FA Chapter 11 quick check

All of the following activities are reported on the statement of cash flows except

Activities that create long-term liabilities are usually

Activities affecting long-term assets are

In 20X6, PMW Corporation borrowed $120,000, paid dividends of $35,000, issued 10,000 shares for $46 per share, purchased land for $250,000, and received dividends of $20,000. Net income was $160,000, and depreciation for the year totaled $8,000. How much should be reported as net cash provided by operating activities by the indirect method?

Activities that obtain the cash needed to launch and sustain a company are

The exchange of shares for land

Under the indirect method, net cash provided by operating activities would be

Net cash provided by (used for) investing activities would be

Net cash provided by (used for) financing activities would be

The cost of land

Sweet Treat Ice Cream began the year with $80,000 in accounts receivable and ended the year with $60,000 in accounts receivable. If sales for the year were $700,000; the cash collected from customers during the year amounted to

Nassau Farms, Ltd., made sales of $760,000 and had cost of goods sold of $410,000. Inventory decreased by $10,000 and accounts payable decreased by $12,000. Operating expenses were $180,000. How much was Nassau Farms’s net income for the year?

Nassau Farms, Ltd., made sales of $760,000 and had cost of goods sold of $410,000. Inventory decreased by $10,000 and accounts payable decreased by $12,000. Operating expenses were $180,000. How much was Nassau Farms’s net income for the year? Use the Nassau Farms data from question 12. How much cash did Nassau Farms pay for inventory during the year?