Managerial accounting 5th by jiambalvo test bank ch13

Under the direct method, a gain on the sale of equipment is included in net income and subtracted in the operating activities section of the statement of cash flows because it is not a c

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Statement of Cash FlowsSummary of Questions by Objectives and Bloom’s Taxonomy

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1 For purposes of a statement of cash flows, cash is defined to include cash and investments such as

those in stock of other companies

2 A firm may have a significant amount of net income, as computed under the accrual basis of

accounting, yet have an insignificant net inflow of cash

3 A statement of cash flows provides information on cash inflows and outflows for a specified period of

time

4 Cash equivalents are short-term investments that are highly liquid and can be readily converted into

cash

5 Cash proceeds from issuing a long-term note payable is classified as an operating activity

6 Cash used to retire long-term debt that was used to build a new factory is classified as an investing

activity

7 Cash payments for salaries to employees are classified as an operating activity

8 Financing activities are presented as the first classification on a statement of cash flows because a

company must first obtain financing when it begins operations before it can acquire assets to start operations

9 Financial statement users focus a great deal of attention on cash flows related to operating activities,

because, over the long run, a business must generate positive cash flows from its profit-oriented activities to be successful

10 Cash received from customers includes cash from current period sales plus cash from customer

payments on account

11 Cash paid for interest expense is shown as an operating activity under the direct method

12 Under the direct method, a gain on the sale of equipment is included in net income and subtracted in

the operating activities section of the statement of cash flows because it is not a cash flow

13 The format of a statement of cash flows prepared using the direct method is much like an income

statement prepared on the cash-flow basis

14 When the indirect method is used, GAAP requires a separate schedule reconciling cash flows from

operating activities to net income

15 Cost of goods sold less any increase in accounts payable equals cash paid for inventory

16 A loss on the sale of a building is added to net income in the operating activities section of the

statement of cash flows under the direct method

17 Cash paid for wages and salaries is determined by adding a decrease in wages payable or subtracting

an increase in wages payable to the amount of wages and salaries expense

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18 When the direct method of preparing the statement of cash flows is used, the payment of dividends to

stockholders appears in the operating activities section

19 Proceeds from the sale of equipment is reported as an investing activity when using the direct method

to prepare the statement of cash flows

20 A decrease in inventory is added to net income when preparing the operating activities section under

the indirect method

21 Issuing common stock is an investing activity

22 Depreciation expense is added to net income when determining net cash provided by operating

activities under the indirect method

23 Under the indirect method of preparing the statement of cash flows, a loss on the sale of equipment is

added to net income in the investing activities section

24 The presentation of each the three sections of the statement of cash flows will differ when comparing

the format of the direct and indirect methods of preparing the statement of cash flows

25 Increases in receivables and prepaid expenses are added to net income to determine cash provided/

(used) by operating activities when using the indirect method

26 An increase in accounts receivable is subtracted from net income to determine cash provided/(used)

by operating activities when using the indirect method

27 An increase in accounts payable is added to net income to determine cash provided/(used) by

operating activities when using the indirect method

28 Both the direct and indirect method yield the same total amount for net cash provided or used by

operating activities

29 Generally, the most important section of the statement of cash flows is operating activities because a

company is required to have positive cash flows according to GAAP

30 If cash flows provided by operating activities are a relatively small amount, a company may offset

this problem on a short-term basis by cutting back on capital expenditures or by borrowing funds or issuing stock

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MULTIPLE CHOICE

31 What primary information is provided in the statement of cash flows?

A The amount of profits earned during a period

B The source and uses of a company’s money

C Estimates of future cash flows

D Cash receipts and cash payments of an entity’s profitable activities during a period

32 Which one of the following is an important reason to evaluate a company’s cash flow?

A Without positive cash flows, a company is unable to recognize a positive net income

B Minimum cash balances must be maintained by all companies

C Stockholders want to know that the company can generate cash consistent with earning a

reasonable return on their investments

D Creditors want to be assured that the company has significant cash inflows from financing

activities

33 Watley Surf Shop provided the following information for the current year:

Proceeds from sale of equipment $120,000Dividends paid to stockholders 16,000Purchase of inventories on account 92,000Borrowing a long-term loan 60,000Loan principal payments made 14,000Interest paid on loan payments 1,000Purchase of land for cash 65,000Payment for inventory previously acquired on account 85,000Cash collected from customers 450,000How much is the net cash provided/(used) by investing activities during the year?

