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Salsedo Corporation's balance sheet and income statement appear below: Salsedo Corporation's balance sheet and income statement appear below: Cash dividends were $9. The company sold equipment for $15 that was originally purchased for $10 and that had accumulated depreciation of $5. It did not issue any bonds payable or repurchase any of its own common stock. The net cash provided by (used in) investing activities for the year was: A) ($81) B) ($66) C) $66 D) $15 Salsedo Corporation's balance sheet and income statement appear below: Cash dividends were $9. The company sold equipment for $15 that was originally purchased for $10 and that had accumulated depreciation of $5. It did not issue any bonds payable or repurchase any of its own common stock. The net cash provided by (used in) investing activities for the year was: A) ($81) B) ($66) C) $66 D) $15 Cash dividends were $9. The company sold equipment for $15 that was originally purchased for $10 and that had accumulated depreciation of $5. It did not issue any bonds payable or repurchase any of its own common stock. The net cash provided by (used in) investing activities for the year was:


A) ($81)
B) ($66)
C) $66
D) $15

E) None of the above
F) B) and C)

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Under the indirect method of determining the net cash provided by operating activities on the statement of cash flows, a loss on the sale of an asset would be added to net income.

A) True
B) False

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The net cash provided by operating activities on the statement of cash flows does not include any dividends paid to the company's own shareholders.

A) True
B) False

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The direct method of preparing the statement of cash flows will show the same increase or decrease in cash as the indirect method.

A) True
B) False

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Which of the following items would not be classified as an operating activity on the statement of cash flows?


A) Cash received from customers.
B) Dividends paid to the company's own stockholders.
C) Payments to government agencies for taxes.
D) Cash paid to compensate employees.

E) B) and C)
F) A) and C)

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Belk Corporation's balance sheet appears below: Belk Corporation's balance sheet appears below: The net income for the year was $126. Cash dividends were $21. The company did not dispose of any property, plant, and equipment, issue any bonds payable, or repurchase any of its own common stock during the year. Required: Prepare a statement of cash flows in good form using the indirect method. The net income for the year was $126. Cash dividends were $21. The company did not dispose of any property, plant, and equipment, issue any bonds payable, or repurchase any of its own common stock during the year. Required: Prepare a statement of cash flows in good form using the indirect method.

Correct Answer

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Cash equivalents on the statement of cash flows consist of any investment that can be converted into cash within one year.

A) True
B) False

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Paying taxes to governmental bodies is considered a cash outflow in the operating activities section on the statement of cash flows.

A) True
B) False

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The most recent balance sheet and income statement of Penaloza Corporation appear below: The most recent balance sheet and income statement of Penaloza Corporation appear below: The company paid a cash dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) financing activities for the year was: A) ($18) B) $5 C) ($5) D) $8 The most recent balance sheet and income statement of Penaloza Corporation appear below: The company paid a cash dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) financing activities for the year was: A) ($18) B) $5 C) ($5) D) $8 The company paid a cash dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) financing activities for the year was:


A) ($18)
B) $5
C) ($5)
D) $8

E) A) and D)
F) A) and C)

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Beacham Corporation's net cash provided by operating activities was $115; its net income was $95; its capital expenditures were $65; and its cash dividends were $17. The company's free cash flow was:


A) $292
B) $13
C) $33
D) $128

E) B) and D)
F) A) and D)

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Megan Corporation's net income last year was $98,000. Changes in the company's balance sheet accounts for the year appear below: Megan Corporation's net income last year was $98,000. Changes in the company's balance sheet accounts for the year appear below: The company paid a cash dividend of $36,000 and it did not dispose of any long-term investments or property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) financing activities last year was: A) ($46,000) B) $46,000 C) ($10,000) D) $10,000 The company paid a cash dividend of $36,000 and it did not dispose of any long-term investments or property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) financing activities last year was:


A) ($46,000)
B) $46,000
C) ($10,000)
D) $10,000

E) All of the above
F) B) and C)

Correct Answer

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Buckley Corporation's most recent comparative balance sheet appears below: Buckley Corporation's most recent comparative balance sheet appears below: The company's net income for the year was $91 and it paid a cash dividend of $22. It did not dispose of any property, plant, and equipment during the year. The company did not retire any bonds payable or repurchase any of its own common stock. The net cash provided by (used in) operating activities for the year was: A) $32 B) $59 C) $130 D) $150 The company's net income for the year was $91 and it paid a cash dividend of $22. It did not dispose of any property, plant, and equipment during the year. The company did not retire any bonds payable or repurchase any of its own common stock. The net cash provided by (used in) operating activities for the year was:


