Question :
121. Sebring Company reports depreciation expense of $40,000 for Year 2. : 1225360
121. Sebring Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $140,000 was sold for a $5,000 gain in Year 2. The following selected information is available for Sebring Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
A. $23,000.
B. $33,000.
C. $28,000.
D. $40,000.
E. $68,000.
122. Sebring Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $140,000 was sold for a $10,000 loss in Year 2. The following selected information is available for Sebring Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
A. $62,000.
B. $38,000.
C. $28,000.
D. $18,000.
E. $58,000.
123. Beewell’s net income for the year ended December 31, Year 2 was $185,000. Information from Beewell’s comparative balance sheets is given below. Compute the cash received from the sale of its common stock during Year 2.
A. $185,000.
B. $106,000.
C. $95,000.
D. $50,000.
E. $145,000.
124. Beewell’s net income for the year ended December 31, Year 2 was $185,000. Information from Beewell’s comparative balance sheets is given below. Compute the cash paid for dividends during Year 2.
A. $79,000.
B. $106,000.
C. $95,000.
D. $50,000.
E. $145,000.
125. Trenton reports net income of $230,000 for the year ended December 31, Year 2. It also reports $87,700 depreciation expense and a $5,000 gain on the sale of equipment. Its comparative balance sheet reveals a $35,500 decrease in accounts receivable, a $15,750 increase in accounts payable, and a $12,500 decrease in wages payable. Calculate the new cash provided (used) in operating activities using the indirect method.
A. $376,450.
B. $351,450.
C. $356,450.
D. $319,950.
E. $263,750.
126. Castine reports net income of $305,000 for the year ended December 31, Year 2. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, and a $100,000 decrease in notes payable. Calculate the new cash provided (used) in operating activities using the indirect method.
A. $461,800.
B. $371,400.
C. $381,400.
D. $351,000.
E. $361,000.
127. Castine reports net income of $305,000 for the year ended December 31, Year 2. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, a $75,000 increase in equipment, and a $100,000 decrease in notes payable. Calculate the increase in cash for Year 2.
A. $216,400.
B. $281,400.
C. $381,400.
D. $206,400.
E. $406,400.
128. Woodlawn Company is preparing the company’s statement of cash flows for the fiscal year just ended. The following information is available:
Retained earnings balance at the beginning of the year $233,000
Cash dividends declared for the year $50,000
Proceeds from the sale of equipment $85,000
Gain on the sale of equipment $4,500
Cash dividends payable at the beginning of the year $22,000
Cash dividends payable at the end of the year $30,000
Net income for the year $110,000
The ending balance in retained earnings is:
A. $343,000.
B. $213,000.
C. $293,000.
D. $297,500.
E. $301,000.
129. Woodlawn Company is preparing the company’s statement of cash flows for the fiscal year just ended. The following information is available:
Retained earnings balance at the beginning of the year $233,000
Cash dividends declared for the year $50,000
Proceeds from the sale of equipment $85,000
Gain on the sale of equipment $4,500
Cash dividends payable at the beginning of the year $22,000
Cash dividends payable at the end of the year $30,000
Net income for the year $110,000
The amount of cash paid for dividends was:
A. $52,000.
B. $60,000.
C. $58,000.
D. $50,000.
E. $42,000.
130. Weston is preparing the company’s statement of cash flows for the fiscal year just ended. Using the following information, determine the amount of cash flows from operating activities using the indirect method:
A. $332,200.
B. $236,800.
C. $261,400.
D. $186,800.
E. $189,400.
131. Weston is preparing the company’s statement of cash flows for the fiscal year just ended. Using the following information, determine the amount of cash flows from investing activities:
A. $(107,700).
B. $107,700.
C. $(200,000).
D. $(139,700).
E. $(207,700).
132. Weston is preparing the company’s statement of cash flows for the fiscal year just ended. Using the following information, determine the amount of cash flows from financing activities:
A. $(168,000).
B. $200,000.
C. $168,000.
D. $(191,700).
E. $191,700.
133. A company had average total assets of $2,316,000, total cash flows of $1,320,000, cash flows from operations of $455,000, and cash flows for plant assets of $850,000. The cash flow on total assets ratio equals:
A. 17.33%.
B. 20.97%.
C. 53.53%.
D. 34.47%.
E. 19.65%.
