please see attachment. only 25 multiple questions. no work is needed. just answers

INTERMEDIATE III CHP 20 & 21 1.) During 2016, T Company engaged in the following activities: Distribution of cash dividends declared in 2015 Fair value of shares issued in a stock dividend Payment to retire bonds Proceeds from the sale of treasury stock (cost: $34) $31 140 288 39 In T's statement of cash flows, what were net cash outflows from financing activities for 2016? A.) B.) C.) D.) $280. $467. $249. $358. 2.) Popeye Company purchased a machine for $360,000 on January 1, 2015. Popeye depreciates machines of this type by the straight-line method over a five-year period using no salvage value. Due to an error, no depreciation was taken on this machine in 2015. Popeye discovered the error in 2016. What amount should Popeye record as depreciation expense for 2016? The tax rate is 35%. A.) $144,000. B.) $93,600. C.) $72,000. D.) $46,800. 3.) A company reported interest expense of $580,000 for the year. Interest payable was $30,000 and $70,000 at the beginning and the end of the year, respectively. What was the amount of interest paid? A.) B.) C.) D.) $650,000. $610,000. $620,000. $540,000. 4.) Goodfellow Corporation reported insurance expense of $469 for the current year. The beginning and ending balances in the prepaid insurance account were $46 and $28, respectively. What was the amount of cash paid for insurance? A.) B.) C.) D.) $469. $451. $487. None of these answer choices is correct. 5.) A company failed to record unrealized gains of $35 million on its trading security investments. Its tax rate is 30%. As a result of this error, total shareholders' equity would be (Round million answer to 2 decimal places.): A.) B.) C.) D.) Understated by $24.50 million. Understated by $35.00 million. Understated by $10.50 million. Unaffected. 6.) In 2016, due to a change in marketing forecasts, Barney Corporation reduced the projected life of its patent for producing round dice. The cumulative patent amortization prior to 2016 would have been $18 million higher had the new life been used. Barney's tax rate is 35%. Barney's retained earnings as of December 31, 2016, would be (Round million answer to 2 decimal places.): A.) B.) C.) D.) Overstated by $11.70 million. Overstated by $6.30 million. Overstated by $18 million. Unaffected. 7.) If bond interest expense is $840,000, bond interest payable increased by $6,500 and bond discount decreased by $1,900, cash paid for bond interest is: A.) B.) C.) D.) $844,600. $835,400. $848,400. $831,600. 8.) A broadcasting company failed to make a year-end accrual of $430,000 for fines due to a violation of FCC rules. Its tax rate is 30%. As a result of this error, net income was: A.) B.) C.) D.) Unaffected. Overstated by $430,000. Overstated by $301,000. Overstated by $129,000. 9.) Bowers Corporation reported the following ($ in 000s) for the year: Accounts receivable Balance Beginning Ending $690 $930 Sales on account were $1,990 for the year. How much cash was collected from customers on account? A.) B.) C.) D.) $1,750. $1,723. $2,203. $1,784. 10.)Hemmer Company reported net income for 2016 in the amount of $50,000. The company's financial statements also included the following: Decrease in accounts receivable Increase in inventory Depreciation expense $6,000 1,700 3,100 What is net cash provided by operating activities? A.) B.) C.) D.) $57,400. $48,600. $53,100. $45,700. 11.) At the end of the current year, a company failed to accrue interest of $470,000 on its investments in municipal bonds. Its tax rate is 35%. As a result of this error, net income is: A.) B.) C.) D.) Unaffected. Understated by $305,500. Understated by $470,000. Understated by $164,500. 12.) Selected information from Large Corporation's accounting records and financial statements for 2016 is as follows ($ in millions): Cash paid to acquire a patent Treasury stock purchased for cash Proceeds from sale of land and buildings Gain from the sale of land and buildings Investment revenue received Cash paid to acquire office equipment $22 19 36 20 6 31 Large prepares its financial statements in accordance with IFRS. In its statement of cash flows, Large most likely reports net cash outflows from investing activities of: A.) B.) C.) D.) $53 million. $22 million. $28 million. $17 million. 13) Moonland Company's income statement contained the following errors: Ending inventory, December 31, 2016, understated by $13,500 Depreciation expense for 2016 overstated by $1,900 What is the effect of the errors on 2016 net income before taxes? A.) B.) C.) D.) Understated by $15,400. Overstated by $15,400. Overstated by $11,600. Understated by $11,600. 