Exam 5: Balance Sheet and Statement of Cash Flows

Huge Cart Inc. gives you the following information pertaining to the year 2014. The asset turnover ratio of Huge Cart Inc. is

Lohmeyer Corporation reports: What is Lohmeyer's ending cash balance?

Which of the following would be classified in a different major section of a balance sheet from the others?

Which of the following should be reported for capital stock?

Presented below are data for Antwerp Corp. Stockholders' Equity at January 1, 2014 is

Although the presentation formats for the balance sheet and statement of cash flows are similar under IFRS and U.S. GAAP, IFRS requires far more extensive disclosure.

The statement of cash flows reports all of the following except

Packard Corporation reports the following information: Packard's free cash flow is

Use the following information to answer the next two questions. Franco Company uses IFRS and owns property, plant and equipment with a historical cost of 5,000,000 euros. At December 31, 2013, the company reported a valuation reserve of 8,565,000 euros. At December 31, 2014, the property, plant and equipment was appraised at 5,525,000 euros. -The valuation reserve at December 31, 2014 will be reported at

Similarities between IFRS and U.S. GAAP requirements for balance sheet presentation include all of the following except:

Balance sheet classifications. The various classifications listed below have been used in the past by Maris Company on its balance sheet. It asks your professional opinion concerning the appropriate classification of each of the items 1-14 below. a. Current Assets b. Investments c. Plant and Equipment h. Common Stock and Paid-in Capital in Excess of Par d. Intangible Assets i. Retained Earnings e. Other Assets f. Current Liabilities g. Long-Term Liabilities h. Common Stock and Paid-in Capital in Excess of Par i. Retained Earnings Indicate by letter how each of the following items should be classified. If an item need not be reported on the balance sheet, use the letter "X." A letter may be used more than once or not at all. If an item can be classified in more than one category, choose the category most favored by the authors of your textbook. 1. Employees' payroll deductions. 2. Cash in sinking fund. 3. Rent revenue collected in advance. 4. Equipment retired from use and held for sale. 5. Patents. 6. Payroll cash fund. 7. Goods held on consignment. 8. Accrued revenue on short-term investments. 9. Advances to salespersons. 10. Premium on bonds payable due two years from date. 11. Bank overdraft. 12. Salaries which company budget shows will be paid to employees within the next year. 13. Work in process. 14. Appropriation for bonded indebtedness.

If common stock was issued to acquire an $8,000 machine, how would the transactionappear on the statement of cash flows?

Significant accounting policies may not be

The current assets section of the balance sheet should include

In a statement of cash flows, interest payments to lenders and other creditors should be classified as cash outflows for

In a statement of cash flows, payments to acquire debt instruments of other entities (other than cash equivalents) should be classified as cash outflows for

Collection of a loan is reported as an investing activity in the statement of cash flows.

Typical contractual situations that are disclosed in the notes to the balance sheet include all of the following except

Both IFRS and U.S. GAAP require that specific items be reported on the balance sheet.

Significant financing and investing activities that do not affect cash are not reported in the statement of cash flows or any other place.