FA Chapter 11 quick check

meli ssa
Quiz by , created 9 months ago

Quiz on FA Chapter 11 quick check, created by meli ssa on 02/20/2019.

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meli ssa
Created by meli ssa 9 months ago
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Question 1

Question
All of the following activities are reported on the statement of cash flows except
Answer
  • financing activities
  • operating activities.
  • . investing activities.
  • marketing activities

Question 2

Question
Activities that create long-term liabilities are usually
Answer
  • . noncash investing and financing activities.
  • . investing activities
  • . financing activities.
  • operating activities

Question 3

Question
Activities affecting long-term assets are
Answer
  • . marketing activities.
  • . financing activities.
  • investing activities
  • marketing activities

Question 4

Question
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?
Answer
  • $205,000
  • $168,000
  • $230,000
  • $152,000

Question 5

Question
Activities that obtain the cash needed to launch and sustain a company are
Answer
  • investing activities
  • . financing activities.
  • marketing activities.
  • income activities.

Question 6

Question
The exchange of shares for land
Answer
  • would be reported as noncash investing and financing activities
  • would be reported as financing activities.
  • . would not be reported on the statement of cash flows
  • would be reported as investing activities.

Question 7

Question
Under the indirect method, net cash provided by operating activities would be
Answer
  • . $81,000
  • $73,000.
  • $79,000.
  • $57,000.

Question 8

Question
Net cash provided by (used for) investing activities would be
Answer
  • $(1,000).
  • $(13,000).
  • $1,000
  • $13,000.

Question 9

Question
Net cash provided by (used for) financing activities would be
Answer
  • $(14,000).
  • $(18,000).
  • c. $14,000.
  • $2,000.

Question 10

Question
The cost of land
Answer
  • must have been $42,000
  • must have been $57,000.
  • must have been $27,000.
  • cannot be determined from the data given.

Question 11

Question
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
Answer
  • $760,000
  • $700,000.
  • $720,000.
  • $680,000.

Question 12

Question
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?
Answer
  • $172,000
  • $170,000
  • $168,000
  • . $350,000

Question 13

Question
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?
Answer
  • $410,000
  • $400,000
  • $422,000
  • $412,000