ACC/560 ACC560 ACC 560 WEEK 10 QUIZ

If a gain of $12,000 is incurred in selling (for cash) office equipment having a book value of $110,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is

Which of the following would not be an adjustment to net income using the indirect method?

The cash effects of transactions that create revenues and expenses are

Jean’s Vegetable Market had the following transactions during 2017:
1. Issued $50,000 of par value common stock for cash.
2. Repaid a 6 year note payable in the amount of $22,000. 
3. Acquired land by issuing common stock of par value $50,000.
4. Declared and paid a cash dividend of $7,000. 
5. Sold a long-term investment (cost $3,000) for cash of $6,000. 
6. Acquired an investment in IBM stock for cash of $10,000.

 
What is the net cash provided by financing activities?

If accounts receivable have increased during the period:

In calculating net cash provided by operating activities using the indirect method, an increase in prepaid expenses during a period is

Indicate where the event purchase of land and a building with a mortgage would appear, if at all, on the indirect statement of cash flows.

In calculating cash flows from operating activities using the indirect method, a gain on the sale of equipment is

Which of the following would be added to net income using the indirect method?

Accounts receivable arising from sales to customers amounted to $86,000 and $77,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $290,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is