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Exam 21: The Statement of Cash Flows

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Question 41

Multiple Choice

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According to current GAAP, cash flow per share statistics

A) should be disclosed only if EPS information is disclosed
B) should not be disclosed
C) should not be disclosed if EPS information is disclosed
D) should be disclosed in all situations

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Question 42

Multiple Choice

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The following information relates to the Joshua, Inc: What is the net cash provided by operating activities?

A) $2,100
B) $2,650
C) $3,200
D) $3,150

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Question 43

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Bernard, Inc. prepares a statement of cash flows using the visual inspection method. In 2014, Bernard had net income of $54,000. In addition, the following information is available: What net cash provided by operating activities should Bernard report in 2014?

Exhibit 21-1 The Raymonds Corporation reported $11,000 of net income for the current year and also uses the visual inspection method for completing the statement of cash flows. The following additional information relates to Raymonds for the year: -Refer to Exhibit 21-1. What is Raymonds' net cash used by financing activities?

Exhibit 21-2 In preparation for completing the statement of cash flows using the spreadsheet method, Williams Company provided the following information relating to patents for 2014: -Refer to Exhibit 21-2. The Cash Flows from Operating Activities section prepared using the indirect method would include which of the following deductions or add-back amounts related to patents?

One area of difference between GAAP and IFRS cash flow reporting is the

Which of the following is true concerning the direct method of calculating operating cash flows?

The following are several transactions and events that might be disclosed on a company's statement of cash flows: Required: Identify in which section (if any) of the statement of cash flows each of the preceding items would appear and indicate whether it would be an inflow (addition) or outflow (subtraction).

In a statement of cash flows, increases or decreases in noncurrent assets are most closely associated with

Because the statement of cash flows only reflects the cash flows from operating, investing, and financing activities, certain noncash transactions are omitted from the body of the statement. Required: Identify the type of activities that are not included in the body of the statement of cash flows, describe the types of transactions involved, and indicate where these items are disclosed on the statement.

Exhibit 21-1 The Raymonds Corporation reported $11,000 of net income for the current year and also uses the visual inspection method for completing the statement of cash flows. The following additional information relates to Raymonds for the year: -Refer to Exhibit 21-1. What is Raymonds' net cash provided by investing activities?

Selected accounting information regarding the Chime Corporation in 2014 follows: In 2014, Chime should report a net increase in cash of

On the statement of cash flows prepared using the direct method, cash paid for income taxes would be income tax expense minus

Angel Heating Co. reported $27,000 of net income. The company uses the visual inspection method to complete the statement of cash flows. Additional information is listed below: The net cash provided by operating activities was

When preparing a statement of cash flows under the indirect method, an increase in ending accounts receivable over beginning accounts receivable will result in an adjustment to net income in the operating activities section because

What are the four steps necessary to prepare the spreadsheet and its statement of cash flows?

Your friend is in business and wants your advice on preparing and interpreting the statement of cash flows for 2014. Information regarding the business is as follows: Required: a.Based upon the above information, prepare the statement of cash flows using the direct method. b.Explain what has happened during the year.

In order to prepare the statement of cash flows under the direct method a company will need the adjusted trial balance from the previous period.

In a statement of cash flows prepared by the indirect method, which of the following events would be added to net income?

Mayberry's statement of cash flow is completed using the visual inspection method. Information regarding the Mayberry Company in 2014 appears below: What was Mayberry's net increase in cash?