1.Larkspur Company’s accounts receivable arising from sales to customers amounted to $167000 and $146000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $635000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

$614000.

$656000.

$635000.

$781000.

2. Nash’s Trading Post, LLC reported net income of $194000 for the year. During the year, accounts receivable increased by $14000, accounts payable decreased by $6000 and depreciation expense of $30000 was recorded. Net cash provided by operating activities for the year is

$204000.

$184000.

$172000.

$194000.

3. Bramble Corp. had net income of $872200 for the year ending 12/31/2022. Depreciation expense for 2022 is $107800. During the year, accounts receivable and inventory increased $58800 and $156800, respectively. Prepaid expenses and accounts payable decreased $7840 and $15680, respectively. There was also a loss on the sale of equipment of $11760. How much cash was provided by operating activities in 2022?

$1058400.

$744800.

$1105440.

$768320.

4. The net income reported on the income statement of Nash’s Trading Post, LLC for the current year was $1006000. Depreciation recorded on plant assets was $190000. Accounts receivable and inventories increased by $53000 and $36000, respectively. Prepaid expenses and accounts payable decreased by $4000 and $49000, respectively. How much cash was provided by operating activities during the year?

$1062000.

$1020000.

$1330000.

$1109000.

5. If $1008000 of bonds are issued during the year but $2100000 of old bonds are retired during the year, the statement of cash flows will show a(n)

increase in cash of $1008000 and a decrease in cash of $2100000.

net loss on retirement of bonds of $1092000.

net decrease in cash of $1008000.

net increase in cash of $1092000.

6. If a gain of $221000 is realized in the cash sale of a building having a book value of $882000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is

$661000.

$221000.

$882000.

$1103000.

7. If a loss of $84000 is realized when selling (for cash) a building having a book value of $624000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is

$624000.

$84000.

$540000.

$708000.

8. If Nash’s Trading Post, LLC realizes a gain of $60000 on a cash sale of equipment having a book value of $444000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is

$504000.

$60000.

$384000.

$444000.

9. Land costing $150000 was sold for $426000 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

$276000.

$186000.

$372000.

$426000.

10. During 2022, Tamarisk, Inc. reported cash provided by operations of $826000, cash used in investing of $713000, and cash used in financing of $198000. In addition, cash spent on fixed assets during the period was $287000. Average current liabilities were $676000 and average total liabilities were $1785000. No dividends were paid. Based on this information, what was Tamarisk free cash flow?

$113000.

($628000).

($150000).

$539000.

11. Cheyenne Corp. reports a $18000 increase in inventory and a $4400 decrease in accounts payable during the year. Cost of Goods Sold for the year was $248200. Using the direct method of reporting cash flows from operating activities, cash payments made to suppliers were

$270600.

$230200.

$225800.

$248200.

12. The cost of goods sold during the year was $349600. Inventory increased by $11000 during the year and accounts payable decreased by $17500 during the year. Using the direct method of reporting cash flows from operating activities, cash payments for inventory total

$356100.

$332100.

$378100.

$367100.

13. Sunland Companyhad the following transactions during 2022: 1. Issued $310000 of par value common stock for cash. 2. Recorded and paid wages expense of $148800. 3. Acquired land by issuing common stock of par value $124000. 4. Declared and paid a cash dividend of $24800. 5. Sold a long-term investment (cost $7440) for cash of $7440. 6. Recorded cash sales of $992000. 7. Bought inventory for cash of $396800. 8. Acquired an investment in Zynga stock for cash of $52080. 9. Converted bonds payable to common stock in the amount of $1240000. 10. Repaid a 6-year note payable in the amount of $545600. What is the net cash provided by investing activities?

$1071360.

($44640).

($168640).

$525760

14. Wildhorse Co. issued 21600 shares of $1 par common stock for $40 per share during 2022. The company paid dividends of $52000 and issued long-term notes payable of $475000 during the year. What amount of cash flows from financing activities will be reported on the statement of cash flows?

$761000 net cash outflow.

$380000 net cash inflow.

$1287000 net cash inflow.

$13000 net cash inflow.

15. Marigold Corp. purchased treasury stock with a cost of $40200 during 2022. During the year, the company paid dividends of $14600 and issued bonds payable for proceeds of $639500. Cash flows from financing activities for 2022 total

$665100 net cash inflow.

$54800 net cash outflow.

$624900 net cash inflow.

$584700 net cash inflow.

