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Financial Accounting Information for Decisions Study Set 3
Quiz 12: Reporting and Analyzing Cash Flows
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Question 221
Essay
The following transactions and events occurred during the year.Assuming that this company uses the indirect method to report cash provided by operating activities,indicate where each item would appear on its statement of cash flows by placing an x in the appropriate column.
Question 222
Short Answer
________ activities generally include those transactions and events that affect long-term assets.
Question 223
Essay
Use the following income statement and information about changes in noncash current assets and liabilities to (1)prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method and (2)compute the company's cash flow on total assets ratio for the year assuming that average total assets are $525,250.
Changes in current asset and current liability accounts for the year that relate to operations follow.
Question 224
Essay
A main purpose of the statement of cash flows is to report all the major cash ________ and cash ________ .________.
Question 225
Essay
Noncash financing and investing activities are disclosed in a ________ or in a separate ________.
Question 226
Essay
Keita Co.reported net income of $213.4 million,net cash provided by operating activities of $151.3 million,total cash flows of $187.7 million,and average total assets of 2,314.8 million at the end of the year.Calculate the cash flow on total assets ratio for Keita.
Question 227
Essay
A corporation reported average total assets in Year 1 of $397,350 and $440,800 in Year 2.Its net operating cash flow for Year 1 was $35,667 and $35,790 for Year 2.Calculate the cash flow on total assets ratio for both years.Comment on the results.
Question 228
Essay
A company reported net income of $132,000,operating cash flows of $87,000,total cash flows of $112,000,and average total assets of $1,053,000.Calculate its cash flow on total assets ratio.
Question 229
Short Answer
________ activities include those transactions that affect long-term liabilities and equity.
Question 230
Short Answer
The statement of cash flows is divided into three sections called the ________,________,and ________ sections.
Question 231
Essay
A company reported operating cash flows in Year 1 of $33,100 and $26,220 in Year 2.Its average total assets in Year 1 were $262,000 and $313,000 in Year 2.Calculate the cash flow on total assets ratio for both years.Comment on the results.
Question 232
Short Answer
Investments that are readily convertible to a known amount of cash and are sufficiently close to their maturity so that the market value is unaffected by interest rate changes are ________.
Question 233
Essay
Use the following financial statements and additional information to (1)prepare a complete statement of cash flows for the year ended December 31,20X2.The cash provided or used by operating activities should be reported using the direct method,and (2)compute the company's cash flow on total assets ratio for 20X2.
Additional Information a.A $20,000 note payable is retired at its carrying value in exchange for cash. b.The only changes affecting retained earnings are net income and cash dividends paid. c.New equipment is acquired for $120,000 cash. d.Received cash for the sale of equipment that had cost $85,000,yielding a gain of $4,700. e.Prepaid expenses relate to Other Expenses on the income statement. f.All purchases and sales of merchandise inventory are on credit.
Question 234
Essay
Use the following financial statements and additional information to (1)prepare a statement of cash flows for the year ended December 31,20X2 using the indirect method,and (2)compute the company's cash flow on total assets ratio for 20X2.
Additional Information a.A $20,000 note payable is retired at its carrying value in exchange for cash. b.The only changes affecting retained earnings are net income and cash dividends paid. c.New equipment is acquired for $120,000 cash. d.Received cash for the sale of equipment that had cost $85,000,yielding a gain of $4,700. e.Prepaid expenses relate to Other Expenses on the income statement. f.All purchases and sales of merchandise inventory are on credit.
Question 235
Essay
A company reported net income of $318,000,operating cash flows of $218,000,total cash flows of $184,000,and average total assets of $898,000.Calculate its cash flow on total assets ratio.
Question 236
Essay
A company reported average total assets of $501,000 in Year 1 and $611,000 in Year 2.Its net operating cash flow in Year 1 was $41,500 and $55,250 in Year 2.Calculate its cash flow on total assets ratio for both years.Comment on the results.
Question 237
Essay
Babson reported assets of $13,362 million at January 1 and $13,369 million as of December 31 of the current year.Babson's net cash flows from operations were $2,204 million.Calculate the cash flow on total assets ratio for Babson.
Question 238
Essay
Faster Freight Co.reported net cash provided by operating activities of $142.7 million and average total assets of 1,762.5 million at the end of the year.Calculate the cash flow on total assets ratio for Faster Freight.