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Business
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Financial Accounting
Quiz 13: Statement of Cash Flows
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Question 101
Multiple Choice
During the year, Holistic Corp.reported Income Tax Expense of $36,000.There was a $3,000 decrease in federal income tax payable and a $2,000 increase in provincial income tax payable during the year.What were Holistic's cash payments for income tax for the year?
Question 102
Multiple Choice
Under the direct method, one of the adjustments to revenue to determine cash receipts from customers is made by
Question 103
Multiple Choice
The following information relates to Fenelon Corporation:
What was the amount of cash paid for insurance during 2022?
Question 104
Multiple Choice
During the year, Rinks Corp.reported $510,000 in cash sales and $2,350,000 in credit sales.Beginning Accounts Receivable was $360,000 and ending Accounts Receivable was $475,000.What was the total cash collected from all customers during the year?
Question 105
Multiple Choice
During the year, Kawartha Corp.reported an increase in Inventory of $40,000.Cost of Goods Sold for the year was $125,000, and there was an $6,000 decrease in Accounts Payable.What were the cash payments to suppliers during the year?
Question 106
Multiple Choice
Which of the following would not appear in the operating activities section of a statement of cash flows prepared using the direct method?
Question 107
Multiple Choice
The category that is generally considered to be the best measure of a company's ability to continue as a going concern is
Question 108
Multiple Choice
Kate's Fashions Ltd.produces and sells high fashion merchandise.For the year ended June 30, 2022, the company reported $85,000 cash provided by operating activities, $18,000 by investing activities, and $49,000 by financing activities.Kate's Fashions paid $22,000 in dividends and spent $35,000 for new equipment.Its free cash flow for 2022 was
Question 109
Multiple Choice
Cash receipts from customers are greater than sales revenues when there is a(n)
Question 110
Multiple Choice
During the year, Tristan Inc.reported a $6,000 increase in Inventory and a $4,000 increase in Accounts Payable.Cost of goods sold for the year was $125,000.What were the cash payments made to suppliers during the year?