101.Haven Corporation issued $700,000 of 10-year bonds payable at par in 2011. During 2015 Haven paid $50,000 interest and an additional $233,333 to retire one-third of the bonds at par. These activities would be reported in Haven's statement of cash flows for 2015 as:   

A. $283,333 net cash provided by financing activities.

B. $283,333 net cash used in financing activities.

C. $233,333 net cash used in financing activities, and $50,000 cash disbursed for operating activities.

D. $466,667 net cash provided by financing activities, and $50,000 cash disbursed for operating activities.

102.Hines Cannery issued capital stock in 2015 for $700,000. During 2015 the company paid dividends of $250,000. What is the effect of these events in Hines' statement of cash flows for 2015?   

A. $700,000 cash provided by investing activities, and $250,000 cash disbursed for financing activities.

B. $700,000 cash provided by financing activities, and $250,000 cash disbursed for investing activities.

C. $700,000 cash provided by financing activities, and $250,000 cash disbursed for operating activities.

D. $450,000 net cash provided by financing activities.

103.The accountant for Foster Institute, Inc., determined the cash flow for several transactions to be as follows:  On the basis of the above transactions alone, determine the net cash flow from financing activities.   

A. $275,000 net cash used for financing activities.

B. $440,000 net cash provided by financing activities.

C. Zero: cash inflows equal cash outflows from financing activities.

D. $285,000 net cash provided by financing activities.

$635,000 - $195,000 - $155,000 = $285,000

104.The 2015 statement of cash flows of Dickens Corporation shows $500,000 cash paid for dividends. If dividends in Dickens' statement of retained earnings are reported at $550,000 then:   

A. Dickens' dividends payable account must amount to $50,000 at the end of 2015.

B. Dickens' Cash account must have increased by $50,000 in 2015.

C. Dickens' dividends payable account must have increased by $50,000 in 2015.

D. Dickens' dividends payable account must have decreased by $50,000 in 2015.

During 2015, the cash flows related to Global Data, Inc.'s lending and borrowing activities are summarized as follows: 

105.Refer to the information above. On the basis of the above information alone, what is Global Data's net cash flow from financing activities?   

A. $147,000 net cash used for financing activities.

B. $145,500 net cash used for financing activities.

C. $206,100 net cash used for financing activities.

D. $500,100 net cash used for financing activities.

$367,500 - $220,500 = $147,000

106.Refer to the information above. If Global Data's income statement for 2015 reports interest expense of $25,200, then:   

A. Interest payable decreased by $16,800 in 2015.

B. Interest payable increased by $16,800 in 2015.

C. Interest payable at the end of 2015 amounts to $16,800.

D. Either the amount reported in the income statement or the interest payment shown above must be incorrect.

$42,000 - $25,200 = $16,800

107.Refer to the information above. If interest receivable was $6,300 at December 31, 2014, and is $10,500 at the end of 2015, interest revenue reported in Global Data's income statement for 2015 must have been:   

A. $16,800.

B. $21,000.

C. $35,700.

D. $4,200.

$31,500 + ($10,500 - $6,300) = $35,700

108.During 2015, Gillespie Corporation made a loan of $155,000 to a major customer. By the end of 2015 the customer had paid back $60,000 of the loan plus interest of $12,000. In the statement of cash flows for 2015, Gillespie Corporation would report:   

A. A net decrease in cash and cash equivalents of $72,000 for 2015.

B. $72,000 net cash used for investing activities.

C. $95,000 net cash used for investing activities, and $12,000 cash provided from operating activities.

D. $155,000 net cash used for investing activities, $60,000 net cash provided by financing activities, and $12,000 cash provided by operating activities.

109.Which method will yield higher cash flows from operating activities?   

A. The indirect method.

B. The direct method.

C. Both direct and indirect methods will yield the same amount.

D. Depends upon the situation.

110.Which of the following statements regarding the direct and indirect methods of reporting cash flow from operating activities is false?   

A. Although both methods result in the same net increase or decrease in cash for the year, net cash flow from operating activities will be different under the two methods.

B. The direct method shows the specific cash inflows and outflows constituting the operating activities of the business.

C. Under the indirect method, the computation of net cash flow from operating activities begins with net income as shown in the income statement.

D. The FASB permits both the direct and the indirect methods, but has expressed a preference for the direct method.

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