A $55,000

B $115,000

C $100,000

D $40,000

34 Watley Surf Shop provided the following information for the current year:

Proceeds from sale of equipment $120,000Dividends paid to stockholders 16,000Purchase of inventories on account 92,000Borrowing a long-term loan 60,000Loan principal payments made 14,000Interest paid on loan payments 1,000Purchase of land for cash 65,000Payment for inventory previously acquired on account 85,000Cash collected from customers 450,000How much is the net cash provided/(used) by financing activities during the year?

A $29,000

B ($56,000)

C ($90,000)

D $30,000

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35 Randolph Retail reported the following results during 2014:

Cash collected from accounts receivable $56,000Cash paid to purchase office supplies 2,000Cash collected from customers for current period sales 98,000

Cash paid for inventory acquisitions 87,000Cash collected from the issuance of common stock 50,000Cash paid to purchase equipment with a 5-year life 80,000How much is the company’s net cash provided by operating activities?

A $23,000

B $103,000

C $65,000

D $53,000

36 Speedy Supermarket reported net income of $24,000 in 2014 No dividends were declared nor paid

during the year Changes in the selected accounts during the year are:

Increase/(Decrease)Accounts receivable $16,200

Prepaid expenses (4,000)Accounts payable 27,300Salaries payable (3,000)How much is the company’s net cash provided by operating activities?

A $24,300

B $72,300

C $300

D $48,300

37 Harnett Enterprises had a net loss of $14,000 in 2014 Dividends of $15,000 were declared and paid

during the year and the company reported depreciation expense of $15,000 Changes in the following selected accounts occurred during the year:

Increase/(Decrease)Accounts receivable ($3,000)Long-term investments 16,000Interest payable (2,000)

Property, plant, and equipment 42,000

No property, plant, and equipment items were sold during the year How much is the company’s net cash provided/(used) by financing activities?

A $2,000

B ($65,000)

C ($79,000)

D ($80,000)

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38 Harnett Enterprises had a net loss of $14,000 in 2014 Dividends of $15,000 were declared and paid

during the year and the company reported depreciation expense of $15,000 Changes in the following selected accounts occurred during the year:

Increase/(Decrease)Accounts receivable ($3,000)Long-term investments 16,000Interest payable (2,000)

Property, plant, and equipment 42,000

No property, plant, and equipment were sold during the year How much is the company’s net cash provided(used) by investing activities?

A $7,000

B $60,000

C $18,000

D ($58,000)

39 Marquette Décor is a merchandiser that operates a small retail store Comparative balance sheets for

the years ending December 31, 2014 and 2013 and its income statement for 2014 follow:

During the year, equipment with an original cost of $17,000, and accumulated depreciation totaling

$16,800 was sold for $3,600 Dividends were declared and paid during the year How much cash did Marquette collect from customers during the year?

A $227,100

B $224,000

C $235,400

D $220,900

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41 Bath Works had a net loss of $5,100 in 2014 During the year, a gain of $4,000 was recognized on the

sale of fully depreciated equipment that had cost $14,000 and had no salvage value Depreciation expense during the year totaled $17,400 Changes in the following selected accounts occurred during the year:

Increase/(Decrease)Accounts receivable $6,500

Interest payable 1,200Accounts payable (1,000)Accumulated depreciation 3,400

Long-term investments (9,000)Using the indirect method, how much is the company’s net cash provided(used) by operating

activities?

A $15,800

B $9,200

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C $8,800

D $5,200

$16,800 was sold for $3,600 Dividends were declared and paid during the year The company uses the indirect method How much is cash provided/(used) by operating activities?

A $27,200

B $30,600

C $29,000

D $30,800

43 Econ Services’ statement of cash flows indicates a $73,000 increase in cash during the year The

statement also indicates that the company used $42,000 for operating activities and $89,000 was provided by financing activities How much was net cash provided/(used) by investing activities?

A $204,000

B ($58,000)

C $26,000

D ($47,000)

44 Thomas Electric’s statement of cash flows indicates a $12,000 decrease in cash during the year The

statement also indicates that $28,000 was provided by operating activities and $15,000 was used by investing activities How much is net cash provided/(used) by financing activities?

