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Hayward Corporation had net sales of $610,000 and cost of goods sold of $360,000 for the just completed year. Shown below are the beginning and ending balances for the year of various accounts: Hayward Corporation had net sales of $610,000 and cost of goods sold of $360,000 for the just completed year. Shown below are the beginning and ending balances for the year of various accounts: The company prepares its statement of cash flows using the direct method.On its statement of cash flows, what amount should Howard show for its net sales adjusted to a cash basis (i.e., cash received from sales) ? A) $616,000 B) $623,000 C) $625,000 D) $595,000 The company prepares its statement of cash flows using the direct method.On its statement of cash flows, what amount should Howard show for its net sales adjusted to a cash basis (i.e., cash received from sales) ?


A) $616,000
B) $623,000
C) $625,000
D) $595,000

E) B) and D)
F) A) and D)

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Shimko Corporation's most recent comparative balance sheet and income statement appear below: Shimko Corporation's most recent comparative balance sheet and income statement appear below: The company paid a cash dividend of $19 and it did not dispose of any 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 for the year was: A) $23 B) $133 C) $157 D) $87 The company paid a cash dividend of $19 and it did not dispose of any 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 for the year was:


A) $23
B) $133
C) $157
D) $87

E) A) and C)
F) A) and B)

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Suggett Corporation's net cash provided by operating activities was $34; its income taxes were $12; its capital expenditures were $24; and its cash dividends were $7. The company's free cash flow was:


A) $(19)
B) $77
C) $3
D) $15

E) A) and C)
F) None of the above

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The most recent comparative balance sheet of Giacomelli Corporation appears below: The most recent comparative balance sheet of Giacomelli Corporation appears below: The company uses the indirect method to construct the operating activities section of its statement of cash flows.Which of the following is correct regarding the operating activities section of the statement of cash flows? A) The change in Prepaid Expenses will be added to net income; The change in Income Taxes Payable will be subtracted from net income B) The change in Prepaid Expenses will be subtracted from net income; The change in Income Taxes Payable will be subtracted from net income C) The change in Prepaid Expenses will be subtracted from net income; The change in Income Taxes Payable will be added to net income D) The change in Prepaid Expenses will be added to net income; The change in Income Taxes Payable will be added to net income The company uses the indirect method to construct the operating activities section of its statement of cash flows.Which of the following is correct regarding the operating activities section of the statement of cash flows?


A) The change in Prepaid Expenses will be added to net income; The change in Income Taxes Payable will be subtracted from net income
B) The change in Prepaid Expenses will be subtracted from net income; The change in Income Taxes Payable will be subtracted from net income
C) The change in Prepaid Expenses will be subtracted from net income; The change in Income Taxes Payable will be added to net income
D) The change in Prepaid Expenses will be added to net income; The change in Income Taxes Payable will be added to net income

E) B) and D)
F) None of the above

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Under the direct method of determining the net cash provided by (used in) operating activities on the statement of cash flows, one step in adjusting selling and administrative expenses from an accrual to a cash basis is to subtract any increase in prepaid expenses.

A) True
B) False

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Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $49,000 in cash dividends during the year. It did not sell or retire any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities.On the statement of cash flows, the selling and administrative expense adjusted to a cash basis would be: A) $201,000 B) $166,000 C) $254,000 D) $210,000 The company declared and paid $49,000 in cash dividends during the year. It did not sell or retire any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities.On the statement of cash flows, the selling and administrative expense adjusted to a cash basis would be:


A) $201,000
B) $166,000
C) $254,000
D) $210,000

E) None of the above
F) A) and D)

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Which one of the following transactions should be classified as a financing activity on the statement of cash flows?


A) Purchase of equipment.
B) Purchase of the company's own stock.
C) Sale of a long-term investment.
D) Payment of interest to a lender.

E) A) and D)
F) B) and C)

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Financial statements of Rukavina Corporation follow: Financial statements of Rukavina Corporation follow: Cash dividends were $8. 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) operating activities for the year was: A) $21 B) $75 C) $27 D) $69 Cash dividends were $8. 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) operating activities for the year was:


A) $21
B) $75
C) $27
D) $69

E) All of the above
F) A) and C)

Correct Answer

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Financial statements of Rukavina Corporation follow: Financial statements of Rukavina Corporation follow: Cash dividends were $8. 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) investing activities for the year was: A) $26 B) $15 C) $(26) D) $(15) Cash dividends were $8. 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) investing activities for the year was:


A) $26
B) $15
C) $(26)
D) $(15)

