10 Jan Net income for the year
The following events occurred last year at Dorder Corporation:
Purchase of plant and equipment
$26,000
Sale of long-term investment
$11,000
Dividends received on long-term investments
$7,000
Paid off bonds payable
$14,500
Depreciation expense
$13,000
Based on the above information, the cash provided (used) by investing activities for the year on the statement of cash flows would net to:
$(15,000)
$(13,000)
$(35,500)
$(14,500)
2.
Last year Burch Corporation’s cash account decreased by $26,000. Net cash provided by investing activities was $8,100. Net cash used in financing activities was $24,000. On the statement of cash flows, the net cash flow provided by (used in) operating activities was:
$(10,100)
$15,900
$(26,000)
$(41,900)
3.
McCorey Corporation recorded the following events last year:
Repurchase by the company of its own common stock
$27,000
Sale of long-term investment
$46,000
Interest paid to lenders
$8,500
Dividends paid to the company’s shareholders
$56,000
Collection by McCorey of a loan made to another company
$32,000
Payment of taxes to governmental bodies
$18,500
On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities.
Based solely on the information above, the net cash provided by (used in) investing activities on the statement of cash flows would be:
$(13,500)
$78,000
$22,000
$(15,500)
4.
Financial statements of Rukavina Corporation follow:
Rukavina Corporation
Comparative Balance Sheet
Ending
Balance
Beginning
Balance
Assets:
Cash and cash equivalents
$45
$42
Accounts receivable
108
93
Inventory
67
52
Property, plant and equipment
843
690
Less: accumulated depreciation
372
320
Total assets
$691
$557
Liabilities and stockholders’ equity:
Accounts payable
$85
$94
Bonds payable
200
320
Common stock
119
93
Retained earnings
287
50
Total liabilities and stockholders’ equity
$691
$557
Income Statement
Sales
$810
Cost of goods sold
284
Gross margin
526
Selling and administrative expenses
105
Net operating income
421
Income taxes
149
Net income
$272
Cash dividends were $35. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company’s statement of cash flows.
The net cash provided by (used in) investing activities for the year was:
$(120)
$(153)
$26
$(35)
5.
Alcoser Corporation’s most recent balance sheet appears below:
Comparative Balance Sheet
Ending Balance
Beginning Balance
Assets:
Cash and cash equivalents
$34
$29
Accounts receivable
32
36
Inventory
53
66
Property, plant and equipment
554
480
Less accumulated depreciation
208
206
Total assets
$465
$405
Liabilities and stockholders’ equity:
Accounts payable
$41
$50
Accrued liabilities
17
16
Income taxes payable
28
30
Bonds payable
217
200
Common stock
75
70
Retained earnings
87
39
Total liabilities and equity
$465
$405
Net income for the year was $60. Cash dividends were $12. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company’s statement of cash flows.
The net cash provided by (used in) investing activities for the year was:
$74
($74)
($72)
$72
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