Use the information below for Soho Inc.for 2016 and 2017 to answer the following question. \[\begin{array} { l r } \text { Equipment, December 31,2016 } & \$ 65,000 \\ \text { Equipment, December } 31,2017 & 72,000 \\ \text { Accumulated depreciation, December 31,2016 } & 39,000 \\ \text { Accumulated depreciation, December 31,2017 } & 30,000 \end{array}\] During 2016, Soho Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000.A gain of $3,000 was recognized on the sale of the equipment This was the only equipment sale during the year. What amount would be reported as the cash proceeds from the sale of equipment?

A) $2,000 B) $3,000 C) $5,000 D) $8,000 A) $2,000 B) $3,000 C) $5,000 D) $8,000

Kelly Corp.reported the following information for 2016 and 2017. $\begin{array}{lr} \text { Sal aries payable, December } 31,2016 & \$ 3,700 \\ \text { Salaries payable, December } 31,2017 & 1,800 \\ \text { Salaries expense-2017 } & 57,000 \end{array}$ How much cash was paid for salaries during 2017?

A) $55,100 B) $55,200 C) $57,000 D) $58,900 A) $55,100 B) $55,200 C) $57,000 D) $58,900

Exam 12: The Statement of Cash Flows

Use the information below for Soho Inc.for 2016 and 2017 to answer the following question. Equipment, December 31,2016 \ 65,000 Equipment, December 31,2017 72,000 Accumulated depreciation, December 31,2016 39,000 Accumulated depreciation, December 31,2017 30,000 During 2016, Soho Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000.A gain of $3,000 was recognized on the sale of the equipment This was the only equipment sale during the year. What amount would be reported as the cash proceeds from the sale of equipment?

(Multiple Choice)

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Question 21

Upon review of Jan's Lakeside Resort statement of cash flows, the following was noted: Cash flows from operating activities Cash flows from investing activities $\$ 35,000$ Cash flows from financing activities $( 125,000 )$ From this information, the most likely explanation is that Jan is

(Multiple Choice)

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(73)

Question 22

A building with a cost of $163,000 and accumulated depreciation of $32,000 was sold for a $11,000 gain.When using the indirect method, the cash generated from this investing activity was $131,000.

(True/False)

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Question 23

Two methods are available to prepare the operating activities section of a statement of cash flows.Which of the following statements regarding these two methods is false?

(Multiple Choice)

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Question 24

During 2016, the accounts receivable balance of Dickerson Corp.increased.Which of the following statements is true?

(Multiple Choice)

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Question 25

Significant noncash transactions are not reported on the statement of cash flows, but either in a separate schedule or in a note to the financial statements.

(True/False)

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Question 26

Which of the following is not an operating activity?

(Multiple Choice)

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Question 27

When using the indirect method, the gain from selling a long-term investment is recognized in which of the following?

(Multiple Choice)

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Question 28

Kelly Corp.reported the following information for 2016 and 2017. Sal aries payable, December 31,2016 \ 3,700 Salaries payable, December 31,2017 1,800 Salaries expense-2017 57,000 How much cash was paid for salaries during 2017?

(Multiple Choice)

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Question 29

The term cash on the statement of cash flows includes ________________________.

(Short Answer)

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Question 30

Use the following codes to indicate how the cash flow effect, if any, of each transaction would be reported on a statement of cash flows if the operating activities section is prepared using the direct method. -Declared cash dividends.

(Multiple Choice)

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Question 31

Which of the following statements is false?

(Multiple Choice)

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Question 32

Use the following codes to indicate how the cash flow effect, if any, of each transaction or event would be reported on a statement of cash flows if the operating activities section is prepared using the indirect method. -Increased the accounts payable balance.

(Multiple Choice)

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Question 33

When using the indirect method, how would the retirement of bonds payable at their maturity date be shown on the statement of cash flows?

(Multiple Choice)

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Question 34

Cash flows from acquiring and disposing of long-term assets are classified as

(Multiple Choice)

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Question 35

The cash flow adequacy ratio can only be calculated if a company uses the direct method to report cash flows from operating activities.

(True/False)

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Question 36

For each of the following items, indicate whether it would appear on a statement of cash flows prepared using the Direct method (a) or the Indirect method (b). -Collections on accounts receivable

(Multiple Choice)

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Question 37

Some companies use a work sheet approach, which functions like the T account approach, as a tool to aid in preparing the statement of cash flows.

(True/False)

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Question 38

________________________ activities involve long-term liabilities and stockholders' equity.

(Short Answer)

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Question 39

Operating activities involve the acquiring and selling of goods and services for cash or on account.

(True/False)

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Question 40

Showing 21 - 40 of 205

Upon review of Jan's Lakeside Resort statement of cash flows, the following was noted: Cash flows from operating activities Cash flows from investing activities $\$ 35,000$ Cash flows from financing activities $( 125,000 )$ From this information, the most likely explanation is that Jan is

A building with a cost of $163,000 and accumulated depreciation of $32,000 was sold for a $11,000 gain.When using the indirect method, the cash generated from this investing activity was $131,000.

Two methods are available to prepare the operating activities section of a statement of cash flows.Which of the following statements regarding these two methods is false?

During 2016, the accounts receivable balance of Dickerson Corp.increased.Which of the following statements is true?

Significant noncash transactions are not reported on the statement of cash flows, but either in a separate schedule or in a note to the financial statements.

Which of the following is not an operating activity?

When using the indirect method, the gain from selling a long-term investment is recognized in which of the following?

Kelly Corp.reported the following information for 2016 and 2017. Sal aries payable, December 31,2016 \ 3,700 Salaries payable, December 31,2017 1,800 Salaries expense-2017 57,000 How much cash was paid for salaries during 2017?

The term cash on the statement of cash flows includes ________________________.

Use the following codes to indicate how the cash flow effect, if any, of each transaction would be reported on a statement of cash flows if the operating activities section is prepared using the direct method. -Declared cash dividends.

Which of the following statements is false?

Use the following codes to indicate how the cash flow effect, if any, of each transaction or event would be reported on a statement of cash flows if the operating activities section is prepared using the indirect method. -Increased the accounts payable balance.

When using the indirect method, how would the retirement of bonds payable at their maturity date be shown on the statement of cash flows?

Cash flows from acquiring and disposing of long-term assets are classified as

The cash flow adequacy ratio can only be calculated if a company uses the direct method to report cash flows from operating activities.

For each of the following items, indicate whether it would appear on a statement of cash flows prepared using the Direct method (a) or the Indirect method (b). -Collections on accounts receivable

Some companies use a work sheet approach, which functions like the T account approach, as a tool to aid in preparing the statement of cash flows.

________________________ activities involve long-term liabilities and stockholders' equity.

Operating activities involve the acquiring and selling of goods and services for cash or on account.

Accounting As a Form of Communication

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities, Contingencies, and the True Value of Money

Long-Term Liabilities

Stockholders Equity

Financial Statement Analysis

Exploring Accounting Standards and Differences around the World

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