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Introduction to Financial Accounting in the 21st Century, 5th Canadian Edition By Gaber, Porporato (Test Bank all Chapters, Answer at the end of each Chapter)
Version 1 1 Chapter 1 Student name:__________
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 1) Which of these transactions of Corley Limited is not a use of cash?
A) Purchased a tract of land B) Paid dividends to shareholders C) Reacquired some of the company's common shares D) Long-term debt was issued E) None of the other alternatives are correct 2) Which of these financial statements provides information about sources and uses of cash?
A) Income statement B) Balance sheet C) Cash flow statement D) Income Statement and Balance Sheet E) None of the other alternatives are correct 3) Which of these equations is incorrect?
A) Shareholders' Equity = Contributed Capital + Retained Earnings B) Revenues −
Expenses = Net Income C) Assets = Liabilities + Shareholders' Equity D) All of the equations included in the other alternatives are correct E) None of the other alternatives are correct 4) Which one of these assets is not a current asset?
Version 1 2 A) Cash B) Land C) Merchandise inventory D) Accounts receivable E) None of the other alternatives are correct 5) Which of these transactions of Fort Ltd is not a source of cash?
A) Additional common shares were issued B) Additional equipment was acquired C) A long-term note was issued D) A tract of land was sold E) None of the other alternatives are correct 6) Which of these persons would be least likely to receive a firm's managerial accounting reports?
A) A creditor of the firm B) One of the firm's production supervisors C) One of the firm's vice-presidents D) One of the firm's salespeople E) None of the other alternatives are correct 7) Which of these financial statements provides information about economic resources and claims on those resources?
A) Income statement B) Balance sheet C) Cash flow statement D) Income Statement and Balance Sheet E) None of the other alternatives are correct
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Direction: Lena established a talent agency. The following data are taken from the records of Lena Agency for the year 2019. Classify each cash flow activity (Operating, Investing, Financing or Non-cash).A. Talent Fees receivables from clientsB. Cash receipt from clientsC. Depreciation expenseD. Proceeds of Japan bank loanE. Cash purchase of buildingF. Provision for doubtful accountsG. Additional Investment of LenaH. Dividends income receivedI. Rent Income receivedJ. Payment of operating expensesK. Principal long-term loan paidL. Asset withdrawal of ownerM. Proceeds from sale of land
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Section V: SCF Question 3
Identify the following sections of the McDonald's SCF and record the amounts. Check
the math by summing to the cash balance at end of year. Verify that the ending cash
balance reported on the SCF is the same as reported on the balance sheet for the current
year,
Section
Current
Prior Year
Second
Prior Year
Year
Cash provided by operations?
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Cash used for investing activities?
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Cash used for financing activities?
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enter text.
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Cash and equivalents balance at end of
year?
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enter text.
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Business
FinanceQ&A LibraryPlease classify each of the following accounts into its right category of cash flow activities. Which of the following item(s) belong to Operation Activities? (This question may contain multiple answers) Depreciation Fixed assets expenses Change in Inventories Change in Accounts Payable Payment of cash dividends Change in Notes Payable Payment of long-term debt Change in marketable securities Net income Change in Account Receivables
Please classify each of the following accounts into its right category of cash flow activities. Which of the following item(s) belong to Operation Activities? (This question may contain multiple answers) Depreciation Fixed assets expenses Change…
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12. Henry Cowper
From the following information, prepare a Statement of financial position of Henry
Cowper at 30 September 2019, showing the appropriate headings:
Cash in hand
Inventory
Bank
Land and buildings
Capital introduced by Henry Cowper
Vehicles
Receivables
Payables
overdraft
50
27,300
8,840
99,700
148,250
26,340
12,000
8,300
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Indicate if the following transactions increase or decrease cash and classify the transactions as Operating, Investing or Financing Activities
Enter I For increase and D for decrease.
Enter O for Operating, I for Investing, and F for Financing.
1. Pay taxes
D
O
2. Collect cash from customers
I
O
3. Issue common stock
F
4. Take out a loan from a bank
5. Purchase stock in another company
I
6. Sell government debt security
7. Buy a patent
8. Retire a bonds payable
9. Pay dividends
10. Pay insurance
11. Pay interest on a loan
12. Pay principal on a loan
13. Pay salaries
14. Repurchase treasury stock
15. Sell a copyright to another firm
16. Pay suppliers for inventory
17. Dividend payments received from stock investment.
18. Interest payments received from investment in government debt securities.
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Which of the following correctly describes the effect of the collection of cash from the credit card company on the financial statements of Yankee Corporation?