16. Sunland Company issued common stock for proceeds of $536000 during 2022. The company paid dividends of $95000 and issued a long-term note payable for $360000 in exchange for equipment during the year. The company also purchased treasury stock that had a cost of $78000. The financing section of the statement of cash flows will report net cash inflows of

$801000.

$363000.

$723000.

$441000.

17. In Vaughn Manufacturing, land decreased $294300 because of a cash sale for $294300, the equipment account increased $98100 as a result of a cash purchase, and bonds payable increased $327000 from issuance for cash at face value. The net cash provided by investing activities is

$523200.

$228900.

$196200.

$294300.

18. Cheyenne Corp. reported a net loss of $13200 for the year ended December 31, 2022. During the year, accounts receivable decreased $6600, inventory increased $10560, accounts payable increased by $13200, and depreciation expense of $7920 was recorded. During 2022, operating activities

provided net cash of $3960.

provided net cash of $9240.

used net cash of $3960.

used net cash of $9240.

19. Swifty Corporation’s net income for the current year was $365000. Depreciation was $47000. Accounts receivable and inventories decreased by $15000 and $24000, respectively. Prepaid expenses and salaries payable increased, respectively, by $2000 and $12000. Equipment was sold at a gain of $7100. How much cash was provided by operating activities?

$363000.

$453900.

$438000.

$408000.

20. During the year, Salaries Payable decreased by $12700. Using the direct method of reporting cash flows from operating activities, if Salaries Expense amounted to $477000 for the year, the cash paid to employees (including deductions from gross pay) is

$477000.

$464300.

$489700.

$481200.

21. Accounts receivable arising from sales to customers amounted to $49000 and $56000 at the beginning and end of 2022, respectively. Income reported on the income statement for the year was $310000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

$317000.

$303000.

$359000.

$310000.

22. Windsor, Inc. reported net income of $76500 for the year 2022. During 2022, accounts receivable increased by $5100, accounts payable decreased by $3400 and depreciation expense of $8500 was recorded. Net cash provided by operating activities for 2022 is

$69700.

$85000.

$76500.

$68000.

23. If $2600000 of bonds are issued during the year but $4160000 of old bonds are retired during the year, the statement of cash flows will show a(n)

net increase in cash of $1560000.

increase in cash of $2600000 and a decrease in cash of $4160000.

net decrease in cash of $1560000.

net loss on retirement of bonds of $1560000.

24. If Kingbird, Inc. realizes a loss of $10300 on a cash sale of office equipment having a book value of $102600, the total amount reported in the cash flows from investing activities section of the statement of cash flows is

$102600.

$92300.

$10300.

$112900.

25. Blue Spruce Corporation shows income tax expense of $205200. There has been a $22800 decrease in federal income taxes payable and a $31900 increase in state income taxes payable during the year. Using the direct method of reporting cash flows from operating activities, what was Blue Spruce’s cash payment for income taxes?

$259900.

$205200.

$150500.

$196100.

26. Blossom Company has other operating expenses of $266400. There has been a decrease in prepaid expenses of $11800 during the year, and accrued liabilities are $17800 larger than in the prior period. Using the direct method of reporting cash flows from operating activities, what were Blossom’s cash payments for operating expenses?

$296000.

$236800.

$272400.

$260400.

27. Sunland Company had an increase in inventory of $115200. The cost of goods sold was $537600. There was a $28800 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Sunland’s cash payments to suppliers?

$681600.

$624000.

$364800.

$422400.

28. Swifty Corporation had the following transactions during 2022: 1. Issued $175000 of par value common stock for cash. 2. Recorded and paid wages expense of $84000. 3. Acquired land by issuing common stock of par value $70000. 4. Declared and paid a cash dividend of $14000. 5. Sold a long-term investment (cost $4200) for cash of $4200. 6. Recorded cash sales of $560000. 7. Bought inventory for cash of $224000. 8. Acquired an investment in Zynga stock for cash of $29400. 9. Converted bonds payable to common stock in the amount of $700000. 10. Repaid a 6-year note payable in the amount of $308000. What is the net cash provided by financing activities?

$847000.

$161000.

$(147000).

$553000.

29. During 2022, Pharoah Company sold equipment with a book value of $187200 for proceeds of $226200. The company purchased new equipment for $499200 by signing a long-term note payable. No other transactions impacted long-term asset accounts during 2022. The investing section of the statement of cash flows will report

net cash inflows of $226200.

net cash outflows of $273000.

net cash inflows of $39000.

net cash outflows of $460200.

