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Question 1 (1 point) A negative net cash flow from operating activities: Question 1 options: A) indicates the company is selling its assets for more than it cost to purchase them which is a good sign for cash flows B) indicates the company is paying more money to owners and creditors than it is receiving from them C) indicates the company is re-investing in itself in order to grow and expand D) indicates the company had a net loss using the cash basis of accounting E) indicates the company is selling off its long term assets which is not a good sign for financial health Save Question 2 (1.5 points) Question 2 options: The following selected account balances were taken from Buckeye Company’s general ledger at January 1, 2005 and December 31, 2005: January 1, 2005 December 31, 2005 Unearned revenue 12,000 20,000 Inventory 59,000 42,000 Accounts payable 40,000 51,000 Salaries payable 9,000 3,000 Investments 75,000 68,000 Accounts receivable 63,000 96,000 Land 58,000 88,000 Mortgage payable 120,000 95,000 Common stock 100,000 180,000 Retained earnings 22,000 35,000 The following information was taken from Buckeye Company’s 2005 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 88,000 Loss on sale of investments 6,000 Net income $ 26,000 Calculate the amount of cash paid to employees for salaries during 2005. Do not use decimals in your answer. Save Question 3 (2 points) Question 3 options: The following selected account balances were taken from Buckeye Company’s general ledger at January 1, 2005 and December 31, 2005: January 1, 2005 December 31, 2005 Accounts receivable 51,000 70,000 Inventory 39,000 28,000 Accounts payable 45,000 51,000 Salaries payable 7,000 3,000 Investments 46,000 59,000 Common stock 110,000 130,000 Retained earnings 25,000 41,000 The following selected information was taken from Buckeye Company’s 2005 statement of cash flows: Cash collected from customers $385,000 Cash paid to purchase inventory 199,000 Cash paid to employees 85,000 Cash paid to purchase investments 40,000 Cash received from sale of investments 35,000 Cash paid for dividends 30,000 Calculate the amount of the gain on sale of investments reported in Buckeye Company’s 2005 income statement. Do not use decimals in your answer. Save Question 4 (3 points) For each transaction listed below, indicate where it would be presented on the statement of cash flows. Enter the number that corresponds to your answer in the box provided. Answer choices may be used once, more than once, or not at all. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches will be different. Therefore, exercise caution when entering your answers into carmen. Quiz scores will not be adjusted for errors in entering choices. Question 4 options: proceeds from the sale of land collection of accounts receivable from sales to customers cash paid for advertising cash received as interest from loans that were made to customers purchase of a copyright for cash proceeds from the sale of common stock 1. operating activity cash inflow 2. operating activity cash outflow 3. investing activity cash inflow 4. investing activity cash outflow 5. financing activity cash inflow 6. financing activity cash outflow Save Question 5 (2.5 points) Question 5 options: XYZ Company reported cash collections from customers of $450,000 in its 2004 statement of cash flows. At January 1, 2004, accounts receivable totaled $41,000 while accounts receivable at December 31, 2004 totaled $56,000. At January 1, 2004, unearned revenue totaled $8,000 while at December 31, 2004, unearned revenue totaled $11,000. Calculate the sales revenue reported by XYZ Company in its 2004 income statement. Do not use decimals in your answer. Save Question 6 (2.5 points) Question 6 options: The following information is available for Buckeye Company: January 1, 2003 December 31, 2003 Accounts payable $65,000 $50,000 Inventory $74,000 $82,000 Buckeye Company reported $120,000 of cash paid to suppliers for purchases of inventory in its 2003 cash flow statement. Calculate Buckeye’s cost of goods sold for 2003. Do not use decimals in your answer. Save Question 7 (2.5 points) Question 7 options: The balance sheets for ABC Company at January 1, 2007 and December 31, 2007 are presented below: January 1, 2007 December 31, 2007 ASSETS Cash 35,000 ? Accounts receivable 65,000 88,000 Inventory ? 57,000 Land 80,000 60,000 Equipment 120,000 230,000 Accumulated depreciation <27,000> <41,000> LIABILITIES + EQUITY Accounts payable 26,000 51,000 Short-term notes payable 40,000 45,000 Income taxes payable 11,000 5,000 Common stock ? 135,000 Retained earnings 183,000 ? The following information was taken from ABC Company’s 2007 statement of cash flows: Net cash flow from operating activities 85,000 Net cash flow from investing activities <75,000> Net cash flow from financing activities <5,000> Net change in cash 5,000 It is known that during 2007 ABC Company sold land having a cost of $20,000 for $35,000 cash. ABC Company reported a net income of $48,000 and depreciation expense of $14,000 during 2007. Calculate the balance in the inventory account at January 1, 2007. Do not use decimals in your answer. (Hint: Use the indirect method). Save ? Question 8 (2.5 points) Question 8 options: The following accounts, among others, apeared on ZZ Company’s balance sheet at January 1, 2005 and December 31, 2005: January 1, 2005 December 31, 2005 Accounts payable 48,000 63,000 Land 70,000 84,000 Notes payable 80,000 64,000 Common stock 30,000 90,000 Retained earnings 36,000 95,000 The following information was taken from ZZ Company’s 2005 income statement: Sales revenue $500,000 Cost of goods sold 280,000 Other expense 120,000 Net income $100,000 Calculate the net cash flow from financing activities for 2005. If your answer is negative, place a minus sign in front of your answer with no spaces in between (e.g., -1234). Do not use decimals in your answer.

