QUESTION 34 1. The value that a series of equal payments will grow to in the future is referred to as the: Future value of a single amount. Present value of a single amount. Future value of an annuity. Present value of an annuity. 8.5 points QUESTION 35 1. Todd Sweeney is an artist who sells his work under consignment (he displays his work in local barbershops, and customers purchase his work there). Sweeney recently transferred a painting on consignment to a local barbershop. Sweeney most likely should recognize revenue when: He paints the painting, because the painting is produced while he works. When he transfers the painting to a barbershop. When the barbershop sells the painting. When the barbershop's right of return expires. 8.5 points QUESTION 36 1. When using the indirect method to prepare the statement of cash flows, a decrease in current liabilities is: subtracted from current assets in the cash flows from financing activities section. subtracted from net income in the cash flows from operating activities section. added to net income in the cash flows from operating activities section. added to inventory purchases in the cash flows from investing activities section. 8.5 points QUESTION 37 1. Which of the following is recorded by a credit to Accounts receivable? Sale of inventory on account. Estimating the annual allowance for uncollectible accounts. Estimating annual sales returns. Write-off of bad debts. 8.5 points QUESTION 38 1. Which of the following is the correct sequence for the major components of the Statement of Cash Flows? Investing, Operating, Financing. Operating, Investing, Financing. Operating, Financing, Investing. Financing, Investing, Operating. 8.5 points QUESTION 39 1. Which of the following statements best explains the correct handling of depreciation on the statement of cash flows when using the indirect method? Depreciation expense is subtracted from net income because it causes a loss when the related plant asset is sold. Depreciation expense is subtracted in the cash flows from investing activities section because it reduces the book value of the corresponding plant asset. Depreciation expense is a non-cash expense that is added to net income to derive cash flows from operating activities. Depreciation expense adds to the company's Cash account to help pay for new equipment. 8.5 points QUESTION 40 1. Zulu Corporation hires a new chief executive officer and promises to pay her a signing bonus of $2 million per year for 10 years, starting at the end of the first year. The value of this signing bonus is: The present value of the annuity. The future value of the annuity. $20 million. $0 because no cash is owed immediately. 8.5 points QUESTION 41 1. The following data is supplied from the comparative balance sheets and income statement information from Westerman, Inc. Cash Accounts Receivable Inventory Prepaid Insurance Property, plant & equipment Accumulated Depreciation Total 2013 44,000 24,000 28,000 16,000 44,000 (12,000) 144,000 2012 32,000 16,000 32,000 20,000 32,000 (8,000) 124,000 Accounts Payable Salaries Payable Long-term notes payable Common Stock Retained Earnings Total 40,000 28,000 20,000 36,000 20,000 144,000 32,000 32,000 24,000 24,000 12,000 124,000 2. 3. Additional Information: 1. Net Income for 2013 was $20,000. 2. Depreciation expense was $4,000 during 2013. 3. No long term assets were sold during the year. 4. Westerman purchased land for $12,000 during 2013. 5. Notes payable of $4,000 were repaid during the year. 6. Westerman issued new common stock for $12,000 in 2013. 7. Westerman paid cash dividends of $12,000 during the year. Prepare the Statement of Cash Flows for Westerman using the indirect method. Provide the following amounts: What is the total of the net cash flows from operating activities? What is the total of the net cash flows from investing activities? What is the total of the net cash flows from financing activities? 15 points Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save and Submit