Question

The accountant for TI Company is preparing the company's statement of cash flows for the fiscal...

The accountant for TI Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:

Retained earnings balance at the beginning of the year 151,000

Cash dividends declared for the year 46,000

Net income for the year 92,000

16) What is the ending balance for retained earnings?

A. 264,000

B. 13,000

C. 243,000

D. 197,000

E. 105,000

17) Noncash investing and financing activities may be disclosed in

A. A notes in the financial statements or a schedule attached to the statement of cash flows.

B. The operating activities section of the statement of cash flows.

C. The investing activities section of the statement of cash flows

D. The financing activities section of the statement of cash flows

E. The reconciliation of cash balance section

18) Citi Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:

Cash dividends declared for the year 40,000

Cash dividends payable at the beginning of the year 17,000

Cash dividends payable at the end of the year 13,000

The amount of cash paid for dividends was:

A. 44,000

B. 40,000

C. 57,000

D. 53,000

E. 36,000

19) The statement of cash flows helps analysts evaluate all but which of the following?

A. Ability of the company to generate profit.

B. Source of cash used for plant expansion

C. Differences between net income and net operating cash flow.

D. Source of cash used to finance investing activities

E Source of cash used for debt repaymens

20. Cash flows from collection on credit sales are usually reported in the statement of cash flows as part of:

A. Operating activities

B. Financing activities

C. Investing activities

D. Noncash activities

E. This is not reported in the statement of cash flows.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer:

16. Option C is correct.

Retain earning opening = 151000

Cash dividend = 0

Profit = 92000

Retain earning at the end of year = 243000

(cash dividend shall not be deducted from retain earning)

17. Option A is correct.

A noted in the financial statements or a schedule attached to the statement of cash flows.

18. Option E is correct.

cash dividend for the year = 36000

Calculation is here under:

Dividend payable at begining = 13000

Add: Declared during moth = 40000

Less: Payable at the end of the year = 17000

cash dividen paid during the year = 36000

19. OPtion A is correct.

i.e ability of the company to generate profit

20. Option A is correct.

cash flows from collection of credit sales are usually repeorted in cash flow statement as part of Operating activities.

Hope this meets your purpose.

Kindly like the solution if it was helpful and feel free to comment in case of any concern.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1- When preparing a statement of cash flows using the indirect method, each of the following...
1- When preparing a statement of cash flows using the indirect method, each of the following should be classified as an operating cash flow except: Multiple Choice An increase in accounts receivable. A decrease in accounts payable. Proceeds from the disposal of a long-term asset with no gain or loss. An increase in prepaid expenses. A decrease in accrued expenses payable. 2- Marshland Company is preparing the company's statement of cash flows for the fiscal year just ended. The following...
8) The accountant for Sysco company is preparing the company's statement of cash flows for the...
8) The accountant for Sysco company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year 819,000 Net Income for the year 230,000 Cash dividends declared for the year 42,000 Retained earning balance at the end of the year 1,007,000 Cash dividends payable at the end of the year 11,000 What is the amount of cash dividends paid that should be reported...
The accountant for Crusoe Company is preparing the company's statement of cash flows for the fiscal...
The accountant for Crusoe Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:   Retained earnings balance at the beginning of the year $ 132,500 Cash dividends declared for the year 52,500 Proceeds from the sale of equipment 87,500 Gain on the sale of equipment 8,300 Cash dividends payable at the beginning of the year 24,500 Cash dividends payable at the end of the year 27,800 Net income for the...
1）In the statement of cash flows, in which section is the cash payment of salaries reported?...
1）In the statement of cash flows, in which section is the cash payment of salaries reported? A. Operating Activities B. Investing Activities C. Financing Activities D. Schedule of Noncash Transactions E. None of the above 2）In the statement of cash flows, in which section is the cash payment of dividends reported? A. Operating Activities B. Investing Activities C. Financing Activities 3）In the statement of cash flows, in which section is the cash receipt from the issuance of common stock reported?...
A statement of Cash Flows contains the following sections: Cash Flows from Operating Activities Cash Flows...
A statement of Cash Flows contains the following sections: Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Investing and Financing Activities NOT affecting cash A list of items that appear on the Cash Flows Statement appear below: Using the letters (A-D), indicate in which section(s) of the statement of cash flows (or accompanying schedule) the preceding items would most likely be classified       -       A.       B.      ...
44. In preparing a company's statement of cash flows for the most recent year, the following...
44. In preparing a company's statement of cash flows for the most recent year, the following information is available: Loss on the sale of equipment $ 14,000 Purchase of equipment 226,000 Proceeds from the sale of equipment 102,000 Repayment of outstanding bonds 87,000 Purchase of treasury stock 25,000 Issuance of common stock 96,000 Purchase of land 116,000 Increase in accounts receivable during the year 33,000 Decrease in accounts payable during the year 75,000 Payment of cash dividends 35,000 Net cash...
True or False 1. The approach to preparing the cash flow statement relies on the following...
True or False 1. The approach to preparing the cash flow statement relies on the following rearrangement of the balance sheet equation: Change in cash = Change in (Liabilities + Stockholders' Equity + Noncash Assets). 2. Major investing and financing activities that do not involve cash do not have to be reported as part of the statement of cash flows. 3. In the decline phase, the company continues to enjoy positive operating cash flows but stops spending cash on investing...
Preparing a Statement of Cash Flows (Direct Method) Use the following information about the 2016 cash...
Preparing a Statement of Cash Flows (Direct Method) Use the following information about the 2016 cash flows of Mason Corporation to prepare a statement of cash flows under the direct method. Refer to Exhibit 4.3 for the appropriate format. Cash balance, end of 2016 $12,000 Cash paid to employees and suppliers 148,000 Cash received from sale of land 40,000 Cash paid to acquire treasury stock 10,000 Cash balance, beginning of 2016 16,000 Cash received as interest 6,000 Cash paid as...
1. On an indirect method statement of cash flows, the purchase of machinery in exchange for...
1. On an indirect method statement of cash flows, the purchase of machinery in exchange for common shares is: Select one: a. ignored b. reflected in the investing activities section c. shown in the schedule of noncash investing and financing activities which accompanies the statement of cash flows d. reflected in the operating activities section Question 2. The statement of cash flows is designed to fulfill all of the following purposes except: Select one: a. to determine the company's ability...
A summary of cash flows for Paradise Travel Service for the year ended May 31, 20Y6,...
A summary of cash flows for Paradise Travel Service for the year ended May 31, 20Y6, follows: Cash Flows Cash receipts: Cash received from customers $1,486,000 Cash received from issuing common stock 37,000 Cash payments: Cash paid for operating expenses $1,219,000 Cash paid for land 178,000 Cash paid as dividends 23,000 The cash balance as of June 1, 20Y5, was $246,000. Labels Cash flows from financing activities Cash flows from investing activities Cash flows from operating activities Cash flows used...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT