Question 1

Omemee Company had the following transactions during the year:
  Determine the cash from financing activities under ASPE:

Accepted Answer

The answer of Omemee Company had the following transactions during...

Question 2

The Corn Crop Corporation gathered the following data from its accounting records for the year ended September 30,2017:
  Acquisition of machinery by issuing
  Prepare the operating activities section of the cash flow statement for the Corn Crop Corporation using the indirect method under ASPE.

Accepted Answer

The answer of The Corn Crop Corporation gathered the following...

Question 3

Omemee Company had the following transactions during the year:
  Determine the cash flows from operations under ASPE:

Accepted Answer

The answer of Omemee Company had the following transactions during...

Question 4

Lindsay Limited had the following transactions during the year:
Proceeds from the sale of land $100,000
Gain on the sale of land $50,000
Proceeds from the issue of common shares $800,000
What was the cash from investing activities?

Accepted Answer

The answer of Lindsay Limited had the following transactions during...

Question 5

Omemee Company had the following transactions during the year:
  Determine the cash from investing activities under ASPE:

Accepted Answer

The answer of Omemee Company had the following transactions during...

Question 6

Which of the following would appear on a direct method statement of cash flows?

Accepted Answer

The direct method statement of cash flows reports cash inflows and outflows categorized by their sources, such as operating, investing, and financing activities. The direct method reports actual cash transactions, as opposed to indicating changes in balance sheet accounts. Cash payments for inventory is an operating activity and would thus appear on a direct method statement of cash flows. Depreciation expense is a non-cash expense and would appear on the indirect method statement of cash flows. Loss on sale of assets is also a non-cash item and wouldn't appear on either direct or indirect method statements of cash flows, as it isn't a cash inflow or outflow. Increase in accounts receivable is a balance sheet account and would be used to reconcile the change in cash from operating activities between the direct and indirect methods.

Question 7

Identify where each of the following items would appear on a cash flow statement under ASPE.Use (O)for the operating activities section,(I)for the investing activities section,(F)for the financing activities section,(NIF)for the schedule of noncash investing and financing activities,and (N)if the item does not appear anywhere on the cash flow statement.Assume the statement is prepared using the indirect method.

Accepted Answer

The answer of Identify where each of the following items...

Question 8

Match these sections off of the balance sheet with their typical cash flow activity category.
Use O for operating,I for investing and F for financing.
1.Owners' Equity
2.Current Assets
3.Non-current Liabilities
4.Current Liabilities
5.Non-current Assets

Accepted Answer

The answer of Match these sections off of the balance...

Question 9

Identify three statement of cash flows user groups and identify what they would be using this statement for.

Accepted Answer

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Question 10

Given the following information for Rat Rack Incorporated prepare their statement of cash flows for December 31,2017 under ASPE.
  Non-current - Note
  Property,plant and

Accepted Answer

The answer of Given the following information for Rat Rack...

Question 11

Fertilizer Incorporated reports an increase in Accounts Payable of $9,200 and an increase in inventory of $45,000 for the current year.Accounts Payable relates solely to the purchase of merchandise.Sales on account were $532,100 and cost of goods sold was $358,000.The total purchases of merchandise for the period were:

Accepted Answer

The increase in inventory ($45,000) plus the cost of goods sold ($358,000) gives the total purchases ($403,000) when considering the increase in accounts payable ($9,200) which is already included in the purchases.

Question 12

As the accountant for Genetic Incorporated,you are responsible for preparing the cash flow statement.You have decided to prepare the statement using the indirect method and have gathered together the following data from the accounting records:
  Prepare the cash flow statement for the year ended December 31,2017 under ASPE,using the indirect method and including a schedule of noncash investing and financing activities,if necessary.

Accepted Answer

The answer of As the accountant for Genetic Incorporated,you are...

Question 13

Free cash flow is calculated by taking net cash flow provided by operations less cash flow marked for investment in property,plant,equipment and other non-current assets.

