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External link to Question : 51. On a worksheet, the adjusted balance of the Supplies account : 1202739
Accounting

Question : 51. On a worksheet, the adjusted balance of the Supplies account : 1202739

  51. On a worksheet, the adjusted balance of the Supplies account is extended to:  A. the Income Statement Debit column. B. the Income Statement Credit column. C. the Balance Sheet Debit column. D. the Balance Sheet Credit column. 52. On a worksheet, the adjusted balance of the Supplies Expense account is extended to:  A. the Income Statement Debit column. B. the Income Statement Credit column. C. the Balance Sheet Debit column. D. the Balance […]

External link to Question : 11) Which of the following true of a civil proceeding? A) : 1222563
Accounting

Question : 11) Which of the following true of a civil proceeding? A) : 1222563

  11) Which of the following is true of a civil proceeding? A) The pleading stage is followed by the trial stage. B) The evidence is evaluated by the judge in order to reach a verdict. C) Failure on the part of the defendant to file a timely response can result in a declaratory judgment. D) The discovery process is governed by the Federal Rules […]

External link to Question : 41. Which of the following NOT a step in two-way linkage? A. The : 1250976
Accounting

Question : 41. Which of the following NOT a step in two-way linkage? A. The : 1250976

    41. Which of the following is NOT a step in two-way linkage?  A. The strategic planning team informs the HRM function of the various strategies the company is considering. B. HRM executives analyze the HR implications of the various strategies, presenting the results of this analysis to the strategic planning team. C. After a strategic planning decision has been made, the strategic plan is passed on to […]

External link to Question : 71. Photo Finish Corporation bought a 40% interest in the voting : 1228455
Accounting

Question : 71. Photo Finish Corporation bought a 40% interest in the voting : 1228455

  71. Photo Finish Corporation bought a 40% interest in the voting stock of Click It Corporation’s $1 par value common stock for $20 million (2 million shares at a $10 market price) on March 31, 2011. On December 31, 2011, Click It paid a $1 million cash dividend declared earlier in 2011 and reported net income for the year ended 2011 of $10 million. On […]

External link to Question : 17) The following information available for Row, Inc. 2011 2012 : 1253305
Accounting

Question : 17) The following information available for Row, Inc. 2011 2012 : 1253305

  17) The following information is available for Row, Inc.     2011 2012 2013 Net sales for the year ended December 31   $500,000 $600,000 Cost of goods sold for the year ended Dec. 31   $300,000 $360,000 Interest expense for the year ended Dec. 31   $   2,000 $   3,000 Net income for the year ended December 31   $  52,500 $  60,000 […]

External link to Question : 76.Beginning inventory plus net purchases is: A.Cost of goods sold. B.Merchandise (goods) : 1258794
Accounting

Question : 76.Beginning inventory plus net purchases is: A.Cost of goods sold. B.Merchandise (goods) : 1258794

    76.Beginning inventory plus net purchases is:    A.Cost of goods sold.   B.Merchandise (goods) available for sale.   C.Ending inventory.   D.Sales.   E.Shown on the balance sheet.         77.The acid-test ratio:    A.Is also called the quick ratio.   B.Measures profitability.   C.Measures inventory turnover.   D.Is generally greater than the current ratio.   E.Measures return on assets.       […]

External link to Question : 61. When shares of stock held as an investment sold, the : 1246641
Accounting

Question : 61. When shares of stock held as an investment sold, the : 1246641

  61. When shares of stock held as an investment are sold, the difference between the proceeds and the carrying amount of the investment is recorded as a(n)   A. prior period adjustment B. extraordinary gain or loss C. paid-in capital addition D. gain or loss 62. Temporary investments are   A. recorded at cost but reported at fair market value B. recorded at cost and reported at cost C. recorded at cost but […]

External link to Question : 173. On January 2nd, Newsprint Manufacturing purchases 5 rolls of paper : 1239434
Accounting

Question : 173. On January 2nd, Newsprint Manufacturing purchases 5 rolls of paper : 1239434

