acct 3120 chapter 21 qUiz
A company reported interest expense of $510,000 for the year. Interest payable was $26,000 and $66,000 at the beginning and the end of the year, respectively. What was the amount of interest paid? Multiple Choice $470,000. $550,000. $536,000. $576,000.
A
Goodfellow Corporation reported insurance expense of $509 for the current year. The beginning and ending balances in the prepaid insurance account were $66 and $38, respectively. What was the amount of cash paid for insurance? Multiple Choice $481. None of these answer choices are correct. $509. $537.
A
If sales revenue is $260 million and accounts receivable increased by $48 million, the amount of cash received from customers: Multiple Choice was $212 million. was $178 million. was $260 million. depends on the mix of cash sales and credit sales.
A
Which of the following does not represent a cash flow relating to operating activities? Multiple Choice Cash dividends paid to stockholders. Interest paid to bondholders. Cash paid for salaries. Cash received from customers.
A
Which of the following is always reported as an outflow of cash? Multiple Choice The purchase of equipment for cash. Amortization expense. The accrual of warranty expense. The declaration of a cash dividend.
A
During the year, cash increased by $620 million. Investing and financing activities created positive cash flow totaling $1,040 million. What were net cash flows from operating activities in the statement of cash flows? Multiple Choice Inflow of $620 million. Outflow of $420 million. Outflow of $620 million. Inflow of $1,240 million.
B
Sales revenue for Hy Marx Tutoring was $280,000. The following data are from the accounting records of Marx: Accounts receivable, January 1$72,000 Accounts receivable, December 31 58,000 The cash received from customers was: Multiple Choice $222,000. $294,000. $280,000. $266,000.
B
The primary objective of the statement of cash flows is to provide information about a company's: Multiple Choice Financial position. Cash receipts and disbursements. Profitability. Noncash financing and investing activities.
B
Which of the following is not classified as an operating activity? Multiple Choice Interest paid on long-term debt. Dividends paid on common stock. Payments on accounts payable. Dividends received on common stock.
B
Which of the following is reported as an operating activity in the statement of cash flows? Multiple Choice The purchase of long-lived assets. The payment of prepaid insurance. The acquisition of treasury stock. The retirement of bonds.
B
Goodfellow Corporation reported insurance expense of $477 for the current year. The beginning and ending balances in the prepaid insurance account were $50 and $30, respectively. What was the amount of cash paid for insurance? Multiple Choice None of these answer choices are correct. $477. $457. $497.
C
In a statement of cash flows: Multiple Choice Financing activities can be reported by either the direct method or the financing method. Operating activities can be reported by either the direct method or the operating method. One of the three primary reporting classifications of cash flows is financing activities. Investing activities can be reported by either the direct method or the indirect method.
C
Sales revenue is $200,000. Accounts receivable increased by $7,000. Cash received from customers is: Multiple Choice $207,000. $200,000. $193,000. indeterminable from the information provided.
C
A firm reported salaries expense of $248,000 for the current year. The beginning and ending balances in salaries payable were $41,000 and $13,000, respectively. What was the amount of cash paid for salaries? Multiple Choice $220,000. $248,000. $302,000. $276,000.
D
Which one of the following financial statements does not report amounts primarily on an accrual basis? Multiple Choice Income statement. Statement of shareholders' equity. Balance sheet. Statement of cash flows.
D