Question :
51. If stockholders want to know how money flowed into and : 1224802
51. If stockholders want to know how money flowed into and out of the company, what financial statement would they use?
A. Income statement
B. Statement of cash flows
C. Balance sheet
D. Statement of retained earnings
52. Cash investments made by stockholders in exchange for capital stock in a business are reported on the statement of cash flows in the:
A. financing activities section.
B. investing activities section.
C. operating activities section.
D. supplemental section.
53. Which one of the following is a correct basic structure of the cash flow statement?
A. Cash flows provided (used) by operating activities + / – cash flows provided (used) by business activities + / – cash flows provided (used) by financing activities = net increase (decrease) in cash
B. Cash flows provided (used) by operating activities + / – cash flows provided (used) by investing activities + / – cash flows provided (used) by business activities = net increase (decrease) in cash
C. Cash flows provided (used) by operating activities + / – cash flows provided (used) by financing activities + / – net change in working capital = net increase (decrease) in cash
D. Cash flows provided (used) by operating activities + / – cash flows provided (used) by investing activities + / – cash flows provided (used) by financing activities = net increase (decrease) in cash
54. Cash received from customers for mowing their lawns is reported on the statement of cash flows in the:
A. financing activities section.
B. investing activities section.
C. operating activities section.
D. supplemental section.
55. Cash used to purchase a truck to transport lawn mowers and other tools to customer locations is reported on the statement of cash flows in the:
A. financing activities section.
B. investing activities section.
C. operating activities section.
D. supplemental section.
56. Which one of the following financial statements shows the end of the year cash balance for a business entity?
A. Income statement and statement of retained earnings
B. Balance sheet and statement of cash flows
C. Statement of retained earnings and statement of cash flows
D. Balance sheet and statement of retained earnings
57. Tarp Corporation
Beginning retained earnings$550,000
Ending retained earnings700,000
Dividends paid100,000
Revenue525,000
Refer to the selected information provided for Tarp Corporation. What is the net income for Tarp Corporation?
A. $150,000
B. $250,000
C. $525,000
D. $350,000
58. Tarp Corporation
Beginning retained earnings$550,000
Ending retained earnings700,000
Dividends paid100,000
Revenue525,000
Refer to the selected information provided for Tarp Corporation. The company’s expenses are:
A. $100,000.
B. $150,000.
C. $450,000.
D. $275,000.
59. If a company has $10,500,000 of revenues, declares and pays $550,000 in dividends, and has net income of $1,600,000, how much were expenses for the year?
A. $8,350,000
B. $1,050,000
C. $2,150,000
D. $8,900,000
60. Davis Construction Inc.
Davis Construction began operation on January 1, 2012, with an initial investment of $100,000 from each of its three stockholders. During the year ending 2012 Davis Construction had net income of $125,000 and paid dividends of $50,000.
Refer to the information provided for Davis Construction, Inc. and calculate its retained earnings balance at December 31, 2012.
A. $175,000
B. $ 75,000
C. $150,000
D. $275,000