7. The declaration and payment of a stock dividend would be reported in which se

Question

7. The declaration and payment of a stock dividend would be reported in which section of the Statement of Cash Flows a. b. c. d. c. Operating Activity Investing Activity Financing Activity Cannot determine based on this information None of the above 8. Under the indirect method, cach of the following is added to net income in computing net cash provided by operating activities except depreciation expense a loss on the sale of equipment a gain on sale of land the decrease in accounts receivable during the year All of the above are added a. b. c. d. e. 9. Flynn Co. reported sales of $250,000. If accounts receivable decreased $10,000 during the ycar: a. Sales is greater than cash collected b. Cash collected is greater than sales c. Cash collect is the same as sales d. None of the above 10. Refer to the previous question. The amount of cash collected is: 11. Use the following to determine the cash flows provided by or used in investing activities . Net income is $145,000, including a gain on the sale of equipment of $5,000 .The equipment cost S23,000, had a book value of $12,000 at the time of sale, and was sold for $17,000. The company purchased land for $25,000 a. b. c. d. c. net cash provided, S170,000 net cash used, S8,000 net cash used, S25,000 net cash provided, $25,000 net cash provided, S23,000

Explanation / Answer

Q7. Answer is e. None of above Q8. Answer is C. Gain on sale f land Q9. Answer is cash collected is greater than sales. Q10. Answer is $ 260000 Explanation: Sales 250000 Add: decrease in Accounts receivable 10000 Cash collected from Accoounts receivable 260000 Q11. Answer is b. Net cash used $ 8000 Explanation: Sale of equipment 17000 Purchase of land -25000 Net cash used in Investing activities -8000

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