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Chapter 21 question Question 1 : The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Macrosoft Corporation. MACROSOFT CORPORATION Income Statement For the Year Ended December 31, 2016 ($ in millions) Revenues and gains: Sales $ 312.00 Gain on 2.10 sale of cash equivalents Gain on 24.10 $ sale of investment s Expenses and loss: Cost of goods sold Salaries Interest expense Insuran ce $ 338.20 121.00 40.10 12.10 20.10 10.10 Depreciati on Patent amortizatio n Loss on sale of land 4.10 6.10 213.60 Income before tax Income tax expense Net income 124.60 62.30 $ 62.30 Reconciliation of Net Income to Net Cash Flows from Operating Activities ($ in millions) Net $ 62.30 income Adjust ments for noncas h effects: Depre ciation expens e Patent amortiz ation expens e Loss on sale of land Gain on sale of investm ent Decre ase in account s receiva ble Increa se in inventor y Increa se in account s payable Decre ase in bond discount Increa se in salaries payable Decre 10.10 4.10 6.10 (24.10) 6.10 (12.10) 18.10 1.10 6.10 4.10 ase in prepaid insuran ce Increa se in income tax payable Net cash flows from operati ng activitie s 10.10 $ 92.00 Required: Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Amounts to be deducted should be indicated with a minus sign.) Question 2 : The comparative balance sheets for 2016 and 2015 are given below for Surmise Company. Net income for 2016 was $54 million. SURMISE COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in millions) 2016 2015 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Prepaid expenses Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Patent $ 171 135 76 80 (8) (2) 5 114 3 105 51 72 288 25 72 205 (97) 11 $ 683 (82) 14 $ 555 Liabilities Accounts payable Accrued liabilities Notes payable Lease liability Bonds payable Shareholders' Equity Common stock $ 9 (3) 22 83 51 $ 15 6 0 0 93 56 249 Paid-in capitalexcess of par 50 205 216 Retained earnings 186 683 $ $ 555 Required: Prepare the statement of cash flows of Surmise Company for the year ended December 31, 2016. Use the indirect method to present cash flows from operating activities because you do not have sufficient information to use the direct method. You will need to make reasonable assumptions concerning the reasons for changes in some account balances. A spreadsheet or T-account analysis will be helpful. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Question 3 The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. Some elements necessary to complete the schedule are missing. Required: Complete the schedule by determining each of the following missing elements: (Amounts to be deducted should be indi INCOME STATEMENT SALES GAIN ON SALE OF EQUIPMENT COST OF GOOD SOLD SALARIES EXPENSES Cash flows from operating activities INDIRECT METHOD NET INCOME ADJUSTMENTS: $ DECRESE IN A/R 399 33 (60) GAIN ON SALE OF EQUIPMENT INCREASE IN INVENTORY INCREASE IN A/P DIRECT METHOD 15 (33) CASH RECEIVED FROM CUSTOMERS NOT REPORTED NO CASH EFFECT (21) 27 15 CASH PAID TO SUPPLIERS CASH PAID TO (183) (45) DEP EXPENSES (18) DEP. EXPENSE 18 5 INS. EXPENSES (39) LOSS ON SALE OF LAND (15) DECREASE IN BOND DISCOUNT DECREASE IN PREPAID INSURANCE LOSS ON SALE OF LAND INCOME TAX EXPENSE (45) NET INCOME $ 255 INT. EXPENSES INCREASE IN INCOME TAX PAYABLE NET CASH FLOW FROM OEPRATING ACTIVITIES 18 15 $59 EMPLOYEES CASH PAID FOR DEPRECIATION CASH PAID FOR INTEREST CASH PAID FOR INSURANCE (NOT REPORTED - NO CASH EFFECT CASH PAID FOR INCOME TAXES NET CASH FLOW FROM OPERATING ACTIVITIES (18) (30) - 2 7 6 QUESTION 4 The comparative balance sheets for 2016 and 2015 and the income statement for 2016 are given below for Arduous Comp Arduous's accounting records is provided also. ARDUOUS COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in millions) 2016 2015 Assets Cash $ Accounts receivable Investment revenue receivable Inventory Prepaid insurance Long-term investment Land Buildings and equipment Less: Accumulated depreciation Patent $ Liabilities Accounts payable Salaries payable Bond interest payable Income tax payable Deferred income tax liability Notes payable 140 $ 93 202 218 19 219 16 212 17 193 24 137 220 162 424 424 (110 ) 44 (144 ) 47 1,36 1,18 $ 8 9 $ 62 19 21 24 35 29 $ 89 30 16 28 20 0 Lease liability Bonds payable Less: Discount on bonds 94 227 0 299 (34) (40) 478 422 Shareholders' Equity Common stock 117 Paid-in capitalexcess of par Preferred stock 87 230 Retained earnings (21) Less: Treasury stock $ 97 0 228 0 1,36 1,18 $ 8 9 ARDUOUS COMPANY Income Statement For Year Ended December 31, 2016 ($ in millions) Revenues