Exam 13: Statement of Cash Flows

Hocking Corporation's comparative balance sheet appears below: The company's net income (loss) for the year was $10,000 and its cash dividends were $1,000. It did not sell or retire any property, plant, and equipment during the year. The company uses the indirect method to determine the net cash provided by operating activities -Which of the following is correct regarding the operating activities section of the statement of cash flows?

Plotz Corporation's net cash provided by operating activities was $59,000;its net income was $67,000;its income taxes were $29,000;its capital expenditures were $44,000;and its cash dividends were $13,000. Required: Determine the company's free cash flow.

Lucas Company recorded the following events last year: On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities. -Based solely on the information above,the net cash provided by (used in)investing activities on the statement of cash flows would be:

Binnie Corporation's most recent balance sheet appears below: Net income for the year was $83. Cash dividends were $16. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. -The net cash provided by (used in)financing activities for the year was:

A company that had a $500 decrease in accounts receivable during a period would do which of the following on its statement of cash flows prepared using the indirect method?

The most recent balance sheet and income statement of Heldt Corporation appear below: The company paid a cash dividend and it did not dispose of any property, plant, and equipment. The company did not purchase any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. -The net cash provided by (used in)operating activities for the year was:

Megna Company's net income last year was $143,000. Changes in the company's balance sheet accounts for the year appear below: The company paid a cash dividend and it did not dispose of any long-term investments or property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. -The net cash provided by (used in)operating activities last year was:

Hocking Corporation's comparative balance sheet appears below: The company's net income (loss) for the year was $10,000 and its cash dividends were $1,000. It did not sell or retire any property, plant, and equipment during the year. The company uses the indirect method to determine the net cash provided by operating activities -The company's net cash used in investing activities is:

Spade Company recorded the following events last year: On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities. -Based solely on the information above,the net cash provided by (used in)financing activities on the statement of cash flows would be:

Watson Company's comparative balance sheet and income statement for last year appear below: The company declared and paid a cash dividend during the year. It did not purchase or dispose of any property, plant, and equipment. It did not issue any bonds or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. -The net cash provided by (used in)investing activities last year was:

The sale of a long-term investment for cash would be classified as an investing activity in the statement of cash flows.

For contra-asset accounts,debits are added to the beginning balance on the statement of cash flows.

The statement of cash flows:

Gasco Corporation's balance sheet and income statement appear below: Cash dividends were $54. The company sold equipment for $14 that was originally purchased for $8 and that had accumulated depreciation of $1. It did not issue any bonds payable or repurchase any of its own common stock. -The net cash provided by (used in)financing activities for the year was:

Smigel Corporation's balance sheet and income statement appear below: Cash dividends were $1.The company sold equipment for $15 that was originally purchased for $5 and that had accumulated depreciation of $5. Required: Determine the net cash provided by (used in)operating activities for the year using the indirect method.

Watson Company's comparative balance sheet and income statement for last year appear below: The company declared and paid a cash dividend during the year. It did not purchase or dispose of any property, plant, and equipment. It did not issue any bonds or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. -The net cash provided by (used in)financing activities last year was:

The most recent comparative balance sheet of Broekemeier Corporation appears below: The company uses the indirect method to construct the operating activities section of its statements of cash flows. -Which of the following is correct regarding the operating activities section of the statement of cash flows?

Gary Corporation prepares its statement of cash flows using the indirect method.Which of the following would be subtracted from net income in the operating activities section of the statement?

More Company's net income last year was $37,000.The company paid a cash dividend of $2,000 and did not sell or retire any property,plant,and equipment last year.Changes in selected balance sheet accounts for the year appear below: Based solely on this information,the net cash provided by operating activities under the indirect method on the statement of cash flows would be:

Cash payments to retire bonds payable are reported as a cash outflow in the financing activities section of the statement of cash flows.