14.)Lite Travel Company's accounting records include the following information: Payments to suppliers Collections on accounts receivable Cash sales $58,000 78,000 40,000 What is the amount of net cash provided by operating activities indicated by the amounts provided? A.) B.) C.) D.) $ 136,000. $ 60,000. $ 58,000. $ 98,000. 15.) In preparing its cash flow statement for the year ended December 31, 2016, Green Co. gathered the following data: Gain on sale of land Proceeds from sale of land Purchase of Black, Inc., bonds (face value $230,000) Amortization of bond discount Cash dividends declared Cash dividends paid Proceeds from sales of Green Co. common stock $ 12,400 21,700 363,000 4,300 96,000 80,000 158,000 In its December 31, 2016, statement of cash flows, what amount should Green report as net cash from financing activities? A.) B.) C.) D.) $16,000. $133,000. $78,000. $62,000. 16.)Freeman Company's accounting records include the following information: Payments to suppliers Collections on accounts receivable Cash sales Income taxes paid Equipment purchased $43,000 96,000 30,000 4,800 14,700 What is the amount of net cash provided by operating activities indicated by these transactions? A.) B.) C.) D.) $78,200. $63,500. $38,200. $164,200. 17.) A company overstated its liability for warranties by $120,000. Its tax rate is 35%. As a result of this error, income tax expense is: A.) B.) C.) D.) Unaffected. Overstated by $42,000. Understated by $42,000. Understated by $78,000. 18.)After issuing its financial statements, a company discovered that its beginning inventory was overstated by $210,000. Its tax rate is 40%. As a result of this error, net income was: A.) B.) C.) D.) Understated by $84,000. Understated by $126,000. Overstated by $84,000. Overstated by $126,000. 19.)Pickering Company's prepaid insurance was $9,000 at December 31, 2015, and $13,000 at December 31, 2016. Pickering reported insurance expense of $19,000 on the 2016 income statement. What amount would be reported in the statement of cash flows as insurance paid using the direct method? A.) B.) C.) D.) $28,000. $19,000. $23,000. $15,000. 20.)In 2016, internal auditors discovered that Fay, Inc., had debited an expense account for the $3,325,000 cost of a machine purchased on January 1, 2013. The machine's useful life was expected to be 19 years with no residual value. Straight-line depreciation is used by Fay. The journal entry to correct the error will include a credit to accumulated depreciation of: A.) B.) C.) D.) $350,000. $525,000. $175,000. $3,325,000. 21.) B Company switched from the sum-of-the-years-digits depreciation method to straight-line depreciation in 2016. The change affects machinery purchased at the beginning of 2014 at a cost of $82,500. The machinery has an estimated life of five years and an estimated residual value of $4,125. What is B's 2016 depreciation expense? A.) 22,000. B.) 20,900. C.) 10,450. D.) 15,675. 22.)Due to an error in computing depreciation expense, Crote Corporation understated accumulated depreciation by $54 million as of December 31, 2016. Crote has a tax rate of 35%. Crote's retained earnings as of December 31, 2016, would be (Round million answer to 2 decimal places. A.) Overstated by $54.00 million. B.) Understated by $54.00 million. C.) Overstated by $35.10 million. D.) Understated by $35.10 million. 23.) In the previous year, a firm failed to record premium amortization of $40,300 and $29,700, respectively, on its bonds payable and held to maturity bond investments. These errors affect both income before tax and taxable income. The firm's tax rate is 40%. As a result of this error, net income was: A.) B.) C.) D.) Understated by $6,360. Understated by $33,940. Overstated by $6,360. Overstated by $33,940. 24.) Creble Company reported net income for 2016 in the amount of $41,000. The company's financial statements also included the following: Increase in accounts receivable Decrease in inventory Depreciation expense Gain on sale of equipment $5,000 1,800 3,100 4,900 In the statement of cash flows what is net cash provided by operating activities under the indirect method? A.) B.) C.) D.) $29,800. $55,800. $36,000. $42,400. 25.)On December 31, 2016, Wellstone Company reported net income of $73,000 and sales of $202,000. The company also reported beginning and ending accounts receivable at $18,500 and $28,000, respectively. Wellstone will report cash collected from customers in its 2016 statement of cash flows (direct method) in the amount of: A.) B.) C.) D.) $230,000. $211,500. $192,500. $110,500