and gain: Sales revenue $ 528 Investment revenue Gain on sale of treasury bills 24 3 $ 555 Expenses and loss: Cost of goods sold Salaries expense Depreciation expense Patent amortization expense Insurance expense Bond interest expense Loss on machine damage Income tax expense 192 85 13 3 19 40 23 48 423 Net income $ 132 Additional information from the accounting records: Investment revenue includes Arduous Company's $19 million share of the net income of Demur Company, a. an equity method investee. b.Treasury bills were sold during 2016 at a gain of $3 million. Arduous Company classifies its investments in Treasury bills as cash equivalents. c. A machine originally costing $94 million that was one-half depreciated was rendered unusable by a flood. Most major components of the machine were unharmed and were sold for $24 million. d.Temporary differences between pretax accounting income and taxable income caused the deferred income tax liability to increase by $15 million. e.The preferred stock of Tory Corporation was purchased for $37 million as a long-term investment. f. Land costing $58 million was acquired by issuing $29 million cash and a 12%, four-year, $29 million note payable to the seller. g. The right to use a building was acquired with a 15-year lease agreement; present value of lease payments, $94 million. h.$72 million of bonds were retired at maturity. i. In February, Arduous issued a 8% stock dividend (3 million shares). The market price of the $7 par value common stock was $9.50 per share at that time. j. In April, 1 million shares of common stock were repurchased as treasury stock at a cost of $21 million. Required: Prepare the statement of cash flows for Arduous Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign. Do not round your intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) QUESTION 5 Comparative balance sheets for 2016 and 2015 and a statement of income for 2016 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) 201 201 6 5 Assets 810 435 Cash $ $ 720 Accounts receivable 510 1,02 585 0 795 660 Inventory Land 1,02 0 (420 ) 2,97 0 (645 ) 1,32 0 Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent $ 1,02 0 (330 ) 2,31 0 (540 ) 1,68 0 7,59 6,33 $ 0 0 Liabilities Accounts payable $ 870 $ 420 Accrued expenses payable 315 270 Lease liabilityland 510 0 Shareholders' Equity 3,21 3,06 0 0 870 765 Common stock Paid-in capitalexcess of par 1,95 1,68 0 0 Retained earnings $ 7,59 6,33 $ 0 0 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2016 ($ in 000s) Revenues 3,05 Sales revenue $ 7 3,15 Gain on sale of land 96 $ 3 Expenses Cost of goods sold $ Depreciation expense building Depreciation expense equipment Loss on sale of equipment 90 429 20 360 Amortization of patent Operating expenses Net income 660 $ 560 2,11 9 $ 1,03 4 Additional information from the accounting records: a.During 2016, equipment with a cost of $360,000 (90% depreciated) was sold. b.The statement of shareholders' equity reveals reductions of $255,000 and $509,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries. (Hint: Use the T-account method to assist in your analysis.) (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. (i.e., 10,000 should be entered as 10).) PREPARE T ACCOUNTS FOR THE FOLLOWING a. CASH BEG BAL OPERATING ACTIVITIES INVESTING ACTIVITIES FINANCING ACTIVITIES END BAL b. c. d. e. f. g. h. i. j. k. l. ACCOUNTS RECIEVABLE n. INVENTORY LAND o. ACCUMULATED DEP - BUILDING EQUIPMENT p. ACCUMULATED DEP - EQUIPMENT PATENT Q . ACCOUNTS PAYABLE ACCRUED EXPENSES PAYABLE r. lease liability land COMMON STOCK s. paid in capital RETAINED EARNINGS t. sales GAIN ON SALES OF LAND DEPRECIATION ESXPENSES BUILDING u . cost of goods sold LOSS ON SALE OF LAND OPERATING EXPENSES depreciation expense Amortization of patent m. BUILDING Income summery ( net income summery ) Statement of cash flow for 2016 Question 6 Gee Company's accounting records and financial statements reported the following: Cash paid to acquire machinery Proceeds from sale of land Loss from the sale of land Cash paid to acquire a trademark Treasury stock purchased for cash $70,000 80,000 5,000 38,000 50,000 Dividend revenue received 20,000 Gee prepares its financial statements in accordance with IFRS. In its statement of cash flows, Gee most likely reports net cash outflows from investing activities of: $ 8,000. $11,000. $28,000. $33,000. Question 7 Which of the following does not represent a cash flow relating to operating activities? D i v i d e n d s p a i d t o s t o c k h o l d e r s . Cash received from customers. Interest paid to bondholders. Cash paid for salaries