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Home>Business & Finance homework help>Accounting homework help>Week 9 questions
1.Larkspur Company’s accounts receivable arising from sales to customers amounted to $167000 and $146000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $635000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

$614000.

$656000.

$635000.

$781000.

2. Nash’s Trading Post, LLC reported net income of $194000 for the year. During the year, accounts receivable increased by $14000, accounts payable decreased by $6000 and depreciation expense of $30000 was recorded. Net cash provided by operating activities for the year is

$204000.

$184000.

$172000.

$194000.

3. Bramble Corp. had net income of $872200 for the year ending 12/31/2022. Depreciation expense for 2022 is $107800. During the year, accounts receivable and inventory increased $58800 and $156800, respectively. Prepaid expenses and accounts payable decreased $7840 and $15680, respectively. There was also a loss on the sale of equipment of $11760. How much cash was provided by operating activities in 2022?

$1058400.

$744800.

$1105440.

$768320.

4. The net income reported on the income statement of Nash’s Trading Post, LLC for the current year was $1006000. Depreciation recorded on plant assets was $190000. Accounts receivable and inventories increased by $53000 and $36000, respectively. Prepaid expenses and accounts payable decreased by $4000 and $49000, respectively. How much cash was provided by operating activities during the year?

$1062000.

$1020000.

$1330000.

$1109000.

5. If $1008000 of bonds are issued during the year but $2100000 of old bonds are retired during the year, the statement of cash flows will show a(n)

increase in cash of $1008000 and a decrease in cash of $2100000.

net loss on retirement of bonds of $1092000.

net decrease in cash of $1008000.

net increase in cash of $1092000.

6. If a gain of $221000 is realized in the cash sale of a building having a book value of $882000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is

$661000.

$221000.

$882000.

$1103000.

7. If a loss of $84000 is realized when selling (for cash) a building having a book value of $624000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is

$624000.

$84000.

$540000.

$708000.

8. If Nash’s Trading Post, LLC realizes a gain of $60000 on a cash sale of equipment having a book value of $444000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is

$504000.

$60000.

$384000.

$444000.

9. Land costing $150000 was sold for $426000 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

$276000.

$186000.

$372000.

$426000.

10. During 2022, Tamarisk, Inc. reported cash provided by operations of $826000, cash used in investing of $713000, and cash used in financing of $198000. In addition, cash spent on fixed assets during the period was $287000. Average current liabilities were $676000 and average total liabilities were $1785000. No dividends were paid. Based on this information, what was Tamarisk free cash flow?

$113000.

($628000).

($150000).

$539000.

11. Cheyenne Corp. reports a $18000 increase in inventory and a $4400 decrease in accounts payable during the year. Cost of Goods Sold for the year was $248200. Using the direct method of reporting cash flows from operating activities, cash payments made to suppliers were

$270600.

$230200.

$225800.

$248200.

12. The cost of goods sold during the year was $349600. Inventory increased by $11000 during the year and accounts payable decreased by $17500 during the year. Using the direct method of reporting cash flows from operating activities, cash payments for inventory total

$356100.

$332100.

$378100.

$367100.

13. Sunland Companyhad the following transactions during 2022: 1. Issued $310000 of par value common stock for cash. 2. Recorded and paid wages expense of $148800. 3. Acquired land by issuing common stock of par value $124000. 4. Declared and paid a cash dividend of $24800. 5. Sold a long-term investment (cost $7440) for cash of $7440. 6. Recorded cash sales of $992000. 7. Bought inventory for cash of $396800. 8. Acquired an investment in Zynga stock for cash of $52080. 9. Converted bonds payable to common stock in the amount of $1240000. 10. Repaid a 6-year note payable in the amount of $545600. What is the net cash provided by investing activities?

$1071360.

($44640).

($168640).

$525760

14. Wildhorse Co. issued 21600 shares of $1 par common stock for $40 per share during 2022. The company paid dividends of $52000 and issued long-term notes payable of $475000 during the year. What amount of cash flows from financing activities will be reported on the statement of cash flows?

$761000 net cash outflow.

$380000 net cash inflow.

$1287000 net cash inflow.

$13000 net cash inflow.

15. Marigold Corp. purchased treasury stock with a cost of $40200 during 2022. During the year, the company paid dividends of $14600 and issued bonds payable for proceeds of $639500. Cash flows from financing activities for 2022 total

$665100 net cash inflow.

$54800 net cash outflow.

$624900 net cash inflow.

$584700 net cash inflow.

