Purchase Solved ACCT 557 Week 7 Quiz

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Purchase Solved ACCT 557 Week 7 Quiz

 

  1. Question : (TCO F) The company uses the indirect method for the statement of cash flow. How would an increase in the inventory balance be reported?
  2. Question : (TCO F) Which of the following is not true?
  3. Question : (TCO F) Glitter Girl, Inc. recognized net income of $136,000 including $24,000 in depreciation expense………………………Compute the net cash from operating activities based on the above information.
  4. Question : (TCO F) Dasher Builder’s, Inc. shows the following as of December 31, 2012
    • Sold available for sales securities for $650,000
    • Acquired 50% of Elven Corp’s common stock for $310,000 cash, which was borrowed from Peppermint’s Bank.
    • Issued 2,000 shares of its preferred stock for land having a fair value of $50,000
    • Purchased a patent for $170,000 cash
    • Issued 1,000 of its 12% debenture bonds, due 2017, for $225,000 cash
    • Paid $130,000 toward bank loan.
    • Recognized $79,000 net increase in returnable long term customer deposits

    Dasher’s net cash provided by investing activities for 2012 is

  5. Question : (TCO F) Big Dog Builder’s, Inc. shows the following as of December 31, 2012.
    – Acquired 50% of Kitty Corp’s common stock for $225,000 cash which was borrowed from Mouse’s Bank.
    – Sold available for sales securities for $852,000
    – Issued 1,000 of its 12% debenture bonds, due 2017, for $350,000 cash
    – Paid $160,000 toward bank loan.
    – Recognized $66,000 net increase in returnable long term customer deposits
    – Issued 2,000 shares of its preferred stock for land having a fair value of $500,000
    – Purchased a patent for $140,000 cash
    Big Dog’s net cash provided by financing activities for 2012 is
  6. Question : (TCO F)Cash flows from operating activities (indirect and direct methods). Presented below is the income statement of Smiling Tiger, Inc.

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