Ask Question, Ask an Expert


Ask Accounting Basics Expert

1. The methods of accounting for a lease by lessee are

a. operating and capital lease methods.
b. operating, sales, and capital lease methods.
c. operating and leveraged lease methods.
d. none of these.

2. The Lease Liability account must be disclosed as

a. all current liabilities.
b. all noncurrent liabilities.
c. current portions in current liabilities and the remainders in noncurrent liabilities.
d. deferred credits.

3. Which of the given is shown on statement of cash flows?

a. A stock dividend
b. A stock split
c. An appropriation of retained earnings
d. None of these

4. Net cash provided by operating activities in Moon Company's statement of cash flows for 2004 was $154,000. For 2004, depreciation on plant assets was $60,000, amortization of goodwill was $10,000, and cash dividends paid on common stock was $72,000. Based only on information given above, Moon's net income for 2004 was

a. $154,000.
b. $84,000.
c. $12,000.
d. $156,000.

5. Equipment which cost $138,000 and had accumulated depreciation of $74,000 was sold for $72,000. This transaction muts be shown on statement of cash flows (indirect method) as a(n)

a. addition to net income of $8,000 and $72,000 cash inflow from financing activities.
b. deduction from net income of $8,000 and a $64,000 cash inflow from investing activities.
c. deduction from net income of $8,000 and a $72,000 cash inflow from investing activities.
d. addition to net income of $8,000 and a $64,000 cash inflow from financing activities.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920687

Have any Question? 

Related Questions in Accounting Basics

1you have been hired by the cfo of strayer university to

1.You have been hired by the CFO of Strayer University to develop a plan to protect its accounting and financial systems at a reasonable cost. Suggest a high-level plan for the CFO. Provide support for your suggestion. B ...

Accounting systems and assurance assessment internal

Accounting Systems and Assurance Assessment: Internal Control and information quality Accounting students learn how to process, analyse and use accounting information. It is also necessary to learn what contributes to th ...

1 what was the hospitals original profit forecast assume

1. What was the hospital's original profit forecast (assume away any issues with depreciation, taxes, etc.)? Halfway through the fiscal year, what is the hospital's revised projection for FY11 profits? 2. Which inpatient ...

Individual internal accountants report to managementyou are

Individual Internal Accountants Report to Management You are the internal accountant at a company that is preparing for an upcoming government contract bid. The management in your company is deciding if it is necessary f ...

What was the most eye opening information you learned about

What was the most "eye opening" information you learned about droughts? Why did you find it so interesting? Using the supply-and-demand model, explain what would happen to the supply curve during a drought. Also explain ...

Principles of accountingthe accounting cyclequestion

Principles of Accounting The Accounting Cycle Question A • Explain why temporary accounts are closed each period. Question B • Identify the 10 steps in the accounting cycle.

Problem -a firm has the following probability distribution

Problem - A firm has the following probability distribution for annual losses due to vandalism. All amounts are before any tax consideration. The firm has a tax rate of 20%. Annual Losses Probability $ 0 .75 $ 4,000 .20 ...

Assignment descriptiona manufacturing company is thinking

Assignment Description A manufacturing company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including ...


Assignment ( A wider circle NFP) ...

Required 1 provide fletchers ceo with an interactive report

Required 1. Provide Fletcher's CEO with an interactive report presenting the sales and profits of SuperDepot for the last four years. Use an interactive visualization software(Power BI) to produce one or more Interactive ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen