1. A company had net income of $210,000. Depreciation expense is $27,000. During the year, Accounts Receivable and Inventory increased…

           1. A company had net income of $210,000. Depreciation expense is $27,000. During the year, Accounts Receivable and Inventory increased $17,000 and $42,000, respectively. Prepaid Expenses and Accounts Payable decreased $5,000 and $6,000, respectively. There was also a loss on the sale of equipment of $2,000. How much cash was provided by operating activities?

2.            The following data are available for Two-off Company.

Increase in accounts payable$120,000
Increase in bonds payable       300,000
Sale of investments150,000
Issuance of common stock      160,000
Payment of cash dividends        90,000

Net cash provided by financing activities is:

3. Investing activities include (Points : 1)       
      
      
      

4. The cash effects of transactions that create revenues and expenses are                                               
      
      
      

5. If a gain of $12,000 is incurred in selling (for cash) office equipment having a book value of $110,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is

6.If a company has both an inflow and outflow of cash related to property, plant, and equipment, the           

7. Ale Company reports a $16,000 increase in inventory and a $8,000 increase in accounts payable during the year. Cost of Goods Sold for the year was $150,000. The cash payments made to suppliers were (Points : 1)       
      
      
      

8. Which of the following would be subtracted from net income using the indirect method? (Points : 1)       
      
      
      

9. Lending money and collecting the loans are (Points : 1)       
      
      
      

10. The acquisition of land by issuing common stock is (Points : 1)       
      
      
      

11. Kanet Company issued common stock for proceeds of $386,000 during 2014. The company paid dividends of $80,000 and issued a long-term note payable for $95,000 in exchange for equipment during the year. The company also purchased treasury stock that had a cost of $15,000. The financing section of the statement of cash flows will report net cash inflows of (Points : 1)       
      
      
      

12. Adama Company reported a net loss of $6,000 for the year ended December 31, 2014. During the year, accounts receivable increased $15,000, merchandise inventory decreased $12,000, accounts payable decreased by $20,000, and depreciation expense of $12,000 was recorded. During 2014, operating activities (Points : 1)       
      
      
      

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