Assets = Liabilities
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A. 582 (582)
B.
582
C. 582 (582)
D.
600
Multiple Choice
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O
Option B
Option C
Option A
Balance Sheet
Option D
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582
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Stockholders'
Equity
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Revenue
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582
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Income Statement
-
Expense
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Net Income
ΝΑ
582
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Statement of
Cash Flows
582 OA
582 OA
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582 OA
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what do you understand by Financial Capital atis the difference between Financial capital and
Physical capital ?
Chapter 2
Record the following transaction in simple cash book for November 2020:
01
Cash in hand
12,500
04
Cash paid to Hari
600
07
Purchased goods
12
Cash received from Amit
1,960
16
Sold goods for cash
800
20
Paid to Manish
590
25
Paid cartage
100
30
Paid salary
1,000
Chapter 3
9.
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Chapter 16 Basic Homework
еBook
Print Item
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:
ACCOUNT Land
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
Balance
1,262,000
Mar. 12
Purchased for cash
416,000
1,678,000
Oct.
4
Sold for $229,000
196,000
1,482,000
Section of Statement of
Added or Deducted
Amount
Item
Cash Flows
Mar. 12: Purchase of fixed asset
Oct. 4: Sale of fixed asset
Gain on sale of fixed asset (assume the indirect method)
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Direction: Lena established a talent agency. The following data are taken from the records of Lena Agency for the year 2019. Classify each cash flow activity (Operating, Investing, Financing or Non-cash).D. Proceeds of Japan bank loanE. Cash purchase of buildingF. Provision for doubtful accountsG. Additional Investment of LenaH. Dividends income receivedI. Rent Income receivedJ. Payment of operating expensesK. Principal long-term loan paidL. Asset withdrawal of ownerM. Proceeds from sale of land
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Cash borrowed on a mortgage note is a(n) ________ activity on the statement of cash flows. Question content area bottom Part 1 A. operating B. investing C. financing D. noncash investing and financing
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eek 1 Statement Matching
Amortization
JORN BART
Accounts Payable
R
Cash Receipts
Land
Net Cash
Depreciation Expense
Net Income
Purchased Office Equipment
Cash Payments
Equipment
Cost of Goods Sold
Dividends Paid
Current Assets
Interest Expense
Cash From Investing Activities
Balance of Retained Earnings
Allowance for Doubtful Accounts
Cash & Cash Equivalents
Accounts Receivable
Current Liabilities
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The list of assets, equity and liability to be filled.
Assets
Amount (RO)
Land and Building
Plant and Equipment
Furniture and Fitting
Inventories
Accounts and other
receivables
Cash
Bank
43,789
11,571
11,571
Interest Expenses
Taxes
35,097
62,796
40,875
160,531
Equity & Liabilities
Equity Share Capital
Bonds Payable
Accounts Payable
Outstanding
Expenses
Short Term Bank
Borrowing
The list of Income Statement items is given below.
Sales
Cost of goods sold
General and Administrative Expenses
Selling and Marketing Expenses
Depreciation Expenses
Amount (RO)
165,588
87028
18,469
18,861
6,144
Amount
(RO)
78,560
5,591
Additional Information:
1. Dividend paid by the company in the year 2022 is RO 30,277
2. The face value of each share is RO 0.196
3. The market price of shares at end 2022 is Ro 318,685,485.58
162,59
5
34,465
10,58
0
183,36
3
54578
You are required to calculate - Earnings per share, Interest cover,
Dividend cover, Price/Earnings ratio, Gross Profit Margin Ratio,
Operating profit…
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Hi could you tell me if this cash flow statement is correct? The financial statement is beside:) thanks in advance
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Place an X' in the appropriate columns for each of the following situations to indicate how
amounts are classified and how or whether cash is affected:
Operating Investing Financing
Activity
Effect on Cash
Outflow
Situation
Inflow
No
Activity
Activity
(-)
Effect
a. Paying off accounts
payable with cash.
b. Retirement of common
stock with cash.
c. Issuance of bonds for
cash.
d. Acquired land by issuing
common stock.
e. Paid cash for inventory.
f. Collection of accounts
receivable with customer
cash.
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Quèstion 1
Which of the following transactions would be reported in the cash flows from investing activities section in the statement of cash flows for the Harlem Company?
O Harlem sold a piece of land for $600,000.
O Harlem borrowed $3,000,000
O Harlem issued common stock for $700,000 to investors.
O Harlem paid a cash dividend to its stockholders.
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