ACC 557 Final Exam Part 2

Jul 21st, 2016
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Question 1 If $250,000 of bonds are issued during the year but $130,000 of old bonds are retired during the year, the statement of cash flows will show a(n) Answer net increase in cash of $120,000. net decrease in cash of $120,000. increase in cash of $250,000 and a decrease in cash of $130,000. net gain on retirement of bonds of $120,000. Solution: Question 2 Generally, the most important category on the statement of cash flows is cash flows from Answer operating activities. investing activities. financing activities. significant noncash activities. Question 3 Squeeze Company reports the following: End of Year Beginning of Year Inventory $25,000 $42,000 Accounts Payable 22,000 12,000 If cost of goods sold for the year is $220,000, the amount of cash paid to suppliers is Answer $227,000. $205,000. $193,000. $247,000. Question 4 The statement of cash flows should help investors and creditors assess each of the following except the Answer entity's ability to gener

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ACC 557 Final Exam Part 2Question 1If $250,000 of bonds are issued during the year but $130,000 of old bonds are retired during theyear, the statement of cash flows will show a(n) Answernet increase in cash of $120,000.net decrease in cash of $120,000.increase in cash of $250,000 and a decrease in cash of $130,000.net gain on retirement of bonds of $120,000.Solution:Question 2Generally, the most important category on the statement of cash flows is cash flows fromAnsweroperating activities.investing activities.financing activities.significant noncash activities.Question 3Squeeze Company reports the following: End of Year Beginning of Year Inventory $25,000$42,000 Accounts Payable 22,000 12,000 If cost of goods sold for the year is $220,000, theamount of cash paid to suppliers isAnswer$227,000.$205,000.$193,000.$247,000.Question 4The statement of cash flows should help investors and creditors assess each of the followingexcept theAnswerentity's ability to generate future income.entity's ability to pay dividends.reasons for the difference between net income and net cash provided by operating activities.cash investing and financing transactions during the period.Question 5Accounts receivable arising from sales to customers amounted to $86,000 and $77,000 at thebeginning and end of the year, respectively. Income reported on the income statement for theyear was $290,000. Exclusive of the effect of other adjustments, the cash flows from operatin

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