  173. On January 2nd, Newsprint Manufacturing purchases 5 rolls of paper on account at $125.00 per roll for use within the production process. On January 5th 4 rolls of this paper are issued to Job 010507A in the Printing Department. The Printing Department records $675.00 in direct labor and $1,150.00 of factory overhead to Job 010507A. On January 8th Printing transfers Job 010507A to the […]

External link to Question : Multiple Choice Questions 1. Which of the following not a reason why : 1236222
Accounting

Question : Multiple Choice Questions 1. Which of the following not a reason why : 1236222

Multiple Choice Questions   1. Which of the following is not a reason why a company might prefer to report a liability as long-term rather than current?  A. It may cause the firm to appear less risky to investors and creditors. B. It may increase interest rates on borrowing. C. It may cause the company to appear more stable commanding a higher stock price for new stock listings. D. It […]

External link to Question : 81. Which of the following correct when recording the disposal of : 1228536
Accounting

Question : 81. Which of the following correct when recording the disposal of : 1228536

  81. Which of the following is correct when recording the disposal of equipment for a gain?  A. A debit to a gain account. B. A credit to the equipment account for the asset’s book value. C. A debit to accumulated depreciation for the depreciation accumulated to the date of disposal. D. A decrease in total assets occurs. 82. Which of the following statements is incorrect with respect to the sale […]

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July 1, 2023
    

 

158. Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: 

 

End

Beginning

Cash

$  62,000

$73,000

Accounts receivable (net)

75,000

60,000

Inventories

54,000

47,000

Accounts payable

 

 

  (merchandise creditors)

43,000

37,000

Salaries payable

2,800

3,800

Sales (on account)

210,000

 

Cost of merchandise sold

70,000

 

Operating expenses other than depreciation

67,000

 

 

 

 

Use the direct method to prepare the cash flows from operating activities section of a statement of cash flows. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

159. The comparative balance sheet of Colson Company, for 2010 and the preceding year ended December 31, 2009 appears below in condensed form: 

 

Year

Year

 

2010

2009

 

 

 

Cash

$  45,000 

$  53,500 

Accounts receivable (net)

51,300 

58,000 

Inventories

147,200 

135,000 

Investments

0 

60,000 

Equipment

493,000 

375,000 

Accumulated depreciation-equipment

(113,700)

(128,000)

 

$622,800 

$553,500 

Accounts payable

$  61,500 

$  42,600 

Bonds payable, due 2012

..... 

100,000 

Common stock, $10 par

250,000 

200,000 

Paid-in capital in excess of par--

 

 

  common stock

75,000 

50,000 

Retained earnings

  236,300 

  160,900 

 

$622,800 

$553,500 

 

 

 

The income statement for the current year is as follows: 

Sales

 

$623,000 

Cost of merchandise sold

 

  348,500 

Gross profit

 

$274,500 

Operating expenses:

 

 

  Depreciation expense

$24,700

 

  Other operating expenses

  75,300

  100,000 

Income from operations

 

$174,500 

Other income:

 

 

  Gain on sale of investment

$  5,000

 

Other expense:

 

 

  Interest expense

  12,000

     (7,000)

Income before income tax

 

$167,500 

Income tax

 

    64,100 

Net income

 

$103,400 

 

 

 

Additional data for the current year are as follows: 

(a)

Fully depreciated equipment costing $39,000 was scrapped, no salvage, and equipment was purchased for $157,000.

(b)

Bonds payable for $100,000 were retired by payment at their face amount.

(c)

5,000 shares of common stock were issued at 15 for cash.

(d)

Cash dividends declared were paid $28,000.

(e)

All sales are on account.

 

 

Prepare a statement of cash flows, using the direct method of reporting cash flows from operating activities. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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July 1, 2023
    

 

158. Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: 

 

End

Beginning

Cash

$  62,000

$73,000

Accounts receivable (net)

75,000

60,000

Inventories

54,000

47,000

Accounts payable

 

 

  (merchandise creditors)

43,000

37,000

Salaries payable

2,800

3,800

Sales (on account)

210,000

 

Cost of merchandise sold

70,000

 

Operating expenses other than depreciation

67,000

 

 

 

 

Use the direct method to prepare the cash flows from operating activities section of a statement of cash flows. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

159. The comparative balance sheet of Colson Company, for 2010 and the preceding year ended December 31, 2009 appears below in condensed form: 

 

Year

Year

 

2010

2009

 

 

 

Cash

$  45,000 

$  53,500 

Accounts receivable (net)

51,300 

58,000 

Inventories

147,200 

135,000 

Investments

0 

60,000 

Equipment

493,000 

375,000 

Accumulated depreciation-equipment

(113,700)

(128,000)

 

$622,800 

$553,500 

Accounts payable

$  61,500 

$  42,600 

Bonds payable, due 2012

..... 

