Recent Question

Starting with net income and adjusting it for items 1. Flynn Company reported a net loss of $30,000 for the year ended December 31, 2011. During the year, accounts receivable decreased $15,000, merchandise inventory increased $24,000, accounts payable increased by $30,000, and depreciation expense of $15,000 was recorded. During 2011, operating activities a. used net cash of $6,000. b. used net cash of $24,000. c. provided net cash of ...

Other / Other 05 Apr 2016

Corporation's own stock that has been reacquired Match the items below by entering the appropriate code letter in the space provided. A. Limited liability F. Preemptive right B. Capital stock G. Par value C. Board of directors H. Legal capital D. Paid-in capital I. Treasury stock E. Retained earnings J. Cumulative feature ____ 1. Net income retained in the corporation. ____ 2. The amount that must be retained in the business for th ...

Other / Other 05 Apr 2016

A primary objective of the statement of cash flows True or false: 1. The statement of cash flows is a required statement that must be prepared along with an income statement, statement of financial position, and retained earnings statement. 2. For external reporting, a company must prepare either an income statement or a statement of cash flows, but not both. 3. A primary objective of the statement of cash flows is to show the inco ...

Other / Other 05 Apr 2016

Journalize the transactions for Bennett Corporation 1 Bennett Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2008, the company has the following stock transactions. Jan. 15 Issued 500,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Instructions Journalize the transactions for Bennett Corporation. 2 An inexperienced acc ...

Other / Other 05 Apr 2016

Webber Corporation had the following transactions 1 Carson Corporation has the following capital stock outstanding at December 31, 2008: 9% Preferred stock, $100 par value, cumulative 15,000 shares issued and outstanding .................................................... $1,500,000 Common stock, no par, $10 stated value, 500,000 shares authorized, 350,000 shares issued and outstanding ............................................... ...

Other / Other 05 Apr 2016

The net income reported on the income statement 1. Accounts receivable arising from sales to customers amounted to ¥350,000 and ¥400,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was ¥1,500,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is a. ¥1,500,000. b. ¥1,550,000. ...

Other / Other 05 Apr 2016

Which of the following statements concerning a1. In the bottom portion of the statement of cash flows worksheet, a. inflows of cash are debits in the reconciling columns. b. outflows of cash are debits in the reconciling columns. c. information pertaining to investing and financing activities only is entered. d. only significant non-cash transactions are entered. a2. On the statement of cash flows worksheet, a. significant non-cas ...

Other / Other 05 Apr 2016

Which of the following would not be needed to determine net cash 1. Which of the following changes in retained earnings during a period will be reported in the financing activities section of the statement of cash flows? 1. Declaration of a cash dividend paid during the period. 2. Net income for the period. a. 1 b. 2 c. Neither 1 nor 2. d. Both 1 and 2. 2. The statement of cash flows a. is prepared instead of an income statement ...

Other / Other 05 Apr 2016

The statement of cash flows will not report 1. By examining the statement of cash flows, investors can make predictions of the a. amounts of future cash flows. b. timing of future cash flows. c. uncertainty of future cash flows. d. All of the above. 2. In addition to the three basic financial statements, which of the following is also a required financial statement? a. the "Cash Budget" b. the Statement of Cash Flows c. the Sta ...

Other / Other 05 Apr 2016

Define par value, and discuss its significance 1 Define par value, and discuss its significance in accounting. 2 Jeff Madden, the president and CEO of Earth Systems, Inc., a waste management firm, was recently hospitalized, suffering from exhaustion and a heart ailment. Immediately prior to his hospitalization, Earth Systems had experienced a sharp decline in its stock price, and trading activity became almost nonexistent. The pri ...

Other / Other 05 Apr 2016