ACCT 557 Quiz 6 Perfect A+ Answer
1. (TCO F) The company uses the indirect method for the statement of cash flow. How would an increase in the inventory balance be reported?
2. (TCO F) Which of the following is not true?
3. (TCO F) Glitter Girl, Inc. recognized net income of $150,000 including $26,000 in depreciation expense.
Additional changes from the balance sheet are as follows.
Accounts Receivable $3,500 decrease
Prepaid Expenses $15,000 decrease
Inventory $35,500 increase
Accrued Liabilities $12,000 decrease
Accounts Payable $20,000 increase
Compute the net cash from operating activities based on the above information.
4. (TCO F) Pig Builder’s, Inc. shows the following as of December 31, 2012. – Acquired 50% of Wolf Corp’s common stock for $160,000 cash, which was borrowed from Granny’s Bank. – Issued 5,000 shares of its preferred stock for land having a fair value of $320,000 – Issued 500 of its 11% debenture bonds, due 2017, for $392,000 cash – Paid $120,000 toward bank loan. – Purchased a patent for $220,000 cash – Sold available for sales securities for $796,000 – Recognized $88,000 net increase in returnable long term customer deposits
Pig’s net cash provided by investing activities for 2012 is
5. (TCO F) Big Dog Builder’s, Inc. shows the following as of December 31, 2012. – Acquired 50% of Kitty Corp’s common stock for $225,000 cash which was borrowed from Mouse’s Bank. – Sold available for sales securities for $852,000 – Issued 1,000 of its 12% debenture bonds, due 2017, for $350,000 cash – Paid $160,000 toward bank loan. – Recognized $66,000 net increase in returnable long term customer deposits – Issued 2,000 shares of its preferred stock for land having a fair value of $500,000 – Purchased a patent for $140,000 cash
Big Dog’s net cash provided by financing activities for 2012 is
6. (TCO F) Cash flows from operating activities (indirect and direct methods).
Presented below is the income statement of Smiling Tiger, Inc
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