100,000 

Common stock, $10 par

250,000 

200,000 

Paid-in capital in excess of par--

 

 

  common stock

75,000 

50,000 

Retained earnings

  236,300 

  160,900 

 

$622,800 

$553,500 

 

 

 

The income statement for the current year is as follows: 

Sales

 

$623,000 

Cost of merchandise sold

 

  348,500 

Gross profit

 

$274,500 

Operating expenses:

 

 

  Depreciation expense

$24,700

 

  Other operating expenses

  75,300

  100,000 

Income from operations

 

$174,500 

Other income:

 

 

  Gain on sale of investment

$  5,000

 

Other expense:

 

 

  Interest expense

  12,000

     (7,000)

Income before income tax

 

$167,500 

Income tax

 

    64,100 

Net income

 

$103,400 

 

 

 

Additional data for the current year are as follows: 

(a)

Fully depreciated equipment costing $39,000 was scrapped, no salvage, and equipment was purchased for $157,000.

(b)

Bonds payable for $100,000 were retired by payment at their face amount.

(c)

5,000 shares of common stock were issued at 15 for cash.

(d)

Cash dividends declared were paid $28,000.

(e)

All sales are on account.

 

 

Prepare a statement of cash flows, using the direct method of reporting cash flows from operating activities. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

default image
July 1, 2023
    

 

158. Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: 

 

End

Beginning

Cash

$  62,000

$73,000

Accounts receivable (net)

75,000

60,000

Inventories

54,000

47,000

Accounts payable

 

 

  (merchandise creditors)

43,000

37,000

Salaries payable

2,800

3,800

Sales (on account)

210,000

 

Cost of merchandise sold

70,000

 

Operating expenses other than depreciation

67,000

 

 

 

 

Use the direct method to prepare the cash flows from operating activities section of a statement of cash flows. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

159. The comparative balance sheet of Colson Company, for 2010 and the preceding year ended December 31, 2009 appears below in condensed form: 

 

Year

Year

 

2010

2009

 

 

 

Cash

$  45,000 

$  53,500 

Accounts receivable (net)

51,300 

58,000 

Inventories

147,200 

135,000 

Investments

0 

60,000 

Equipment

493,000 

375,000 

Accumulated depreciation-equipment

(113,700)

(128,000)

 

$622,800 

$553,500 

Accounts payable

$  61,500 

$  42,600 

Bonds payable, due 2012

..... 

100,000 

Common stock, $10 par

250,000 

200,000 

Paid-in capital in excess of par--

 

 

  common stock

75,000 

50,000 

Retained earnings

  236,300 

  160,900 

 

$622,800 

$553,500 

 

 

 

The income statement for the current year is as follows: 

Sales

 

$623,000 

Cost of merchandise sold

 

  348,500 

Gross profit

 

$274,500 

Operating expenses:

 

 

  Depreciation expense

$24,700

 

  Other operating expenses

  75,300

  100,000 

Income from operations

 

$174,500 

Other income:

 

 

  Gain on sale of investment

$  5,000

 

Other expense:

 

 

  Interest expense

  12,000

     (7,000)

Income before income tax

 

$167,500 

Income tax

 

    64,100 

Net income

 

$103,400 

 

 

 

Additional data for the current year are as follows: 

(a)

Fully depreciated equipment costing $39,000 was scrapped, no salvage, and equipment was purchased for $157,000.

(b)

Bonds payable for $100,000 were retired by payment at their face amount.

(c)

5,000 shares of common stock were issued at 15 for cash.

(d)

Cash dividends declared were paid $28,000.

(e)

All sales are on account.

 

 

Prepare a statement of cash flows, using the direct method of reporting cash flows from operating activities. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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