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ACC 556 WEEK 9 HOMEWORK

ACC 556 WEEK 9 HOMEWORK

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ACC 556 WEEK 9 HOMEWORK

1.     The statement of cash flows is a required statement that must be prepared along with an income statement, balance sheet, and retained earnings statement.

2.     The activity from the balance sheet to be presented in the financing activities section of the statement of cash flows is based on an analysis of stockholders’ equity only.

3.     The acquisition of a building by issuing bonds would be considered an investing and financing activity that did not affect cash.

4.     The cash debt coverage ratio indicates a company’s ability to repay its liabilities from cash generated from operations.

5.     The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time.

6.     The statement of cash flows

7.     Generally, the most important category on the statement of cash flows is cash flows from

8.     Assume that the Quinn Corporation uses the indirect method to depict cash flows. Indicate where, if at all, interest paid on note would be classified on the statement of cash flows.

9.     Which of the following transactions does not affect cash during a period?

10.   Zoum Corporation had the following transactions during 2014:

11.   In order to determine net cash provided by operating activities, a company must convert net income from an accrual basis to a cash basis under

12.   The information to prepare the statement of cash flows comes from all of the following sources except

13.   Peninsula Company reported net income of $260,000 for the year. During the year, accounts receivable increased by $21,000, accounts payable decreased by $9,000 and depreciation expense of $45,000 was recorded. Net cash provided by operating activities for the year is

14.   In calculating cash flows from operating activities using the indirect method, a loss on the sale of equipment will appear as a(n)

15.   The net income reported on the income statement for the current year was $440,000. Depreciation was $62,000. Accounts receivable and inventories decreased by $20,000 and $32,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $2,000 and $16,000. How much cash was provided by operating activities?

16.   Authentic Exposure Company had the following transactions that took place during the year

17.   The statement of cash flows will not provide insight into

18.   Laser Performance Inc. has the following information available (amount in thousands).

Authentic Exposure Company had the following transactions that took place during the year

19.   All of the following statements are true regarding cash flow presentations except

20.   For each of the following items, indicate by using the appropriate code letter, how the item should be reported in the statement of cash flows, using the indirect method.

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