A ($25,000)

B ($1,000)

C ($31,000)

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D $42,000

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45 The accounting records of Snapdog Enterprises include the following information:

December 31,

Accounts payable $12,800 $13,200Accounts receivable 24,000 21,700The company’s income statement for 2014 appears below

Cost of goods sold 150,000Depreciation expense 15,000Other operating expenses 68,000Loss on sale of plant asset 10,200Income taxes 24,000

A Subtract $5,000

B Add $2,000

C Subtract $26,000

D There is not enough information provided to answer this question

47 Kingston Jerk Factory reported the following results for 2014:

December 31 January 1Property, plant, and equipment $420,000 $405,000Accumulated depreciation (189,000) (180,000)Net property, plant, and equipment $231,000 $225,000During 2014, the company sold equipment that had an original cost of $39,000 and accumulated depreciation of $31,000 for $13,000 New equipment was purchased for cash during the year How much is reported for cash paid to acquire property, plant, and equipment on the statement of cash flows for 2014?

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48 In 2014, Maxi Office Supplies sold a plant asset that had an original cost of $54,000 and accumulated

depreciation of $28,000 for $15,000 in cash Which one of the following is one item to be reported onthe statement of cash flows prepared using the indirect method?

A An addition to net income in the operating activities section for $11,000

B A subtraction from net income in the operating activities section for $11,000

C A source of cash of $15,000 in the financing activities section

D A use of cash in the investing activities section for $26,000

49 Limon Grill’s balance in retained earnings was $87,000 at the beginning of the year and $92,000 at

the end of the year If the company declared and paid dividends of $26,000 during the year, how much was net income/(loss) for the year?

A $5,000

B $31,000

C $21,000

D ($5,000)

50 During 2014, Lance Chips sold equipment that had an original cost of $143,000 and accumulated

depreciation of $110,000, for cash totaling $25,000 Which one of the following is one effect of this transaction on the statement of cash flows if the indirect method is used?

A An addition to net income in the operating activities section for $25,000

B An addition to net income of $8,000 in the operating activities section

C A subtraction of $33,000 in the investing activities section

D An addition of $8,000 in the investing activities section

51 First National Eatery prepares its statement of cash flows using the indirect method The statement

reported that cash provided by operating activities for the year was $7,000 If the company

experienced a $14,000 decrease in accounts receivable, a $13,000 decrease in accounts payable, and a

$4,000 increase in inventory during the year, how much is the company’s net income/(loss) for the year?

A ($3,000)

B $4,000

C ($16,000)

D $10,000

52 Kermit Productions purchased $44,000 worth of stock in the Enterprise Company in 2010 In 2014,

the stock was sold for $87,000 Which one of the following is one effect of this transaction on the statement of cash flows if the indirect method is used during 2014?

A An addition of $43,000 in the investing activities section

B A subtraction of $43,000 in the investing activities section

C A subtraction from net income of $43,000 in the operating activities section

D An addition to net income of $87,000 in the operating activities section

53 Which is the most important item in a company’s statement of cash flows?

A Positive operating cash flows

B Positive operating, investing, and financing cash flows

C Positive operating and investing cash flows

D Positive operating and financing cash flows

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54 In addition to cash flows that occurred during the period, which of the following amounts listed below

appear on the statement of cash flows prepared using the direct method?

I Beginning balance of cash and cash equivalents

II Ending balance of cash and cash equivalentsIII Net income

A I and II

B II and III

C I and III

D I, II, and III

55 During 2014, Thomas Windows completed the following transactions:

 Purchased equipment for $41,000 cash that will be depreciated over a 10-year life

 Sold equipment that had an original cost of $46,000 and accumulated depreciation of

$43,000 for $7,000 cashThe January 1, 2014 balance in the accumulated depreciation account was $134,000 and the

December 31, 2014 balance was $145,000 How much depreciation expense will Thomas Windows report on the company’s 2014 statement of cash flows if the indirect method is used?

A $32,000

B $54,000

C $14,000

D $57,000

56 Natural Market’s statement of cash flows showed the following totals:

Cash for operating activities ($45,000)Cash from financing activities 32,000Cash from investing activities 28,000Which statement most likely explains what occurred during the year?

