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The changes in Northrup Corporation's balance sheet account balances for last year appear below: The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by operating activities. -On the statement of cash flows, the income tax expense adjusted to a cash basis would be: A) $47,000 B) $39,000 C) $31,000 D) $49,000 The company's income statement for the year appears below: The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by operating activities. -On the statement of cash flows, the income tax expense adjusted to a cash basis would be: A) $47,000 B) $39,000 C) $31,000 D) $49,000 The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by operating activities. -On the statement of cash flows, the income tax expense adjusted to a cash basis would be:


A) $47,000
B) $39,000
C) $31,000
D) $49,000

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

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The changes in Northrup Corporation's balance sheet account balances for last year appear below: The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by operating activities. -On the statement of cash flows, the selling and administrative expense adjusted to a cash basis would be: A) $304,000 B) $384,000 C) $310,000 D) $236,000 The company's income statement for the year appears below: The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by operating activities. -On the statement of cash flows, the selling and administrative expense adjusted to a cash basis would be: A) $304,000 B) $384,000 C) $310,000 D) $236,000 The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by operating activities. -On the statement of cash flows, the selling and administrative expense adjusted to a cash basis would be:


A) $304,000
B) $384,000
C) $310,000
D) $236,000

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

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The changes in each balance sheet account for Carver Corporation during the year just completed are as follows: The changes in each balance sheet account for Carver Corporation during the year just completed are as follows: Carver Corporation's income statement for the year just ended shows the following: The company did not dispose of any property, plant, and equipment, buy any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. Carver Corporation uses the direct method to construct its statement of cash flows. Required: a. Determine the sales adjusted to the cash basis. b. Determine the cost of goods sold adjusted to the cash basis. c. Determine the selling and administrative expenses adjusted to a cash basis. d. Determine the net cash provided (used) by operating activities. e. Determine the net cash provided (used) by investing activities. f. Determine the net cash provided (used) by financing activities. Carver Corporation's income statement for the year just ended shows the following: The changes in each balance sheet account for Carver Corporation during the year just completed are as follows: Carver Corporation's income statement for the year just ended shows the following: The company did not dispose of any property, plant, and equipment, buy any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. Carver Corporation uses the direct method to construct its statement of cash flows. Required: a. Determine the sales adjusted to the cash basis. b. Determine the cost of goods sold adjusted to the cash basis. c. Determine the selling and administrative expenses adjusted to a cash basis. d. Determine the net cash provided (used) by operating activities. e. Determine the net cash provided (used) by investing activities. f. Determine the net cash provided (used) by financing activities. The company did not dispose of any property, plant, and equipment, buy any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. Carver Corporation uses the direct method to construct its statement of cash flows. Required: a. Determine the sales adjusted to the cash basis. b. Determine the cost of goods sold adjusted to the cash basis. c. Determine the selling and administrative expenses adjusted to a cash basis. d. Determine the net cash provided (used) by operating activities. e. Determine the net cash provided (used) by investing activities. f. Determine the net cash provided (used) by financing activities.

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Harkey Corporation's balance sheet and income statement appear below: Harkey Corporation's balance sheet and income statement appear below: Cash dividends were $29. The company sold equipment for $15 that was originally purchased for $6 and that had accumulated depreciation of $2. Required: Using the direct method, determine the net cash provided by operating activities. Harkey Corporation's balance sheet and income statement appear below: Cash dividends were $29. The company sold equipment for $15 that was originally purchased for $6 and that had accumulated depreciation of $2. Required: Using the direct method, determine the net cash provided by operating activities. Cash dividends were $29. The company sold equipment for $15 that was originally purchased for $6 and that had accumulated depreciation of $2. Required: Using the direct method, determine the net cash provided by operating activities.

