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Exam 13: Statement of Cash Flows

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Question 61

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Classify each of the following items from City Hospital's statement of cash flows as an operating,investing,or financing activity.

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Question 62

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Complete the following table by identifying the section of the statement of cash flows for each of the following activities.Assume all transactions involve cash.

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Question 63

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Jordan Corporation reported net income of $20,000 and paid cash dividends of $7,000.Changes in balance sheet accounts for the year were as follows: Based on the above information,what is the amount of net cash provided by operations?

Classify each of the following items as a source or use of cash.Then classify each item as a cash flow provided by an operating,investing,or financing activity.Place an X in each appropriate column.Assume transactions involve cash unless otherwise stated.

For the past two years,Monroe Corporation's statement of cash flows has shown net cash used by investing activities.Which of the following choices could explain this result?

Which of the following is classified as a financing activity?

Willow Industries reported total operating expenses of $160,000 on the income statement.During the year,accounts payable decreased by $8,000,accrued liabilities decreased by $4,000,prepaid expenses increased by $1,000,and accounts receivable decreased by $6,000.Walker uses the direct method to determine the net cash provided by operating activities on the statement of cash flows.What is the amount of operating expenses adjusted to a cash basis?

Panella Company's has provided the following financial information for last year. Required: Using the direct method,prepare the cash flows provided by operating activities section of the statement of cash flows. Appendix,

Preparing the statement of cash flows using the indirect method starts with net income and converts it to cash flows provided by operating activities.

Snow Manufacturing Company engaged in the following activities during the year: $\bullet$ Purchased land at a cost of $300,000 $\bullet$ Sold equipment that cost $25,000 for $10,000 $\bullet$ Sold 100 shares of stock for $18 each $\bullet$ Received a dividend totaling $12,000 from a company in which Snow owned stock Required: Prepare the cash flows provided by investing activities section of Snow's statement of cash flows.

When an asset is sold at a gain or loss,the book value of the assets is reported as a sale in the investing section of the statement of cash flows.

Which of the following would be considered a source of cash on the statement of cash flows?

The following balances were gathered from Brandon Company's general ledger. Required: Using the indirect method,prepare the cash flows provided by operating activities section of Brandon's statement of cash flows.

You are provided with the following transactions Martinez and Co.,during a recent year. Required: Assuming the indirect method is used,complete the table above by first indicating whether each transaction was a source S,use U,or non-cash transaction,and then which section of the statement of cash flows it would be reported under by inserting an X under the appropriate column.

During the current year,ABC Corporation did not purchase any property,plant and equipment,but sold land with a book value of $6,000 for $12,000 cash and sold a delivery truck with a cost of $18,000,depreciation of $16,000,and an appraised value of $5,000 for $4,000.What is ABC's net cash flows provided by investing activities for the year?

Patterson Company's has provided the following financial information for last year. Required: Using the direct method,prepare the cash flows provided by operating activities section of the statement of cash flows. Appendix,

Answer the following questions relating to the statement of cash flows. a.List the three sections used to classify activities in the statement of cash flows. b.Give one example of a use of cash for each of the three activities. c.Give one example of a source of cash for each of the three activities. Unit 13-1,

Michael's Industries reported net income of $10,000 and paid cash dividends of $2,000.Changes in balance sheet accounts for the year were as follows: Based on the above information,what is the amount of net cash provided by operations?

Activities that affect a company's investments in assets other than current operating assets are called financing activities.

There are two approaches to presenting cash flows provided by operating activities: the direct method and the indirect method.