Accepted Answer

Free cash flow is calculated by subtracting capital expenditures (investments in property, plant, equipment, and other non-current assets) from net cash flow provided by operations.

Question 14

Given the following information calculate JetNew's free cash flow for 2017.

Accepted Answer

The answer of Given the following information calculate JetNew's free...

Question 15

Given the following information calculate the cash flow from financing activities under ASPE for Rat Rack Corporation.
  Increase in Common Shares

Accepted Answer

The answer of Given the following information calculate the cash...

Question 16

Given the following information for Cat Castle Incorporated prepare their statement of cash flows for December 31,2017 under ASPE.
  Non-current - Note
  Property,plant and

Accepted Answer

The answer of Given the following information for Cat Castle...

Question 17

In what way is free cash flow different from net cash flows as shown on a statement of cash flows?

Accepted Answer

The answer of In what way is free cash flow...

Question 18

You are reviewing the financial statements of three companies in the same industry.Specifically,you are interested in the transactions surrounding capital assets during the past year.The following information is available for the three companies.Compute the unknowns.

Accepted Answer

The answer of You are reviewing the financial statements of...

Question 19

The following selected data for the Food Factory Corporation were gathered by the accountants for the year ended December 31,2017,who are responsible for preparing the financial statements:
  The cash account began the year with a balance of $32,500 and ended the year with a balance of $191,500.
Other relevant data gathered by the accountants:
  Prepare the cash flow statement for the year ended December 31,2017 under ASPE,using the indirect method and including a schedule of noncash investing and financing activities,if necessary.

Accepted Answer

The answer of The following selected data for the Food...

Question 20

Classify each of the following as an operating,investing,or financing activity under ASPE:
a.Loaning money
b.Receiving cash from customers
c.Receiving interest revenue
d.Payments for inventory
e.Payments for interest
f.Receipt of cash from issuance of bonds payable
g.Receipt of cash from sale of equipment
h.Payments for acquisition of land
i.Receipt of cash from issuance of stock
j.Receipt of dividend income
k.Dividends paid to shareholders
l.Payment of salaries to employees
m.Payment of taxes

Accepted Answer

The answer of Classify each of the following as an...

Quiz 10: The Statement of Cash Flows

Omemee Company had the following transactions during the year: Determine the cash from financing activities under ASPE:

The Corn Crop Corporation gathered the following data from its accounting records for the year ended September 30,2017: Acquisition of machinery by issuing Prepare the operating activities section of the cash flow statement for the Corn Crop Corporation using the indirect method under ASPE.

Omemee Company had the following transactions during the year: Determine the cash flows from operations under ASPE:

Lindsay Limited had the following transactions during the year: Proceeds from the sale of land $100,000 Gain on the sale of land $50,000 Proceeds from the issue of common shares $800,000 What was the cash from investing activities?

Omemee Company had the following transactions during the year: Determine the cash from investing activities under ASPE:

Which of the following would appear on a direct method statement of cash flows?

Match these sections off of the balance sheet with their typical cash flow activity category. Use O for operating,I for investing and F for financing. 1.Owners' Equity 2.Current Assets 3.Non-current Liabilities 4.Current Liabilities 5.Non-current Assets

Identify three statement of cash flows user groups and identify what they would be using this statement for.

Given the following information for Rat Rack Incorporated prepare their statement of cash flows for December 31,2017 under ASPE. Non-current - Note Property,plant and

Free cash flow is calculated by taking net cash flow provided by operations less cash flow marked for investment in property,plant,equipment and other non-current assets.

Given the following information calculate JetNew's free cash flow for 2017.

Given the following information calculate the cash flow from financing activities under ASPE for Rat Rack Corporation. Increase in Common Shares

Given the following information for Cat Castle Incorporated prepare their statement of cash flows for December 31,2017 under ASPE. Non-current - Note Property,plant and

In what way is free cash flow different from net cash flows as shown on a statement of cash flows?

You are reviewing the financial statements of three companies in the same industry.Specifically,you are interested in the transactions surrounding capital assets during the past year.The following information is available for the three companies.Compute the unknowns.