A Natural Market is using cash from operations and borrowing money from the bank to buy

long-term assets

B Natural Market is using its profits in order to sell plant assets and repay debt

C Natural Market is using cash from the sale of long-term assets to fund its operations and to

repay debt

D Natural Market is selling long-term assets and borrowing cash to fund operations

57 How is cash paid for interest on a mortgage classified on a statement of cash flows?

A As an investing activity

B As an operating activity

C As a financing activity

D As a receiving activity

58 If a company sells equipment with accumulated depreciation totaling $4,200 and an original cost of

$5,100, for a loss of $400, what amount will appear in the investing activities section of the statement

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59 How is the repurchase of a company’s own stock classified on the statement of cash flows?

61 Which one of the following is not a use of cash?

A The payment of a loan of which was borrowed in order to purchase a factory

B The issuance of a stock dividend

C Payments to suppliers

D A payment to reduce long-term debt

62 Which one of the following is a cash inflow reported in the operating activities section of the

statement of cash flows?

A The issuance of common stock

B The issuance of a long-term note payable

C The collection of accounts receivable

D The payment for raw materials

63 Which section(s) of the statement of cash flows is(are) identical under both the direct and indirect

methods?

A The operating activity section

B The investing and financing activity sections

C The financing and operating activity sections

D The operating, investing, and financing activity sections

64 Race World reported credit sales of $445,000, ending accounts receivable of $41,500, and beginning

accounts receivable of $33,500 What is the amount of cash collected from customers?

A $486,500

B $453,000

C $411,500

D $437,000

65 Under the indirect method of preparing the statement of cash flows, an increase in inventories is

deducted from net income to calculate cash provided or used by operating activities because

A cash payments to customers were less than the inventory purchases made during the period

B cash paid to acquire inventory was greater than cost of goods sold by the amount that

inventories increased

C cash payments to customers were larger than the inventory purchases made during the period

D inventory purchases were less than the cost of goods sold by the amount that inventories

increased

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66 Why is a decrease in accounts receivable added to net income when determining cash provided by

operating activities?

A Cash collections from customers were greater than the sales generated

B Cash collections increased due to an increase in sales

C Cash collections decreased due to a decline in sales

D Cash collections from customers were less than the sales reported

67 Handley Mowers prepares its statement of cash flows using the indirect method The following

information was taken from its income statement and balance sheet for 2014:

Increase in accounts receivable 2,400Depreciation expense 3,500Decrease in accounts payable 800Loss on sale of investments 1,300Payment of dividends 1,500How much is cash provided/(used) by operating activities?

A $4,400

B ($2,900)

C ($4,400)

D ($7,600)

68 Which of the following is added to net income under the indirect method of determining cash

provided/(used) by operating activities?

A Gain on the sale of equipment

B Increase in notes payable

C Increase in inventory

D Decrease in prepaid rent

69 When preparing the operating activities section of a statement of cash flows using the indirect

method, various adjustments are needed Which of the following adjustments is incorrectly stated?

A Deduct any increases in inventories from net income

B Deduct any decreases in non-cash current liabilities from net income

C Add depreciation and amortization expense to net income

D Add any gain on the sale of equipment

70 In which of the following sections of the statement of cash flows will users find cash flows that are

the most important to the long-run success of a company?

A Operating activities section

B Investing activities section

C Financing activities section

D Operating, investing, and financing activities

71 Which one of the following is a common use of the statement of cash flows by investors?

A To determine if the company can generate enough cash to acquire another company

B To determine if the company can generate enough cash to pay cash dividends to stockholders

C To determine if the company can generate enough cash to pay its employees

D To determine if the company can generate enough cash to buy equipment

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72 Which of the following is a cash equivalent?

A Accounts receivable

B A one-year note receivable

C Money market funds

D An investment in Microsoft’s stock

73 Which of the following is a method that can often be used to offset problems related to cash flows

from operating activities?

A Reduce capital expenditures

B Lay off employees

C Increase payments on short-term notes payable

D Acquire treasury stock

74 What information is needed to determine cash paid to suppliers?

I The change in accounts receivable during the period

II Cost of goods sold for the periodIII The change in inventories during the period

IV The change in accounts payable during the period

A I, II, III, and IV

B I, II, and III

C II, III, and IV

D II and III

E III and IV

75 In order to be economically viable in the long run, what must a business generate?

A Negative financing activities, positive investing activities, and positive operating activities

B Positive operating activities

C Positive investing, financing, and operating activities

D Negative investing and financing activities and positive operating activities

76 Which of the following is not a cash flow included in the investing activities section of the statement

of cash flows?

