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ACCT 557 Week 7 Quiz

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ACCT 557 Week 7 Quiz

1. (TCO F) The company uses the indirect method for the statement of cash flow. How would an increase in the inventory balance be reported?

2. (TCO F) Which of the following is not true?

3. (TCO F) Glitter Girl, Inc. recognized net income of $136,000 including $24,000 in depreciation expense. Additional changes from the balance sheet are as follows.

Accounts Receivable                 $3,000    decrease

Prepaid Expenses                     $14,500  decrease

Inventory                                 $9,000    increase

Accrued Liabilities                     $10,000   decrease

Accounts Payable                     $19,500    increase

Compute the net cash from operating activities based on the above information.

4. (TCO F) Dasher Builder's, Inc. shows the following as of December 31, 2012. Sold available for sales securities for $650,000 Acquired 50% of Elven Corp's common stock for $310,000 cash, which was borrowed from Peppermint's Bank. Issued 2,000 shares of its preferred stock for land having a fair value of $50,000 Purchased a patent for $170,000 cash Issued 1,000 of its 12% debenture bonds, due 2017, for $225,000 cash Paid $130,000 toward bank loan. Recognized $79,000 net increase in returnable long term customer deposits Dasher's net cash provided by investing activities for 2012 is

5. (TCO F) Big Dog Builder's, Inc. shows the following as of December 31, 2012. Acquired 50% of Kitty Corp's common stock for $225,000 cash which was borrowed from Mouse's Bank. Sold available for sales securities for $852,000 Issued 1,000 of its 12% debenture bonds, due 2017, for $350,000 cash Paid $160,000 toward bank loan. Recognized $66,000 net increase in returnable long term customer deposits Issued 2,000 shares of its preferred stock for land having a fair value of $500,000 Purchased a patent for $140,000 cash Big Dog's net cash provided by financing activities for 2012 is

6. (TCO F) Cash flows from operating activities (indirect and direct methods). Presented below is the income statement of Smiling Tiger, Inc. In addition, the following information related to net changes in working capital is presented. Required: Prepare a schedule computing the net cash flow from operating activities that would be shown on a statement of cash flows:

ACCT 557 Week 7 Quiz 1. (TCO F) The company uses the indirect method for the statement of cash flow. How would an increase in the inventory balance be reported? 2. (TCO F) Which of the following is not true? 3. (TCO F) Glitter Girl, Inc. recognize
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