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FA Chapter 11 quick check
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Questions in this quiz (13)
1All of the following activities are reported on the statement of cash flows except
- Afinancing activities
- Boperating activities.
- C. investing activities.
- Dmarketing activities
2Activities that create long-term liabilities are usually
- A. noncash investing and financing activities.
- B. investing activities
- C. financing activities.
- Doperating activities
3Activities affecting long-term assets are
- A. marketing activities.
- B. financing activities.
- Cinvesting activities
- Dmarketing activities
4In 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?- A$205,000
- B$168,000
- C$230,000
- D$152,000
5Activities that obtain the cash needed to launch and sustain a company are
- Ainvesting activities
- B. financing activities.
- Cmarketing activities.
- Dincome activities.
6The exchange of shares for land
- Awould be reported as noncash investing and financing activities
- Bwould be reported as financing activities.
- C. would not be reported on the statement of cash flows
- Dwould be reported as investing activities.
7Under the indirect method, net cash provided by operating activities would be
- A. $81,000
- B$73,000.
- C$79,000.
- D$57,000.
8Net cash provided by (used for) investing activities would be
- A$(1,000).
- B$(13,000).
- C$1,000
- D$13,000.
9Net cash provided by (used for) financing activities would be
- A$(14,000).
- B$(18,000).
- Cc. $14,000.
- D$2,000.
10The cost of land
- Amust have been $42,000
- Bmust have been $57,000.
- Cmust have been $27,000.
- Dcannot be determined from the data given.
11Sweet 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- A$760,000
- B$700,000.
- C$720,000.
- D$680,000.
12Nassau 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?- A$172,000
- B$170,000
- C$168,000
- D. $350,000
13Nassau 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?- A$410,000
- B$400,000
- C$422,000
- D$412,000
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- Quiz on FA Chapter 11 quick check, created by meli ssa on 20/02/2019.
- Author
- meli ssa
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- English
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