A The payment of the principal balance on a long-term loan payable

B Purchase of another company

C The proceeds from the sale of a building

D The collection of a long-term note receivable

77 Which of the following is a cash flow included in the financing activities section of the statement of

cash flows?

A The payment of interest on notes payable

B The receipt of dividends from stock investments

C The making loans to other entities

D The payment of principal on notes payable

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78 Ogden Company uses its accounts payable account only for inventory purchases The following

account balances were reported on its financial statements:

Merchandise inventory $70,000 $66,000

Cost of goods sold 889,000 856,000

How much cash did Ogden Company pay to suppliers during 2014?

80 Which of the following is reported as an operating activity on the statement of cash flows?

A Cash payments for income taxes

B Cash received from the collection of long-term notes receivable

C Cash paid for dividends to stockholders

D Cash proceeds from issuing long-term debt

81 How are changes in long-term assets that result in cash flows reported on the statement of cash flows?

A As investing activities

B As operating activities

C As financing activities

D As non-cash activities

82 Winslow Manor Construction provided the following information during the year:

Proceeds from sale of building $65,000Cash paid to purchase inventories 22,000Proceeds from issuing long-term debt 17,000Dividends paid to stockholders 12,000Purchase of land for cash 56,000Cash collected from customers 180,000How much is the net cash provided(/used) by investing activities during the year?

A $26,000

B $14,000

C $9,000

D $14,000

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83 How are changes in long-term liabilities that result in cash flows reported on the statement of cash

85 Carriage House Cleaners purchased equipment and paid dividends during the year Where do these

amounts appear on the statement of cash flows, respectively?

A Operating activities section, financing activities section

B Financing activities section, operating activities section

C Investing activities section, operating activities section

D Investing activities section, financing activities section

86 Selected information from the 2014 and 2013 accounting records of Hinley Roofing is provided

At the end of 2014, how much is Riddle’s cash balance?

A Borrowing from a bank

B Paying interest on a long-term note payable

C Repaying the principal on a loan

D Issuing common stock for cash

88 Rodgers Chemicals sold a piece of equipment for cash and recognized a gain of $5,000 The original

cost was $34,000 and the accumulated depreciation on the equipment just prior to the sale totaled

$19,000 What amount will Rodgers Chemicals report in the investing activities section of its

A $20,000

B $54,000

C $10,000

D $15,000

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89 Which of the following is reported as an operating activity?

A Cash payments for income taxes

B Cash payments for loan principal

C Cash payments for dividends

D Proceeds from the sale of a plant asset

90 Which of the following is reported as an investing activity?

A Depreciation on plant assets

B Cash payments to acquire new equipment

C Cash received for the sale of stock to investors

D Interest received on a money market bank account

91 Which of the following is considered to be a cash flow provided/(used) by financing activities?

A Dividends received from stock investments

B Cash received from customers for amounts due on account

C Proceeds from issuing common stock

D Interest paid on short-term notes payable

92 To which of the following is the operating activities section of the statement of cash flows prepared

using the direct method most similar?

A The balance sheet

B An income statement converted to the accrual basis of accounting

C An income statement converted to the cash basis of accounting

94 Which of the following is the correct equation to use when calculating cash payments for income

taxes under the direct method?

A Net income – Decrease in income taxes payable or + Increase in income taxes payable

B Net income + Decrease in income taxes payable or – Increase in income taxes payable

C Income tax expense – Decrease in income taxes payable or + Increase in income taxes

payable

D Income tax expense – Decrease in accounts receivable or + Increase in accounts receivable

95 Which of the following is not added to net income in the operating activities section of the statement

of cash flows prepared using the indirect method?

A Depreciation expense

B Amortization expense

C Gain on sale of equipment

D Loss on sale of equipment

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96 Which of the following describes the nature of the operating activities section of the statement of cash

flows prepared using the indirect method?

