Question Details

Kanet Company issued common stock for proceeds 




1.	Jean- Vegetable Market had the following transactions during 2014:
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 $100,000.
4.	Declared and paid a cash dividend of $2,000. 
5.	Sold a long-term investment (cost $3,000) for cash of $8,000. 
6.	Acquired an investment in IBM stock for cash of $15,000. 
What is the net cash provided used by investing activities?
a.	$15,000
b.	$33,000
c.	($7,000)
d.	$8,000

2.	Vision Company purchased treasury stock with a cost of $16,000 during 2014. During the year, the company paid dividends of $20,000 and issued bonds payable for proceeds of $860,000. Cash flows from financing activities for 2014 total
a.	$840,000 net cash inflow.
b.	$856,000 net cash inflow.
c.	$860,000 net cash outflow.
d.	$824,000 net cash inflow.

	3.	Kanet Company issued common stock for proceeds of $386,000 during 2014. The company paid dividends of $80,000 and issued a long-term note payable for $95,000 in exchange for equipment during the year. The company also purchased treasury stock that had a cost of $15,000. The financing section of the statement of cash flows will report net cash inflows of
a.	$291,000.
b.	$481,000.
c.	$306,000.
d.	$371,000.

	4.	In Jude Company, land decreased $150,000 because of a cash sale for $150,000, the equipment account increased $60,000 as a result of a cash purchase, and Bonds Payable increased $120,000 from issuance for cash at face value. The net cash provided by investing activities is
a.	$150,000.
b.	$210,000.
c.	$90,000. 
d.	$270,000.

	5.	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
a.	$290,000.
b.	$299,000.
c.	$213,000.
d.	$280,000.





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