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charter oak acc101 week 13 test part 1

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Question;?;Use the following to answer questions 1-4;The financial statements of Wines, Inc., provide the;following information for the current year;Dec.31 Jan.1;Accounts;receivable....................................................... $210,000 $180,000;Inventory....................................................................... 200,000 190,000;Prepaid;expenses............................................................ 14,000 10,000;Accounts payable (for;merchandise)................................ 176,000 161,000;Accrued expenses payable.............................................. 13,000 19,000;Net;sales........................................................................ 2,900,000;Cost of goods;sold.......................................................... 1,500,000;Operating expenses (including depreciation of $40,000)..... 300,000;1. Refer to the above data. Compute the amount of cash received from;customers during the current year.;Answer;? Question;2;2.144 out of 2.144 points;2.;Refer to the above data. Compute;the amount of Wine's cash payments for purchases of merchandise during the;current year.;Answer;? Question;3;2.144 out of 2.144 points;3.;Refer to the above data. Compute;the amount of Wine's cash payments for operating expenses.;Answer;? Question;4;2.144 out of 2.144 points;4.;Refer to the above data. Wine's;net cash flow from operating activities for the current year is;Answer;? Question;5;2.144 out of 2.144 points;Use the following to answer;questions 5-8;An analysis of Elmont Corporation's Investment in Marketable;Securities account during 2005 disclosed the following;Debit;entries......................................................................... $150,000;Credit entries........................................................................ 230,000;Elmont's 2005 income statement included a $30,000 gain on;sale of marketable securities and $20,000 dividend income from marketable;securities. All payments and proceeds;relating to marketable securities transactions were in cash.;5. Refer to the above data. The amount of cash paid by Elmont Corporation;in 2005 for the purchase of marketable securities was;Answer;? Question;6;2.144 out of 2.144 points;6.;Refer to the above data. The cash;proceeds received by Elmont Corporation in 2005 for the sale of marketable;securities was;Answer;? Question;7;2.144 out of 2.144 points;7.;Refer to the above data. How;should the transactions involving marketable securities be classified in;Elmont's statement of cash flows for 2005?;Answer;? Question;8;0 out of 2.144 points;8.;Refer to the above data. Based;solely on the above information, Elmont's net cash flow from investing;activities for 2005 is;Answer;? Question;9;2.144 out of 2.144 points;Use the following to answer;questions 9-12;An analysis of changes in selected balance sheet accounts of;Gotham Corporation shows the following for the current year;Plant and Equipment accounts;Debit entries to;asset accounts............................................ $210,000;Credit entries to;asset accounts........................................... 320,000;Debit entries to;accumulated depreciation accounts;(resulting from;sale of plant assets)................................... 30,000;Credit entries to;accumulated depreciation accounts;(representing;depreciation for the current year)................. 80,000;Gotham's income statement for the current year includes a;$4,000 gain on disposal of plant assets. All payments and proceeds relating to;purchase or sale of plant assets were in cash.;9. Refer to the above data. The amount of cash paid by Gotham to acquire;plant assets during the current year was;Answer;? Question;10;2.144 out of 2.144 points;10. Refer to the above data. Total cash proceeds received by Gotham from;sales of plant assets during the current year amounted to;Answer;? Question;11;2.144 out of 2.144 points;11.;Refer to the above data. How;should purchases, sales, and depreciation of plant assets be classified in;Gotham's statement of cash flows for the current year? (Assume the direct method is used by Gotham.);Answer;? Question;12;2.144 out of 2.144 points;12.;Refer to the above data. Based;solely on the data provided above, Gotham's net cash flow from investing;activities for the current year is;Answer;? Question;13;0 out of 2.144 points;Use the following to answer;questions 13-15;During 2006, the cash flows related to Dodge Data, Inc.'s;lending and borrowing activities are summarized as follows;Cash lent to;borrowers.......................................................... $85,000;Payment to retire bonds payable............................................ 175,000;Proceeds from borrowing at bank (note;payable).................... 105,000;Interest received from;borrowers........................................... 15,000;Interest payments made on bonds;payable.............................. 20,000;13. Refer to the above data. On the basis of the above information alone;what is Dodge Data's net cash flow from financing activities?;Answer;? Question;14;2.144 out of 2.144 points;14.;Refer to the above data. If Dodge;Data's income statement for 2006 reports interest expense of $12,000, then;Answer;? Question;15;2.144 out of 2.144 points;15.;Refer to the above data. If;interest receivable was $3,000 at December 31, 2005, and is $5,000 at the end;of 2006, interest revenue reported in Dodge Data's income statement for 2006;must have been;Answer;? Question;16;2.144 out of 2.144 points;16.;Acme Company uses the indirect method to prepare its statement of cash;flows. The following information has been gathered for the current period;Gain on sale of land.............................................................. $45,000;Net;income.......................................................................... 162,000;Depreciation;expense............................................................ 74,000;Cash received from sale of;land............................................. 160,000;Decrease in;inventory........................................................... 10,000;Increase in accounts;receivable............................................. 5,000;Increase in accounts payable................................................. 11,000;On the;basis of the above information only, Acme Company's statement of cash flows;shows net cash flow from operating activities to be;Answer

 

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