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1.Equipment which originally cost $2500 and has a book value of $1,500 is sold for $1,800 on December 31, 2009. Where is the $300 gain reported on the CFS assuming the indirect method?

a.Net income will be increased or adjusted upward.

b.Net income will be decreased or adjusted downward.

c.Cash flows from investing activities

d.Cash flows from financing activities

e.Reported as a note or not required to be reported on the cash flow statement

2.Redemption of bonds (Paying off Bonds Payable)

a.Net income will be increased or adjusted upward.

b.Net income will be decreased or adjusted downward.

c.Cash flows from investing activities

d.Cash flows from financing activities

e.Reported as a note or not required to be reported on the cash flow statement

3.Exchange of furntiture for office equipment

a.Net income will be increased or adjusted upward.

b.Net income will be decreased or adjusted downward.

c.Cash flows from investing activities

d.Cash flows from financing activities

e.Reported as a note or not required to be reported on the cash flow statement

4.Increase in accounts receivable during the year

a.Net income will be increased or adjusted upward.

b.Net income will be decreased or adjusted downward.

c.Cash flows from investing activities

d.Cash flows from financing activities

e.Reported as a note or not required to be reported on the cash flow statement

5.Payment of common stock cash dividends

a.Net income will be increased or adjusted upward.

b.Net income will be decreased or adjusted downward.

c.Cash flows from investing activities

d.Cash flows from financing activities

e.Reported as a note or not required to be reported on the cash flow statement

6.Amortization of Patent

a.Net income will be increased or adjusted upward.

b.Net income will be decreased or adjusted downward.

c.Cash flows from investing activities

d.Cash flows from financing activities

e.Reported as a note or not required to be reported on the cash flow statement

7.Which of the following events will appear in the cash flows from financing activities section of the statement of cash flows?

a.Cash purchases of equipment.

b.Cash purchases of bonds issued by IBM.

c.Cash received in the normal course of a sales transaction.

d.Cash purchase of treasury stock.

8.Increase in inventories during the year

a.Net income will be increased or adjusted upward.

b.Net income will be decreased or adjusted downward.

c.Cash flows from investing activities

d.Cash flows from financing activities

e.Reported as a note or not required to be reported on the cash flow statement

9.Decrease in accounts payable during the year

a.Net income will be increased or adjusted upward.

b.Net income will be decreased or adjusted downward.

c.Cash flows from investing activities

d.Cash flows from financing activities

e.Reported as a note or not required to be reported on the cash flow statement

10.Bonds payable of $50,000 were issued

a.Net income will be increased or adjusted upward.

b.Net income will be decreased or adjusted downward.

c.Cash flows from investing activities

d.Cash flows from financing activities

e.Reported as a note or not required to be reported on the cash flow statement

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9967163

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