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Homework answers / question archive /   Cash paid to purchase long-term investments would be reported in the statement of cash flows in   Question 1 options:   the cash flows from operating activities section     the cash flows from financing activities section     the cash flows from investing activities section     a separate schedule     Question 2 (10 points)                   A ten-year bond was issued at par for $250,000 cash

  Cash paid to purchase long-term investments would be reported in the statement of cash flows in   Question 1 options:   the cash flows from operating activities section     the cash flows from financing activities section     the cash flows from investing activities section     a separate schedule     Question 2 (10 points)                   A ten-year bond was issued at par for $250,000 cash

Business

 

Cash paid to purchase long-term investments would be reported in the statement of cash flows in

 

Question 1 options:

 

the cash flows from operating activities section

 

 

the cash flows from financing activities section

 

 

the cash flows from investing activities section

 

 

a separate schedule

 

 

Question 2 (10 points)

 

 

 

 

 

 

 

 

 

A ten-year bond was issued at par for $250,000 cash.  This transaction should be shown on a statement of cash flows under

 

Question 2 options:

 

investing activities

 

 

financing activities

 

 

noncash investing and financing activities

 

 

operating activities

 

 

Question 3 (10 points)

 

 

 

 

 

 

 

 

 

A company purchases equipment for $32,000 cash.  This transaction should be shown on the statement of cash flows under

 

Question 3 options:

 

investing activities

 

 

financing activities

 

 

noncash investing and financing activities

 

 

operating activities

 

 

Question 4 (10 points)

 

 

 

 

 

 

 

 

 

For each of the following activities that may take place during the accounting period, indicate the effect (a-g) on the statement of cash flows prepared using the indirect method.  Choices may be selected as the answer for more than one question.

 

Question 4 options:

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Increase in accounts receivable balance

 

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Payment of dividends

 

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Repayment of long-term note payable

 

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Gain on sale of investments

 

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Amortization of intangible assets

 

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Sale of land

 

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Decrease in accounts payable balance

 

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Exchange of land for common stock

 

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Acquisition of treasury stock

 

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Purchase of equipment

 

 
1.

Increase cash from operating activities

 

2.

Decrease cash from operating activities

 

3.

Increase cash from investing activities

 

4.

Decrease cash from investing activities

 

5.

Increase cash from financing activities

 

6.

Decrease cash from financing activities

 

7.

Noncash investing and financing supplement

 

 

Question 5 (10 points)

 

 

 

 

 

 

 

 

 

One reason that a common-sized statement is a useful tool in financial analysis is that it enables the user to

 

Question 5 options:

 

judge the relative potential of two companies of similar size in different industries

 

 

determine which companies in a single industry are of the same value

 

 

determine which companies in a single industry are of the same size

 

 

make a better comparison of two companies of different sizes in the same industry

 

 

Question 6 (10 points)

 

 

 

 

 

 

 

 

 

Match each definition that follows with the term (a-g) it defines.

 

Question 6 options:

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the percentage analysis of the relationship of each component in a financial statement to a total within the statement

 

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occurs when a company abandons a segment

 

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focuses on a company's ability to generate net income

 

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a percentage analysis of increases and decreases in related items on comparative financial statements

 

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useful for comparing one company to another or a company with industry averages

 

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an analysis of a company's ability to pay its current liabilities

 

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requires a restatement of prior-period financial statements

 

 
1.

discontinued operations

 

2.

change from one generally accepted accounting principle to another

 

3.

horizontal analysis

 

4.

vertical analysis

 

5.

common-sized financial statements

 

6.

current position analysis

 

7.

profitability analysis

 

 

Question 7 (10 points)

 

 

 

 

 

 

 

 

 

Adelphi company purchased a bond investment on January 1, 2021.  The bonds have a par of $50,000, pay interest at a 7% annual rate and have 10 years until maturity. What is the total Interest Income that will be reported over the life of the bond investment if the bonds were purchased at 102 and Adelphi uses the straight line amortization method?  Enter as a whole number (no cents).

 

Your Answer:

Question 7 options:

 
Answer

 

Question 8 (10 points)

 

 

 

 

 

 

 

 

 

On January 1, 2021, Fargo Corporation purchased a significant influence shares investment in Concord Corporation for $200,000.  This investment balance represents 35% of the equity of the Concord Corporation.  During 2021, Concord Corporation reported Net Income of $60,000 on November 15, 2021 Concord Corporation paid cash dividends of $35,000 to its shareholders. Using this information, what is the 2021 year end balance in Fargo Corporations Investment in Concord Corporation account? Enter as whole dollars (no cents).

 

Your Answer:

Question 8 options:

 
Answer

 

Question 9 (10 points)

 

 

 

 

 

 

 

 

 

Cambridge Corporation just completed its fiscal year ended February 28, 2021.  The accounts receivable balance was $40,000 at the beginning of the year and $25,000 at the end of the year.  Accounts payable was $52,000 at the beginning of the year and $34,000 at the end of the year.  Depreciation expense totaled $35,000 and dividends of $50,000 were paid during the year.  Net income was $120,000.  What is the amount of cash provided by operating activities? Enter as a whole number (no cents).

 

Your Answer:

Question 9 options:

 
Answer

 

Question 10 (10 points)

 

 

 

 

 

 

 

 

 

Somerset Corporation just completed its fiscal year ended January 31, 2021.  All sales were on account and totaled 400,000 for the year.  The accounts receivable balance on February 1, 2020 was 80,000 and the balance was 75,000 on January 31, 2021. What is the accounts receivable turnover ratio? Round and enter to one decimal place only.

 

Your Answer:

Question 10 options:

 
Answer

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