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ACCT 2200 -Quiz 5 & 6

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Question;Question 1 (1 point)A negative net cash flow from operating activities:Question 1 options:A) indicates the company is selling its assets for more than it cost to purchase them which is a good sign for cash flowsB) indicates the company is paying more money to owners and creditors than it is receiving from themC) indicates the company is re-investing in itself in order to grow and expandD) indicates the company had a net loss using the cash basis of accountingE) indicates the company is selling off its long term assets which is not a good sign for financial healthSaveQuestion 2 (1.5 points)Question 2 options:The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2005 and December 31, 2005:January 1, 2005 December 31, 2005Unearned revenue 12,000 20,000Inventory 59,000 42,000Accounts payable 40,000 51,000Salaries payable 9,000 3,000Investments 75,000 68,000Accounts receivable 63,000 96,000Land 58,000 88,000Mortgage payable 120,000 95,000Common stock 100,000 180,000Retained earnings 22,000 35,000The following information was taken from Buckeye Company's 2005 income statement:Sales revenue $420,000Cost of goods sold 300,000Salaries expense 88,000Loss on sale of investments 6,000Net income $ 26,000Calculate the amount of cash paid to employees for salaries during 2005. Do not use decimalsin your answer.SaveQuestion 3 (2 points)Question 3 options:The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2005 and December 31, 2005:January 1, 2005 December 31, 2005Accounts receivable 51,000 70,000Inventory 39,000 28,000Accounts payable 45,000 51,000Salaries payable 7,000 3,000Investments 46,000 59,000Common stock 110,000 130,000Retained earnings 25,000 41,000The following selected information was taken from Buckeye Company's 2005 statement of cash flows:Cash collected from customers $385,000Cash paid to purchase inventory 199,000Cash paid to employees 85,000Cash paid to purchase investments 40,000Cash received from sale of investments 35,000Cash paid for dividends 30,000Calculate the amount of the gain on sale of investments reported in Buckeye Company's 2005 income statement. Do not use decimals in your answer.SaveQuestion 4 (3 points)For each transaction listed below, indicate where it would be presented on the statement of cash flows. Enter the number that corresponds to your answer in the box provided. Answer choices may be used once, more than once, or not at all. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches will be different. Therefore, exercise caution when entering your answers into carmen. Quiz scores will not be adjusted for errors in entering choices.Question 4 options:proceeds from the sale of landcollection of accounts receivable from sales to customerscash paid for advertisingcash received as interest from loans that were made to customerspurchase of a copyright for cashproceeds from the sale of common stock1. operating activity cash inflow2. operating activity cash outflow3. investing activity cash inflow4. investing activity cash outflow5. financing activity cash inflow6. financing activity cash outflowSaveQuestion 5 (2.5 points)Question 5 options:XYZ Company reported cash collections from customers of $450,000 in its 2004 statement of cash flows. At January 1, 2004, accounts receivable totaled $41,000 while accounts receivable at December 31, 2004 totaled $56,000. At January 1, 2004, unearned revenue totaled $8,000 while at December 31, 2004, unearned revenue totaled $11,000.Calculate the sales revenue reported by XYZ Company in its 2004 income statement. Do not use decimals in your answer.SaveQuestion 6 (2.5 points)Question 6 options:The following information is available for Buckeye Company:January 1, 2003 December 31, 2003Accounts payable $65,000 $50,000Inventory $74,000 $82,000Buckeye Company reported $120,000 of cash paid to suppliers for purchases of inventory in its 2003 cash flow statement. Calculate Buckeye's cost of goods sold for 2003. Do not use decimals in your answer.SaveQuestion 7 (2.5 points)Question 7 options:The balance sheets for ABC Company at January 1, 2007 and December 31, 2007 are presented below:January 1, 2007 December 31, 2007ASSETSCash 35,000?Accounts receivable 65,000 88,000Inventory? 57,000Land 80,000 60,000Equipment 120,000 230,000Accumulated depreciation LIABILITIES + EQUITYAccounts payable 26,000 51,000Short-term notes payable 40,000 45,000Income taxes payable 11,000 5,000Common stock? 135,000Retained earnings 183,000?The following information was taken from ABC Company's 2007 statement of cash flows:Net cash flow from operating activities 85,000Net cash flow from investing activities Net cash flow from financing activities Net change in cash 5,000It is known that during 2007 ABC Company sold land having a cost of $20,000 for $35,000 cash. ABC Company reported a net income of $48,000 and depreciation expense of $14,000 during 2007.Calculate the balance in the inventory account at January 1, 2007. Do not use decimals in your answer. (Hint: Use the indirect method).Save?Question 8 (2.5 points)Question 8 options:The following accounts, among others, apeared on ZZ Company's balance sheet at January 1, 2005 and December 31, 2005:January 1, 2005 December 31, 2005Accounts payable 48,000 63,000Land 70,000 84,000Notes payable 80,000 64,000Common stock 30,000 90,000Retained earnings 36,000 95,000The following information was taken from ZZ Company's 2005 income statement:Sales revenue $500,000Cost of goods sold 280,000Other expense 120,000Net income $100,000Calculate the net cash flow from financing activities for 2005. If your answer is negative, place a minus sign in front of your answer with no spaces in between (e.g., -1234). Do not use decimalsin your answer.

 

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