16. Sunland Company issued common stock for proceeds of $536000 during 2022. The company paid dividends of $95000 and issued a long-term note payable for $360000 in exchange for equipment during the year. The company also purchased treasury stock that had a cost of $78000. The financing section of the statement of cash flows will report net cash inflows of

$801000.

$363000.

$723000.

$441000.

17. In Vaughn Manufacturing, land decreased $294300 because of a cash sale for $294300, the equipment account increased $98100 as a result of a cash purchase, and bonds payable increased $327000 from issuance for cash at face value. The net cash provided by investing activities is

$523200.

$228900.

$196200.

$294300.

18. Cheyenne Corp. reported a net loss of $13200 for the year ended December 31, 2022. During the year, accounts receivable decreased $6600, inventory increased $10560, accounts payable increased by $13200, and depreciation expense of $7920 was recorded. During 2022, operating activities

provided net cash of $3960.

provided net cash of $9240.

used net cash of $3960.

used net cash of $9240.

19. Swifty Corporation’s net income for the current year was $365000. Depreciation was $47000. Accounts receivable and inventories decreased by $15000 and $24000, respectively. Prepaid expenses and salaries payable increased, respectively, by $2000 and $12000. Equipment was sold at a gain of $7100. How much cash was provided by operating activities?

$363000.

$453900.

$438000.

$408000.

20. During the year, Salaries Payable decreased by $12700. Using the direct method of reporting cash flows from operating activities, if Salaries Expense amounted to $477000 for the year, the cash paid to employees (including deductions from gross pay) is

$477000.

$464300.

$489700.

$481200.

21. Accounts receivable arising from sales to customers amounted to $49000 and $56000 at the beginning and end of 2022, respectively. Income reported on the income statement for the year was $310000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

$317000.

$303000.

$359000.

$310000.

22. Windsor, Inc. reported net income of $76500 for the year 2022. During 2022, accounts receivable increased by $5100, accounts payable decreased by $3400 and depreciation expense of $8500 was recorded. Net cash provided by operating activities for 2022 is

$69700.

$85000.

$76500.

$68000.

23. If $2600000 of bonds are issued during the year but $4160000 of old bonds are retired during the year, the statement of cash flows will show a(n)

net increase in cash of $1560000.

increase in cash of $2600000 and a decrease in cash of $4160000.

net decrease in cash of $1560000.

net loss on retirement of bonds of $1560000.

24. If Kingbird, Inc. realizes a loss of $10300 on a cash sale of office equipment having a book value of $102600, the total amount reported in the cash flows from investing activities section of the statement of cash flows is

$102600.

$92300.

$10300.

$112900.

25. Blue Spruce Corporation shows income tax expense of $205200. There has been a $22800 decrease in federal income taxes payable and a $31900 increase in state income taxes payable during the year. Using the direct method of reporting cash flows from operating activities, what was Blue Spruce’s cash payment for income taxes?

$259900.

$205200.

$150500.

$196100.

26. Blossom Company has other operating expenses of $266400. There has been a decrease in prepaid expenses of $11800 during the year, and accrued liabilities are $17800 larger than in the prior period. Using the direct method of reporting cash flows from operating activities, what were Blossom’s cash payments for operating expenses?

$296000.

$236800.

$272400.

$260400.

27. Sunland Company had an increase in inventory of $115200. The cost of goods sold was $537600. There was a $28800 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Sunland’s cash payments to suppliers?

$681600.

$624000.

$364800.

$422400.

28. Swifty Corporation had the following transactions during 2022: 1. Issued $175000 of par value common stock for cash. 2. Recorded and paid wages expense of $84000. 3. Acquired land by issuing common stock of par value $70000. 4. Declared and paid a cash dividend of $14000. 5. Sold a long-term investment (cost $4200) for cash of $4200. 6. Recorded cash sales of $560000. 7. Bought inventory for cash of $224000. 8. Acquired an investment in Zynga stock for cash of $29400. 9. Converted bonds payable to common stock in the amount of $700000. 10. Repaid a 6-year note payable in the amount of $308000. What is the net cash provided by financing activities?

$847000.

$161000.

$(147000).

$553000.

29. During 2022, Pharoah Company sold equipment with a book value of $187200 for proceeds of $226200. The company purchased new equipment for $499200 by signing a long-term note payable. No other transactions impacted long-term asset accounts during 2022. The investing section of the statement of cash flows will report

net cash inflows of $226200.

net cash outflows of $273000.

net cash inflows of $39000.

net cash outflows of $460200.

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Environmental science
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Literature
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