A) $32
B) $59
C) $130
D) $150

E) B) and D)
F) All of the above

Correct Answer

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Partin Corporation's cash and cash equivalents consist of cash and marketable securities. Last year the company's cash account increased by $31,000 and its marketable securities account decreased by $22,000. Cash provided by operating activities was $108,000. Net cash used in financing activities was $70,000. Based on this information, the net cash flow from investing activities on the statement of cash flows was:


A) a net $9,000 increase.
B) a net $29,000 decrease.
C) a net $38,000 increase.
D) a net $38,000 decrease.

E) C) and D)
F) All of the above

Correct Answer

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The most recent balance sheet and income statement of Penaloza Corporation appear below: The most recent balance sheet and income statement of Penaloza Corporation appear below: The company paid a cash dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities for the year was: A) $117 B) $45 C) $36 D) $116 The most recent balance sheet and income statement of Penaloza Corporation appear below: The company paid a cash dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities for the year was: A) $117 B) $45 C) $36 D) $116 The company paid a cash dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities for the year was:


A) $117
B) $45
C) $36
D) $116

E) C) and D)
F) None of the above

Correct Answer

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The most recent comparative balance sheet of Giacomelli Corporation appears below: The most recent comparative balance sheet of Giacomelli Corporation appears below: The company uses the indirect method to construct the operating activities section of its statements of cash flows. Which of the following is correct regarding the operating activities section of the statement of cash flows? A) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be added to net income B) The change in Accounts Receivable will be added to net income; The change in Inventory will be subtracted from net income C) The change in Accounts Receivable will be added to net income; The change in Inventory will be added to net income D) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be subtracted from net income The company uses the indirect method to construct the operating activities section of its statements of cash flows. Which of the following is correct regarding the operating activities section of the statement of cash flows?


A) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be added to net income
B) The change in Accounts Receivable will be added to net income; The change in Inventory will be subtracted from net income
C) The change in Accounts Receivable will be added to net income; The change in Inventory will be added to net income
D) The change in Accounts Receivable will be subtracted from net income; The change in Inventory will be subtracted from net income

E) A) and D)
F) A) and B)

Correct Answer

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Under the indirect method of determining the net cash provided by operating activities on the statement of cash flows, an increase in property, plant, and equipment is subtracted from net income.

A) True
B) False

Correct Answer

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Megan Corporation's net income last year was $98,000. Changes in the company's balance sheet accounts for the year appear below: Megan Corporation's net income last year was $98,000. Changes in the company's balance sheet accounts for the year appear below: The company paid a cash dividend of $36,000 and it did not dispose of any long-term investments or property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities last year was: A) $98,000 B) $178,000 C) $156,000 D) $120,000 The company paid a cash dividend of $36,000 and it did not dispose of any long-term investments or property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) operating activities last year was:


A) $98,000
B) $178,000
C) $156,000
D) $120,000

E) A) and B)
F) A) and D)

Correct Answer

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In a statement of cash flows, the sale of a long-term investment would ordinarily be classified as:


A) an operating activity.
B) a financing activity.
C) an investing activity.
D) a lending activity.

E) C) and D)
F) None of the above

Correct Answer

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Marks Corporation's balance sheet appears below: Marks Corporation's balance sheet appears below: Net income for the year was $77. Cash dividends were $13. The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. Required: Prepare a statement of cash flows in good form using the indirect method. Net income for the year was $77. Cash dividends were $13. The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. Required: Prepare a statement of cash flows in good form using the indirect method.

Correct Answer

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The most recent balance sheet and income statement of Penaloza Corporation appear below: The most recent balance sheet and income statement of Penaloza Corporation appear below: The company paid a cash dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was: A) $72 B) $104 C) ($104) D) ($72) The most recent balance sheet and income statement of Penaloza Corporation appear below: The company paid a cash dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was: A) $72 B) $104 C) ($104) D) ($72) The company paid a cash dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was:


A) $72
B) $104
C) ($104)
D) ($72)

E) C) and D)
F) B) and C)

Correct Answer

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