Acc 291 Week 4 Chapter 13 Practice Quiz 1

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In this file ACC 291 Week 4 Chapter 13 Practice Quiz 1 you can find right answers on the following questions: Which of the following is incorrect about the statement of cash flows? Which of the following will not be reported in the statement of cash flows? The statement of cash flows classifies cash receipts and cash payments by these activities: Which is an example of a cash flow from an operating activity? Which is an example of a cash flow from an investing activity? Cash dividends paid to stockholders are classified on the statement of cash flows as: Which is an example of a cash flow from a financing activity? Which of the following is incorrect about the statement of cash flows? Net income is $132,000, accounts payable increased $10,000 during the year, inventory decreased $6,000 during the year, and accounts receivable increased $12,000 during the year. Under the indirect method, what is net cash provided by operations? Items that are added back to net income in determining cash provided by operating activities under the indirect method do not include: The following data are available for Allen Clapp Corporation. Net cash provided by operating activities is: The following data are available for Orange Peels Corporation. Net cash provided by investing activites is: The following data are available for Meter Company. Net cash provided by financing activities is: The statement of cash flows should not be used to evaluate an entity's ability to: Free cash flow provides an indication of a company's ability to: In a worksheet for the statement of cash flows, a decrease in accounts receivable is entered in the reconciling columns as a credit to Accounts Receivable and a debit in the: In a worksheet for the statement of cash flows, a worksheet entry that includes a credit to accumulated depreciation will also include a: The beginning balance in accounts receivable is $44,000, the ending balance is $42,000, and sales during the period are $129,000. What are cash receipts from customers? Which of the following items is reported on a cash flow statement prepared by the direct method?

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Business - Accounting ACC 291 All Week 4 Assignments - Individual WileyPlus Assignment Includes: Week 4 Chapter 13 practice quiz 1 Week 4 Chapter 14 Practice quiz 1 Week 4 reflection summary Week 4 Discussion questions 1 and 2 Week 4 Individual WileyPlus assignment as described below: Exercise Do It! 11-1 Indicate whether each of the following statements is true or false Exercise E11-15 On October 31, the stockholders' equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action: (1) declaring a 5% stock dividend on the 60,000, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $14 per share. Complete the tabular summary of the effects of the alternative actions on the components of stockholders' equity and outstanding shares. (If answer is zero, please enter 0. Do not leave any fields blank.) Exercise E11-16 Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the accounts 1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest Expense $50,000 and a credit to Cash $50,000 2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market value per share was $16. The only entry made was: Retained Earnings (Dr.) $10,000 and Dividend Payable (Cr.) $10,000. The shares have not been issued 3. A 4-for-1 stock split involving the issue of 400,000 shares of $5 par value common stock for 100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings $2,000,000 and a credit to Common Stock $2,000,000 Prepare the correcting entries at December 31. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.) Problem P11-6A Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2011, the ledger contained the following balances pertaining to stockholders' equity so on... Problem P11-8A The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011

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Study as much as possible each day. The effort you put in your college career will reward you later in life. Though a social life is great to have, learning is your true occupation. Doing great in your classes will ensure that you make more money and have a better job.