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The ending balance of accounts receivable was $69,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $354,000. Sales reported on the income statement were $378,000. Based on this information, the beginning balance in accounts receivable was:


A) $93,000
B) $24,000
C) $94,000
D) $45,000

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

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Shimko Corporation's most recent comparative balance sheet and income statement appear below: Shimko Corporation's most recent comparative balance sheet and income statement appear below: The company paid a cash dividend of $19 and it did not dispose of any property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The following question pertain to the company's statement of cash flows. -The net cash provided by (used in) operating activities for the year was: A) $23 B) $133 C) $157 D) $87 Shimko Corporation's most recent comparative balance sheet and income statement appear below: The company paid a cash dividend of $19 and it did not dispose of any property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The following question pertain to the company's statement of cash flows. -The net cash provided by (used in) operating activities for the year was: A) $23 B) $133 C) $157 D) $87 The company paid a cash dividend of $19 and it did not dispose of any property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The following question pertain to the company's statement of cash flows. -The net cash provided by (used in) operating activities for the year was:


A) $23
B) $133
C) $157
D) $87

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

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Hayward Corporation had net sales of $610,000 and cost of goods sold of $360,000 for the just completed year. Shown below are the beginning and ending balances for the year of various accounts: Hayward Corporation had net sales of $610,000 and cost of goods sold of $360,000 for the just completed year. Shown below are the beginning and ending balances for the year of various accounts: The company prepares its statement of cash flows using the direct method. -On its statement of cash flows, what amount should Howard show for its net sales adjusted to a cash basis (i.e., cash received from sales) ? A) $616,000 B) $623,000 C) $625,000 D) $595,000 The company prepares its statement of cash flows using the direct method. -On its statement of cash flows, what amount should Howard show for its net sales adjusted to a cash basis (i.e., cash received from sales) ?


A) $616,000
B) $623,000
C) $625,000
D) $595,000

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

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Brew Corporation's most recent comparative balance sheet and income statement appear below: Brew Corporation's most recent comparative balance sheet and income statement appear below: Cash dividends were $37. The company did not retire or sell any property, plant, and equipment during the year. The net cash provided by (used in) operating activities for the year was: A) $185 B) $51 C) $83 D) $191 Brew Corporation's most recent comparative balance sheet and income statement appear below: Cash dividends were $37. The company did not retire or sell any property, plant, and equipment during the year. The net cash provided by (used in) operating activities for the year was: A) $185 B) $51 C) $83 D) $191 Cash dividends were $37. The company did not retire or sell any property, plant, and equipment during the year. The net cash provided by (used in) operating activities for the year was:


A) $185
B) $51
C) $83
D) $191

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

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Digby Corporation's balance sheet and income statement appear below: Digby Corporation's balance sheet and income statement appear below: Cash dividends were $29. The company did not dispose of any property, plant, and equipment during the year. Required: Prepare the operating activities section of the statement of cash flows in good form using the direct method. Digby Corporation's balance sheet and income statement appear below: Cash dividends were $29. The company did not dispose of any property, plant, and equipment during the year. Required: Prepare the operating activities section of the statement of cash flows in good form using the direct method. Cash dividends were $29. The company did not dispose of any property, plant, and equipment during the year. Required: Prepare the operating activities section of the statement of cash flows in good form using the direct method.

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The most recent balance sheet and income statement of Dallavalle Corporation appear below: The most recent balance sheet and income statement of Dallavalle Corporation appear below: Cash dividends were $12. The company did not retire or sell any property, plant, and equipment during the year. The net cash provided by (used in) operating activities for the year was: A) $77 B) $68 C) $40 D) $14 The most recent balance sheet and income statement of Dallavalle Corporation appear below: Cash dividends were $12. The company did not retire or sell any property, plant, and equipment during the year. The net cash provided by (used in) operating activities for the year was: A) $77 B) $68 C) $40 D) $14 Cash dividends were $12. The company did not retire or sell any property, plant, and equipment during the year. The net cash provided by (used in) operating activities for the year was:


