Prepare the summary entries necessary to determine the amount of cash received from customers for each of the four independent situations below. \[\begin{array} { | l | l | l | l | } \hline \text { Situation }& \begin{array}{l}\text { Sales }\\\text { revenue }\end{array} & \begin{array} { c } \text { Accounts } \\ \text { receivable } \\ \text { incr. } \\ \text { (decr.) } \end{array} & \begin{array} { c } \text { Cash } \\ \text { received } \\ \text { from } \\ \text { customers } \end{array} \\ \hline 1 & 200,000 & 10,000 & ?\\ \hline 2 & 200,000 & ( 10,000 ) & ? \\ \hline 3 & 100,000 & ( 15,000 ) & ? \\ \hline 4 & 100,000 & 15,000 & ? \\ \hline \end{array}\]

The answer of Prepare the summary entries necessary to determine...

Listed below are reporting classifications for a statement of cash flows using the indirect method for reporting operating cash flows. Indicate the reporting classification that would apply to each of the five transactions described below by placing the number of the reporting classification in the space provided by each transaction. \[\begin{array} {| l | l | l | } \hline \text { CLASSIFICATION } & \text { TRANSACTIONS } & \text { NUMBER } \\ \hline \text { 1. Operating activity, no adjustment to net } & \begin{array} { l } \text { Increase in inventory } \\ \text { income } \end{array} & -\\ \hline \text { 2. Operating activity, negative adjustment to } & & \\ \text { net income } & \text { Payment of cash dividends. } & -\\ \hline \text { 3. Financing cash outflow } & \text { Cash sales. } & -\\ \hline \text { 4. Investing cash inflow } & \begin{array} { l } \text { Prepayment of an insurance } \\ \text { premium for six months. } \end{array} & -\\ \hline \begin{array}{l} \text { 5. Operating activity, positive adjustment to }\\ \text { net income } \end{array} & \begin{array} { l } \text { Cash proceeds from sale of } \\ \text { equipment. } \end{array} & -\\ \hline \end{array}\]

The answer of Listed below are reporting classifications for a...

Exam 21: The Statement of Cash Flows Revisited

The Murdock Corporation reported the following balance sheet data for 2018 and 2017: Additional information for 2018: (1.) Sold available-for-sale debt securities costing $69,500 for $74,000. (2.) Equipment costing $20,000 with a book value of $5,000 was sold for $6,000. (3.) Issued 6% bonds payable at face value, $200,000. (4.) Purchased new equipment for $145,000 cash. (5.) Paid cash dividends of $20,000. (6.) Net income was $50,000. Required: Prepare a statement of cash flows for 2018 in good form using the indirect method for cash flows from operating activities.

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Question 181

Prepare the summary entries necessary to determine the amount of cash received from customers for each of the four independent situations below. Situation Sales revenue Accounts receivable incr. (decr.) Cash received from customers 1 200,000 10,000 ? 2 200,000 (10,000) ? 3 100,000 (15,000) ? 4 100,000 15,000 ?

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Question 182

Each year, White Mountain Enterprises (WME) prepares a reconciliation schedule that compares its income statement with its statement of cash flows on both the direct and indirect method bases. In its 2018 income statement, WME reported $11,000 of interest expense on its outstanding bonds. During the year, WME paid its regular installments of $9,000 of interest in cash. In its reconciliation schedule, WME should:

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Question 183

Which of the following is reported as a financing activity in the statement of cash flows?

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Question 184

Selected information from Jacklyn Hyde Corporation's accounting records and financial statements for 2018 is as follows ($ in millions): In its statement of cash flows, Jacklyn Hyde should report net cash inflows from financing activities of:

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Question 185

Listed below are reporting classifications for a statement of cash flows using the indirect method for reporting operating cash flows. Indicate the reporting classification that would apply to each of the five transactions described below by placing the number of the reporting classification in the space provided by each transaction. CLASSIFICATION TRANSACTIONS NUMBER 1. Operating activity, no adjustment to net Increase in inventory income - 2. Operating activity, negative adjustment to net income Payment of cash dividends. - 3. Financing cash outflow Cash sales. - 4. Investing cash inflow Prepayment of an insurance premium for six months. - 5. Operating activity, positive adjustment to net income Cash proceeds from sale of equipment. -

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Question 186

Property dividends distributed are reported in connection with a statement of cash flows as:

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Question 187

Cash equivalents have each of the following characteristics except:

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Question 188

The purchase of treasury stock is:

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Question 189

During the year, cash increased by $300 million. Investing and financing activities created positive cash flow totaling $500 million. What were net cash flows from operating activities in the statement of cash flows?

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Question 190

Payments to acquire bonds of other corporations should be classified on a statement of cash flows as:

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Question 191

Of the following, which is not an investing activity?

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Question 192

Which of the following is reported as a financing activity in the statement of cash flows?

Selected information from Jacklyn Hyde Corporation's accounting records and financial statements for 2018 is as follows ($ in millions): In its statement of cash flows, Jacklyn Hyde should report net cash inflows from financing activities of:

Property dividends distributed are reported in connection with a statement of cash flows as:

Cash equivalents have each of the following characteristics except:

The purchase of treasury stock is:

During the year, cash increased by $300 million. Investing and financing activities created positive cash flow totaling $500 million. What were net cash flows from operating activities in the statement of cash flows?

Payments to acquire bonds of other corporations should be classified on a statement of cash flows as:

Of the following, which is not an investing activity?

Environment and Theoretical Structure of Financial Accounting

Review of the Accounting Process

The Balance Sheet and Financial Disclosures

The Income Statement, Comprehensive Income, and the Statement of Cash Flows

Revenue Recognition

Time Value of Money Concepts

Cash and Receivables

Inventories: Measurement

Inventories: Additional Issues

Property, Plant, and Equipment and Intangible Assets: Acquisition

Property, Plant, and Equipment and Intangible Assets: Utilization and Disposition

Investments

Current Liabilities and Contingencies

Bonds and Long-Term Notes

Leases

Accounting for Income Taxes

Pensions and Other Postretirement Benefits

Shareholders Equity

Share-Based Compensation and Earnings Per Share

Accounting Changes and Error Corrections

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