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Exam 21: The Statement of Cash Flows Revisited

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Question 71

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Melanie Corporation declared cash dividends of $13,500 during the current year. The beginning and ending balances in dividends payable were $450 and $750, respectively. What was the amount of cash paid for dividends?

A) $12,750.
B) $13,800.
C) $12,900.
D) $13,200.

E) B) and D)
F) A) and D)

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Question 72

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Did accounts receivable increase or decrease during 2013?

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The accounts receivable balance decrease...

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Question 73

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Sneed Corporation reported balances in the following accounts for the current year: Income tax expense was $230 for the year. What was the amount paid for taxes?

Which of the following is always reported as an outflow of cash?

Partial balance sheets and additional information are listed below for Sowell Company. Additional information for 2013: Net income was $88,000. Depreciation expense was $19,000. Required: Prepare the operating activities section of the statement of cash flows for 2013 using the indirect method.

How is the amortization of patents reported in a statement of cash flows that is prepared using the direct method?

The following are comparative balance sheets and an income statement for Wentworth Company. Cash dividends of $45,000 were paid in 2013. Required: Prepare a statement of cash flows for 2013 using the direct method.

A statement of cash flows and its related disclosure note typically do not report:

In preparation for developing its statement of cash flows for the year ended December 31, 2013, Millennium Solutions, Inc., collected the following information: Required: 1. In Millennium's statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2013? 2. In Millennium's statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2013?

Listed below are several transactions that typically produce either an increase or a decrease in cash. Indicate by letter whether the cash effect of each transaction is reported on a statement of cash flows as an operating (O), investing (I), or financing (F) activity. Transactions

In determining cash flows from operating activities (indirect method) , adjustments to net income should not include:

Why are "cash equivalents" included as part of cash in the statement of cash flows?

Transactions that involve merely purchases or sales of cash equivalents generally are not reported on a statement of cash flows. Describe an exception to this generalization. What is the essential characteristic of the transaction that qualifies as an exception?

Partial balance sheets for Yarborough Company and additional information are found below. Additional information for 2013: Required: Prepare the investing activities section of the statement of cash flows for 2013.

Charlene Company sold a printer with a cost of $68,000 and accumulated depreciation of $23,000 for $20,000 cash. This transaction would be reported as:

Which of the following is not classified as an operating activity?

Lite Travel Company's accounting records include the following information: What is the amount of net cash provided by operating activities indicated by the amounts provided?

In preparation for developing its statement of cash flows for the year just ended, D-Rose Distributors collected the following information: Required: 1. In D-Rose's statement of cash flows, what were net cash inflows (or outflows) from investing activities? 2. In D-Rose's statement of cash flows, what were net cash inflows (or outflows) from financing activities?

If bond interest expense is $800,000, bond interest payable increased by $8,000 and bond discount decreased by $2,000, cash paid for bond interest is:

Partial balance sheets for ABC Company and additional information are provided below. Additional information for 2013: Required: Prepare the financing activities section of the statement of cash flows for 2013.