Question 1 (1 point)

A negative net cash flow from operating activities:
Question 1 options:
A) indicates the company is selling its assets for more than it cost to purchase them which is a good sign for cash flows

B) indicates the company is paying more money to owners and creditors than it is receiving from them

C) indicates the company is re-investing in itself in order to grow and expand

D) indicates the company had a net loss using the cash basis of accounting

E) indicates the company is selling off its long term assets which is not a good sign for financial health

Save
Question 2 (1.5 points)

Question 2 options:
The following selected account balances were taken from Buckeye Company’s general ledger at January 1, 2005 and December 31, 2005:

January 1, 2005 December 31, 2005

Unearned revenue 12,000 20,000
Inventory 59,000 42,000
Accounts payable 40,000 51,000
Salaries payable 9,000 3,000
Investments 75,000 68,000
Accounts receivable 63,000 96,000
Land 58,000 88,000
Mortgage payable 120,000 95,000
Common stock 100,000 180,000
Retained earnings 22,000 35,000

The following information was taken from Buckeye Company’s 2005 income statement:

Sales revenue $420,000
Cost of goods sold 300,000
Salaries expense 88,000
Loss on sale of investments 6,000
Net income $ 26,000

Calculate the amount of cash paid to employees for salaries during 2005. Do not use decimals
in your answer.
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Question 3 (2 points)

Question 3 options:
The following selected account balances were taken from Buckeye Company’s general ledger at January 1, 2005 and December 31, 2005:

January 1, 2005 December 31, 2005
Accounts receivable 51,000 70,000
Inventory 39,000 28,000
Accounts payable 45,000 51,000
Salaries payable 7,000 3,000
Investments 46,000 59,000
Common stock 110,000 130,000
Retained earnings 25,000 41,000
The following selected information was taken from Buckeye Company’s 2005 statement of cash flows:
Cash collected from customers $385,000
Cash paid to purchase inventory 199,000
Cash paid to employees 85,000
Cash paid to purchase investments 40,000
Cash received from sale of investments 35,000
Cash paid for dividends 30,000

Calculate the amount of the gain on sale of investments reported in Buckeye Company’s 2005 income statement. Do not use decimals in your answer.
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Question 4 (3 points)

For each transaction listed below, indicate where it would be presented on the statement of cash flows. Enter the number that corresponds to your answer in the box provided. Answer choices may be used once, more than once, or not at all. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches will be different. Therefore, exercise caution when entering your answers into carmen. Quiz scores will not be adjusted for errors in entering choices.
Question 4 options:
proceeds from the sale of land
collection of accounts receivable from sales to customers
cash paid for advertising
cash received as interest from loans that were made to customers
purchase of a copyright for cash
proceeds from the sale of common stock
1. operating activity cash inflow
2. operating activity cash outflow
3. investing activity cash inflow
4. investing activity cash outflow
5. financing activity cash inflow
6. financing activity cash outflow

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Question 5 (2.5 points)

Question 5 options:
XYZ Company reported cash collections from customers of $450,000 in its 2004 statement of cash flows. At January 1, 2004, accounts receivable totaled $41,000 while accounts receivable at December 31, 2004 totaled $56,000. At January 1, 2004, unearned revenue totaled $8,000 while at December 31, 2004, unearned revenue totaled $11,000.
Calculate the sales revenue reported by XYZ Company in its 2004 income statement. Do not use decimals in your answer.

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Question 6 (2.5 points)

Question 6 options:
The following information is available for Buckeye Company:
January 1, 2003 December 31, 2003
Accounts payable $65,000 $50,000
Inventory $74,000 $82,000
Buckeye Company reported $120,000 of cash paid to suppliers for purchases of inventory in its 2003 cash flow statement. Calculate Buckeye’s cost of goods sold for 2003. Do not use decimals in your answer.

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Question 7 (2.5 points)

Question 7 options:
The balance sheets for ABC Company at January 1, 2007 and December 31, 2007 are presented below:

January 1, 2007 December 31, 2007

ASSETS
Cash 35,000 ?
Accounts receivable 65,000 88,000
Inventory ? 57,000
Land 80,000 60,000
Equipment 120,000 230,000
Accumulated depreciation <27,000> <41,000>

LIABILITIES + EQUITY
Accounts payable 26,000 51,000
Short-term notes payable 40,000 45,000
Income taxes payable 11,000 5,000
Common stock ? 135,000
Retained earnings 183,000 ?
The following information was taken from ABC Company’s 2007 statement of cash flows:

Net cash flow from operating activities 85,000
Net cash flow from investing activities <75,000>
Net cash flow from financing activities <5,000>
Net change in cash 5,000
It is known that during 2007 ABC Company sold land having a cost of $20,000 for $35,000 cash. ABC Company reported a net income of $48,000 and depreciation expense of $14,000 during 2007.

Calculate the balance in the inventory account at January 1, 2007. Do not use decimals in your answer. (Hint: Use the indirect method).
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?
Question 8 (2.5 points)

Question 8 options:
The following accounts, among others, apeared on ZZ Company’s balance sheet at January 1, 2005 and December 31, 2005:
January 1, 2005 December 31, 2005
Accounts payable 48,000 63,000
Land 70,000 84,000
Notes payable 80,000 64,000
Common stock 30,000 90,000
Retained earnings 36,000 95,000
The following information was taken from ZZ Company’s 2005 income statement:
Sales revenue $500,000
Cost of goods sold 280,000
Other expense 120,000
Net income $100,000
Calculate the net cash flow from financing activities for 2005. If your answer is negative, place a minus sign in front of your answer with no spaces in between (e.g., -1234). Do not use decimals
in your answer.

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