A A reconciliation of cash flows provided/(used) by operating activities and net income

B An accrual basis format of the income statement

C A cash basis format of the income statement

D A reconciliation of the net increase or decrease in cash and cash equivalents

97 Which statement below is correct concerning the majority of companies’ preferences in preparing the

A Most companies use the direct method

B Most companies use the indirect method

C About half of public companies use the direct method and the other half use the indirect

method

D Most companies use both the direct and indirect methods

98 Wally Foods reported cost of goods sold for $100,000 and depreciation expense totaling $7,000 On

January 1, Wally Foods had inventory and accounts payable of $21,000 and $24,000, respectively OnDecember 31, inventory and accounts payable were $28,000 and $20,000, respectively Net income is

$60,000 Beginning accounts receivable was $13,000 and ending was $12,000 How much is reported

as net cash provided/(used) by operating activities?

A $57,000

B $65,000

C $77,000

D $50,000

99 Which statement is true with respect to the preparation of the ‘cash flows from operating activities’

section of the statement of cash flows?

A It is based on accrual income

B Operating cash flows are the difference between revenues and expenses

C It can be prepared using the direct or indirect methods

D Cash payments for depreciation are reported in the operating activities section

100 The accounting records of Fine Mart Clothing include the following information for the year:

Collections of accounts receivable $124,000Payments to suppliers 76,000Accrual of payables at month end 17,000

Depreciation expense 12,000Payment for operating expenses 43,000What amount of net cash provided by operating activities will Fine Mart Clothing report on its statement of cash flows for the year?

A $19,000

B $31,000

C $40,000

D $28,000

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101 DR Electric Supply reported interest expense of $6,300 for the year Interest payable was $780 and

$920 at the beginning and the end of the year, respectively How much cash did DR Electric Supply pay for interest during the year?

A $6,160

B $6,440

C $7,080

D $5,380

102 Wellington Cabinets sells its merchandise on account The company has provided the following

information for 2014 and 2013:

Accounts receivable $ 125,000 $ 132,000Sales 1,800,000 1,650,000How much cash did Wellington Cabinets collect from customers during 2014?

A $4,060,000

B $4,340,000

C $1,240,000

D $4,260,000

104 The following amounts were provided by Brighthouse Lighting for the 2014:

Beginning retained earnings $650,000Ending retained earnings 630,000Cash provided by operations 2,240,000Net income for 2014 2,160,000How much will Brighthouse report on it statement of cash flows for ‘dividends paid’ during 2014?

A $2,260,000

B $2,180,000

C $2,810,000

D $2,140,000

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$16,800 was sold for $3,600 Dividends were declared and paid during the year How much cash was used to acquire new equipment during 2014?

A $3,600

B $27,600

C $41,000

D $24,000

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$16,800 was sold for $3,600 Dividends were declared and paid during the year How much is the net increase or decrease in cash and cash equivalents during 2014?

A $63,700 increase

B $9,900 decrease

C $35,400 decrease

D $16,200 increase

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$16,800 was sold for $3,600 Dividends were declared and paid during the year How much cash was received from the issuance of stock during 2014?

A $88,200

B $22,900

C $11,450

D $25,200

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$16,800 was sold for $3,600 Dividends were declared and paid during the year How much cash was paid for income taxes during 2014?

A $20,300

B $11,700

C $30,300

D $16,000

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$16,800 was sold for $3,600 Dividends were declared and paid during the year How much cash was provided/(used) by financing activities in 2014?

A $6,800

B $14,100

C $16,400

D $300

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$16,800 was sold for $3,600 Dividends were declared and paid during the year How much cash was paid for dividends during 2014?

A $20,700

B $2,800

C $2,300

D $16,100

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$16,800 was sold for $3,600 Dividends were declared and paid during the year How much is the net cash provided/(used) by investing activities during 2014?

A ($37,400)

B $3,600

C ($20,400)

D None of the answer choices are correct

112 Which of the following is subtracted from net income under the indirect method to determine net cash

provided/(used) by operating activities?

A Loss on sale of equipment

B Decrease in prepaid insurance

C Increase in merchandise inventory

D Increase in accounts payable

113 Which of the following is not an addition to net income when determining the cash flows from

operating activity under the indirect method?

A Depreciation

B Gain on sale of equipment

C Decrease in accounts receivable

D Increase in wages payable

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