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ACC 556 Chapter 9 Quiz (100% Score)
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ACC 556 Chapter 9 Quiz (100% Score)

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Chapter 9 Quiz Question 1 The statement of cash flows is a required statement that must be prepared along with an income statement, balance sheet, and retained earnings statement. Question 2 The activity from the balance sheet to be presented in the financing activities section of the statement of cash flows is based on an analysis of stockholders’ equity only. Question 3 The acquisition of a building by issuing bonds would be considered an investing and financing activity that did not affect cash. Question 4 The cash debt coverage ratio indicates a company’s ability to repay its liabilities from cash generated from operations. Question 5 The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time. Question 6 The statement of cash flows Question 7 Generally, the most important category on the statement of cash flows is cash flows from Question 8 Assume that the Quinn Corporation uses the indirect method to depict cash flows. Indicate where, if at all, interest paid on note would be classified on the statement of cash flows. Question 9 Which of the following transactions does not affect cash during a period? Question 10 Zoum Corporation had the following transactions during 2014: 1 - Issued $125,000 of par value common stock for cash. 2 - Recorded and paid wages expense of $60,000. 3 - Acquired land by issuing common stock of par value $50,000. 4 - Declared and paid a cash dividend of $10,000. 5 - Sold a long-term investment (cost $3,000) for cash of $3,000. 6 - Recorded cash sales of $400,000. 7 - Bought inventory for cash of $160,000. 8 - Acquired an investment in Zynga stock for cash of $21,000. 9 - Converted bonds payable to common stock in the amount of $500,000. 10 - Repaid a 6 year note payable in the amount of $220,000. What is the net cash provided by financing activities? Question 11 In order to determine net cash provided by operating activities, a company must convert net income from an accrual basis to a cash basis under Question 12 The information to prepare the statement of cash flows comes from all of the following sources except Question 13 Peninsula Company reported net income of $260,000 for the year. During the year, accounts receivable increased by $21,000, accounts payable decreased by $9,000 and depreciation expense of $45,000 was recorded. Net cash provided by operating activities for the year is Question 14 In calculating cash flows from operating activities using the indirect method, a loss on the sale of equipment will appear as a(n) Question 15 The net income reported on the income statement for the current year was $440,000. Depreciation was $62,000. Accounts receivable and inventories decreased by $20,000 and $32,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $2,000 and $16,000. How much cash was provided by operating activities? Question 16 The statement of cash flows will not provide insight into Question 17 Laser Performance Inc. has the following information available (amount in thousands). Net Income $30,000 Average Total Liabilities 80,000 Average Current Liabilities 36,000 Cash Provided by Operations 48,000 Cash Sales 130,000 Capital Expenditures 22,000 Dividends Paid 6,000 What is the current cash debt coverage? Question 18 Authentic Exposure Company had the following transactions that took place during the year: I. Paid amount owing to suppliers $2,750. II. Purchased new equipment for $5,000 by signing a long-term note payable. III. Purchased a patent and paid $15,000 cash for the asset. How what is the total effect of these transactions on Free Cash Flow, Current Cash Debt Coverage, and Cash Debt Coverage respectively? Free Current Cash Debt Cash Debt Cash Flow Coverage Coverage Question 19 All of the following statements are true regarding cash flow presentations except Question 20 For each of the following items, indicate by using the appropriate code letter, how the item should be reported in the statement of cash flows, using the indirect method.

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