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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 Nov 08, 2022

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:

1234567	Increase in accounts receivable balance
1234567	Payment of dividends
1234567	Repayment of long-term note payable
1234567	Gain on sale of investments
1234567	Amortization of intangible assets
1234567	Sale of land
1234567	Decrease in accounts payable balance
1234567	Exchange of land for common stock
1234567	Acquisition of treasury stock
1234567	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:

1234567	the percentage analysis of the relationship of each component in a financial statement to a total within the statement
1234567	occurs when a company abandons a segment
1234567	focuses on a company's ability to generate net income
1234567	a percentage analysis of increases and decreases in related items on comparative financial statements
1234567	useful for comparing one company to another or a company with industry averages
1234567	an analysis of a company's ability to pay its current liabilities
1234567	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