accounting blah blah blah

On the statement of cash flows, a $7,500 gain on the sale of fixed assets would be

deducted from net income in converting the net income reported on the income statement to the net cash flows from operating activities

Which of the following should be added to net income in determining the net cash flows from operating activities using the indirect method? a. dividends declared and paid

depreciation expense

On the statement of cash flows, the operating activities section would include

cash receipts from sales of merchandise

On the statement of cash flows, the "Cash flows from (used for) financing activities" section would include

cash received from issuing common stock

On the statement of cash flows, the investing activities section would include

cash received from the sale of equipment

Which of the following should be deducted from net income in determining the net cash flows from operating activities using the indirect method?

gain on sale of land

Which of the following represents an inflow of cash and therefore would be reported on the statement of cash flows?

issuance of long-term debt

Financing activities include

issuing debt

Which of the following transactions would be reported as an investing activity on the statement of cash flows?

purchased long-term assets

Cash paid for equipment would be reported on the statement of cash flows in

the investing activities section

Cash paid to purchase long-term investments would be reported in

the investing activities section of the statement of cash flows

When using the spreadsheet (work sheet) in preparing the statement of cash flows by the indirect method, the Balance columns should total to

zero

Which of the following should be added to net income in determining the net cash flows from operating activities using the indirect method?

an increase in accrued expenses

Accounts receivable from sales to customers amounted to $40,000 and $32,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, the net cash flows from operating activities to be reported on the statement of cash flows using the indirect method is

c. $118,000

The last item on the statement of cash flows prior to the schedule of noncash investing and financing activities reports the

cash balance at the end of the period

Land costing $71,000 was sold for $50,000 cash. The loss on the sale was reported on the income statement as "Other expense." On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

$50,000

Cash dividends of $50,000 were declared during the year. Cash dividends payable were $10,000 and $5,000 at the beginning and end of the year, respectively. The amount of cash paid for dividends during the year was

$55,000

Which of the following should be deducted from net income in determining net cash flows from operating activities using the indirect method?

a decrease in accounts payable

In order to be useful to managers, managerial accounting reports should possess which of the following characteristics?

a. provide objective measures of past operations and subjective estimates about future decisions b. be provided at any time management needs information c. be prepared to report information for any unit of the business to support decision making d. all of these choices answer is all of the above

On the statement of cash flows prepared by the indirect method, the operating activities section would include

amortization of premium on bonds payabl