ACCTG 211 Quiz: ACCTG211 Quiz 4 2016 Spring

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turquoisegnu128

28 Sep 2018

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The smeal honor code: we, the smeal college of business community, aspire to the highest ethical standards and will hold each other accountable to them. We will not engage in any action that is improper or that creates the appearance of impropriety in our academic lives, and we intend to hold to this standard in our future careers. The difference between the direct and indirect methods applies only to the. ________ activities section(s) of the statement of cash flows. operating investing and financing investing operating and investing. Cash proceeds from the sale of property, plant, and equipment. Cash borrowed to buy property, plant, and equipment. Cash dividends paid to shareholders is a(n) ________ activity on the statement of cash flows. operating investing financing indirect. During its first year of business, gnu, inc. sold ,000 of merchandise to customers on account. At the end of the year gnu, inc. had accounts receivable of.

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1. Fill in the table by indicating if it is an increasing (+) or decreasing (-) transaction. Also indicate if it is an operating (O), investing (I), or financing (F), activity. + or - O, I, or F

Cash payment of dividends	2,000
Cash payment for inventory	120,650
Cash payment for expenses	61,000
Cash payment for wages	45,250
Cash payment for interest expense	925
Cash payment for purchase of equipment	25,350
Cash payment for repayment of debt	14,000
Cash collection of accounts receivable	340,500
Cash collection of interest revenue	12,500
Cash collection of dividend revenue	10,500
Cash proceeds from sale of equipment	12,000
Cash proceeds from sale of common stock	55,000

2. Using the information in the table from question 1, complete the following statement of cash flows using the direct method. List each transaction and amount under the appropriate section. Be sure to indicate if it is increasing or decreasing (+ or -). You may not need to use all of the lines.

Cash from Operating Activity	Amount








Net cash __ (provided or used) by operating activity

Cash from Investing activity	Amount




Net cash _____ (provided or used) by investing activity

Cash from Financing Activity	Amount





Net cash __ (provided or used) by financing activity

Net change in cash during period

Cash at beginning of period 27,000

Cash at end of period

whitescorpion697

The Blackbeard Company Ltd provided the following information in regard to its operations for the year ended 30 June 2014:

Cash Book Summary
Opening balance	$20,000	Accounts Payable	$40,000
Accounts receivable	100,000	Bills Payable (suppliers)	20,000
Bills Receivable (suppliers)	20,000	Interest paid	60,000
Debenture Issue	400,000	Operating expenses	180,000
Dividends received	20,000	Salaries & wages	200,000
Interest received	40,000	Current tax payable	80,000
Motor vehicles	60,000	Plant & machinery	100,000
Share capital	200,000	Dividend paid	120,000
		Balance c/d	60,000
	860,000		860,000
Balance b/d	60,000

Required:

(a) Net cash used in operating activities; (b) Net cash used in investing activities; (c) Net cash from financing activities;

(d) Net increase/(decrease) in cash and cash equivalents.

Please use the following format

*Statement of Cash Flows for Blackbeard Company*
*For the Financial Year Ended 30 June 2014*
( i ) Cash flows from Operating Activities	Inflows/	Inflows/
	(Outflows)	(Outflows)










Net cash used in operating activities

( ii ) Cash flows from Investing Activities


Net cash used in Investing Activities

( iii ) Cash flows from Financing Activities

violetcoyote644

EXERCISE 14-3 Calculating Free Cash Flow (L014-3] Apex Company prepared the statement of cash flows for the current year that is shown below: i $ 40,000 (6,000 34,000 Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income ................................ Adjustments to convert net income to cash basis: Depreciation ...... $ 22,000 Increase in accounts receivable .......... (60,000) Increase in inventory .... (25,000) Decrease in prepaid expenses .......... 9,000 Increase in accounts payable ............... 55,000 Decrease in accrued liabilities .......... (12,000) Increase in income taxes payable ......... 5,000 Net cash provided by operating activities ......... Investing activities: Proceeds from the sale of equipment ............. 14,000 Loan to Thomas Company ........ (40,000) Additions to plant and equipment ................ (110,000 Net cash used for investing activities ......... Financing activities: Increase in bonds payable .. 90,000 Increase in common stock ........... 40,000 Cash dividends (30,000) Net cash provided by financing activities. Net decrease in cash ..... Beginning cash balance........... Ending cash balance ...................... (136,000) 100,000 (2,000) 27,000 $ 25,000 Required: Compute Apex Company's free cash flow for the current year.

ACCTG 211 Quiz: ACCTG211 Quiz 4 2016 Spring

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