E) B) and C)
F) None of the above

Correct Answer

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Hirshberg Corporation's comparative balance sheet appears below: Hirshberg Corporation's comparative balance sheet appears below: The company's net income for the year was $4,300 and its cash dividends were $1,400. It did not sell or retire any property, plant, and equipment during the year.The company's net cash provided by (used in) investing activities is:v: 02_23_2016_QC_CS-43371 A) $(18,000) B) $(14,000) C) $36,200 D) $46,000 The company's net income for the year was $4,300 and its cash dividends were $1,400. It did not sell or retire any property, plant, and equipment during the year.The company's net cash provided by (used in) investing activities is:v: 02_23_2016_QC_CS-43371


A) $(18,000)
B) $(14,000)
C) $36,200
D) $46,000

E) None of the above
F) B) and D)

Correct Answer

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Sonier Corporation's most recent balance sheet appears below: Sonier Corporation's most recent balance sheet appears below: The net income for the year was $97. Cash dividends were $19. The company did not issue any bonds or repurchase any of its common stock during the year. The net cash provided by (used in) financing activities for the year was: A) ($43) B) ($19) C) ($25) D) $1 The net income for the year was $97. Cash dividends were $19. The company did not issue any bonds or repurchase any of its common stock during the year. The net cash provided by (used in) financing activities for the year was:


A) ($43)
B) ($19)
C) ($25)
D) $1

E) A) and C)
F) B) and C)

Correct Answer

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The amount of depreciation added to net income equals the sum of the debits to the Accumulated Depreciation account.

A) True
B) False

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Kaeser Corporation's most recent balance sheet appears below: Kaeser Corporation's most recent balance sheet appears below: The company's net income for the year was $52 and it did not sell or retire any property, plant, and equipment during the year. Cash dividends were $9. The net cash provided by (used in) investing activities for the year was: A) $17 B) $67 C) ($17) D) ($67) The company's net income for the year was $52 and it did not sell or retire any property, plant, and equipment during the year. Cash dividends were $9. The net cash provided by (used in) investing activities for the year was:


A) $17
B) $67
C) ($17)
D) ($67)

E) A) and C)
F) C) and D)

Correct Answer

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McCorey Corporation recorded the following events last year: McCorey Corporation 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: A) $70,000 B) $98,000 C) $49,000 D) $84,000 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:


A) $70,000
B) $98,000
C) $49,000
D) $84,000

E) A) and B)
F) A) and D)

Correct Answer

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Kaze Corporation's cash and cash equivalents consist of cash and marketable securities. Last year the company's cash account increased by $25,000 and its marketable securities account decreased by $15,000. Net cash provided by (used in) operating activities was $38,000. Net cash provided by (used in) investing activities was $9,000. Based on this information, the net cash provided by (used in) financing activities on the statement of cash flows was:


A) $(37,000) .
B) $37,000.
C) $(47,000) .
D) $47,000.

E) All of the above
F) B) and C)

Correct Answer

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Norbury Corporation's net income last year was $34,000. The company did not sell or retire any property, plant, and equipment last year. Changes in selected balance sheet accounts for the year appear below: Norbury Corporation's net income last year was $34,000. The company 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 (used in) operating activities under the indirect method on the statement of cash flows would be: A) $52,000 B) $66,000 C) $53,000 D) $16,000 Based solely on this information, the net cash provided by (used in) operating activities under the indirect method on the statement of cash flows would be:


A) $52,000
B) $66,000
C) $53,000
D) $16,000

E) A) and D)
F) A) and B)

Correct Answer

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Partin Corporation's cash and cash equivalents consist of cash and marketable securities. Last year the company's cash account increased by $31,000 and its marketable securities account decreased by $22,000. Net cash provided by (used in) operating activities was $108,000. Net cash provided by (used in) financing activities was $(70,000) . Based on this information, the net cash provided by (used in) investing activities on the statement of cash flows was: Garrison 16e Rechecks 2017-11-18


A) $9,000
B) ($29,000)
C) $38,000
D) ($38,000)

E) A) and B)
F) All of the above

Correct Answer

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Under the direct method of determining the net cash provided by (used in) operating activities on the statement of cash flows, a decrease in prepaid expenses would be added to selling and administrative expenses to convert selling and administrative expenses to a cash basis.

A) True
B) False

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Which of the following would be considered a cash inflow in the financing activities section of the statement of cash flows?


A) Issuing bonds payable.
B) Receiving cash from customers.
C) Sale of equipment.
D) Collection of a loan made to another company.

E) All of the above
F) C) and D)

Correct Answer

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Beltram Corporation's balance sheet and income statement appear below: Beltram Corporation's balance sheet and income statement appear below: The company did not dispose of any property, plant, and equipment, issue any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $13.Required:Prepare a statement of cash flows in good form using the indirect method. The company did not dispose of any property, plant, and equipment, issue any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $13.Required:Prepare a statement of cash flows in good form using the indirect method.

Correct Answer

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