A) $77
B) $68
C) $40
D) $14

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

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The change in each of Kendall Corporation's balance sheet accounts last year follows: The change in each of Kendall Corporation's balance sheet accounts last year follows: Kendall Corporation's income statement for the year was: There were no sales or retirements of property, plant, and equipment and no dividends paid during the year. The company pays no income taxes and it did not purchase any long-term investments, issue any bonds payable, or repurchase any of its own common stock. The net cash provided by operating activities on the statement of cash flows is determined using the direct method. -The net cash provided (used) by investing activities would be: A) $15,000 B) $(10,000) C) $(8,000) D) $5,000 Kendall Corporation's income statement for the year was: The change in each of Kendall Corporation's balance sheet accounts last year follows: Kendall Corporation's income statement for the year was: There were no sales or retirements of property, plant, and equipment and no dividends paid during the year. The company pays no income taxes and it did not purchase any long-term investments, issue any bonds payable, or repurchase any of its own common stock. The net cash provided by operating activities on the statement of cash flows is determined using the direct method. -The net cash provided (used) by investing activities would be: A) $15,000 B) $(10,000) C) $(8,000) D) $5,000 There were no sales or retirements of property, plant, and equipment and no dividends paid during the year. The company pays no income taxes and it did not purchase any long-term investments, issue any bonds payable, or repurchase any of its own common stock. The net cash provided by operating activities on the statement of cash flows is determined using the direct method. -The net cash provided (used) by investing activities would be:


A) $15,000
B) $(10,000)
C) $(8,000)
D) $5,000

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

Correct Answer

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Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $49,000 in cash dividends during the year. It did not sell or retire any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by operating activities. -On the statement of cash flows, the selling and administrative expense adjusted to a cash basis would be: A) $201,000 B) $166,000 C) $254,000 D) $210,000 Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $49,000 in cash dividends during the year. It did not sell or retire any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by operating activities. -On the statement of cash flows, the selling and administrative expense adjusted to a cash basis would be: A) $201,000 B) $166,000 C) $254,000 D) $210,000 The company declared and paid $49,000 in cash dividends during the year. It did not sell or retire any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by operating activities. -On the statement of cash flows, the selling and administrative expense adjusted to a cash basis would be:


A) $201,000
B) $166,000
C) $254,000
D) $210,000

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

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Maloney Corporation's balance sheet and income statement appear below: Maloney Corporation's balance sheet and income statement appear below: Cash dividends were $42. The company did not dispose of any property, plant, and equipment during the year. Required: Prepare the operating activities section of the statement of cash flows using the direct method. Maloney Corporation's balance sheet and income statement appear below: Cash dividends were $42. The company did not dispose of any property, plant, and equipment during the year. Required: Prepare the operating activities section of the statement of cash flows using the direct method. Cash dividends were $42. The company did not dispose of any property, plant, and equipment during the year. Required: Prepare the operating activities section of the statement of cash flows using the direct method.

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Evita Corporation prepares its statement of cash flows using the indirect method. Evita's statement showed "Net cash provided by operating activities" of $46,000. Under the direct method, this number would have been:


A) $0.
B) $46,000.
C) greater than $46,000.
D) less than $46,000 but greater than $0.

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

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Last year Anderson Corporation reported a cost of goods sold of $100,000. The company's inventory at the beginning of the year was $11,000, and its inventory at the end of the year was $19,000. The prepaid expense account increased by $2,000 between the beginning and end of the year, and the accounts payable account decreased by $4,000. Cost of goods sold adjusted to the cash basis under the direct method would be:


A) $94,000
B) $106,000
C) $112,000
D) $110,000

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

Correct Answer

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LFM Corporation reported cost of goods sold on its income statement of $15,000. The following account balances appeared on the company's comparative balance sheet for the same year: LFM Corporation reported cost of goods sold on its income statement of $15,000. The following account balances appeared on the company's comparative balance sheet for the same year: The company uses the direct method to determine the net cash provided by operating activities. The cost of goods sold, adjusted to a cash basis, on the company's statement of cash flows for the year would be: A) $14,000 B) $16,000 C) $10,000 D) $15,000 The company uses the direct method to determine the net cash provided by operating activities. The cost of goods sold, adjusted to a cash basis, on the company's statement of cash flows for the year would be:


A) $14,000
B) $16,000
C) $10,000
D) $15,000

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

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