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Crossland Corporation reported sales on its income statement of $435,000.On the statement of cash flows,which used the direct method,sales adjusted to a cash basis were $455,000.Crossland Corporation reported the following account balances on its balance sheet for the year: Crossland Corporation reported sales on its income statement of $435,000.On the statement of cash flows,which used the direct method,sales adjusted to a cash basis were $455,000.Crossland Corporation reported the following account balances on its balance sheet for the year: Based on this information,the beginning balance in accounts receivable was: A) $50,000 B) $40,000 C) $30,000 D) $20,000 Based on this information,the beginning balance in accounts receivable was:


A) $50,000
B) $40,000
C) $30,000
D) $20,000

E) A) and D)
F) None of the above

Correct Answer

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Under the direct method of determining the net cash provided by (used in)operating activities on the statement of cash flows,one step in adjusting selling and administrative expenses from an accrual to a cash basis is to subtract any increase in prepaid expenses.

A) True
B) False

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(Appendix 14A) Kilduff Corporation's balance sheet and income statement appear below: (Appendix 14A) Kilduff Corporation's balance sheet and income statement appear below: The company sold equipment for $19 that was originally purchased for $10 and that had accumulated depreciation of $5. The company paid a cash dividend of $44 and it did not issue any bonds payable or repurchase any of its own common stock. -The net cash provided by (used in) financing activities for the year was: A) $(44) B) $(71) C) $2 D) $(29) (Appendix 14A) Kilduff Corporation's balance sheet and income statement appear below: The company sold equipment for $19 that was originally purchased for $10 and that had accumulated depreciation of $5. The company paid a cash dividend of $44 and it did not issue any bonds payable or repurchase any of its own common stock. -The net cash provided by (used in) financing activities for the year was: A) $(44) B) $(71) C) $2 D) $(29) The company sold equipment for $19 that was originally purchased for $10 and that had accumulated depreciation of $5. The company paid a cash dividend of $44 and it did not issue any bonds payable or repurchase any of its own common stock. -The net cash provided by (used in) financing activities for the year was:


A) $(44)
B) $(71)
C) $2
D) $(29)

E) All of the above
F) None of the above

Correct Answer

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Last year Marton Corporation reported a cost of goods sold of $720,000 on its income statement.The following additional data were taken from the company's comparative balance sheet for the year: Last year Marton Corporation reported a cost of goods sold of $720,000 on its income statement.The following additional data were taken from the company's comparative balance sheet for the year: The company uses the direct method to determine the net cash provided by (used in) operating activities on the statement of cash flows.The cost of goods sold adjusted to a cash basis would be: A) $740,000 B) $767,000 C) $747,000 D) $673,000 The company uses the direct method to determine the net cash provided by (used in) operating activities on the statement of cash flows.The cost of goods sold adjusted to a cash basis would be:


A) $740,000
B) $767,000
C) $747,000
D) $673,000

E) All of the above
F) None of the above

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Cridberg Corporation's selling and administrative expenses for last year totaled $260,000.During the year the company's prepaid expense account balance increased by $18,000 and accrued liabilities decreased by $12,000.Depreciation for the year was $25,000.Based on this information,selling and administrative expenses adjusted to a cash basis under the direct method on the statement of cash flows would be:


A) $255,000
B) $315,000
C) $205,000
D) $265,000

E) C) and D)
F) B) and D)

Correct Answer

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(Appendix 14A) The most recent balance sheet and income statement of Oldaker Corporation appear below: (Appendix 14A) The most recent balance sheet and income statement of Oldaker Corporation appear below: The company paid a cash dividend of $42 and it did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. -The net cash provided by (used in) operating activities for the year was: A) $168 B) $8 C) $152 D) $229 (Appendix 14A) The most recent balance sheet and income statement of Oldaker Corporation appear below: The company paid a cash dividend of $42 and it did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. -The net cash provided by (used in) operating activities for the year was: A) $168 B) $8 C) $152 D) $229 The company paid a cash dividend of $42 and it did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. -The net cash provided by (used in) operating activities for the year was:


A) $168
B) $8
C) $152
D) $229

E) B) and C)
F) All of the above

Correct Answer

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(Appendix 14A) The changes in Northrup Corporation's balance sheet account balances for last year appear below: (Appendix 14A) The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the sales adjusted to a cash basis would be: A) $976,000 B) $982,000 C) $984,000 D) $980,000 The company's income statement for the year appears below: (Appendix 14A) The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the sales adjusted to a cash basis would be: A) $976,000 B) $982,000 C) $984,000 D) $980,000 The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the sales adjusted to a cash basis would be:


A) $976,000
B) $982,000
C) $984,000
D) $980,000

E) A) and B)
F) A) and C)

Correct Answer

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(Appendix 14A) The changes in Northrup Corporation's balance sheet account balances for last year appear below: (Appendix 14A) The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the income tax expense adjusted to a cash basis would be: A) $47,000 B) $39,000 C) $31,000 D) $49,000 The company's income statement for the year appears below: (Appendix 14A) The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the income tax expense adjusted to a cash basis would be: A) $47,000 B) $39,000 C) $31,000 D) $49,000 The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the income tax expense adjusted to a cash basis would be:


A) $47,000
B) $39,000
C) $31,000
D) $49,000

E) A) and B)
F) A) and C)

Correct Answer

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A

Evita Corporation prepares its statement of cash flows using the indirect method.Evita's statement showed "Net cash provided by (used in) operating activities" of $46,000.Under the direct method,this number would have been:


A) $0.
B) $46,000.
C) greater than $46,000.
D) less than $46,000 but greater than $0.

E) A) and B)
F) A) and C)

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The ending balance of accounts receivable was $69,000.Sales,adjusted to a cash basis using the direct method on the statement of cash flows,were $354,000.Sales reported on the income statement were $378,000.Based on this information,the beginning balance in accounts receivable was:


A) $93,000
B) $24,000
C) $94,000
D) $45,000

E) A) and B)
F) None of the above

Correct Answer

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(Appendix 14A) Hayward Corporation had net sales of $610,000 and cost of goods sold of $360,000 for the just completed year. Shown below are the beginning and ending balances for the year of various accounts: (Appendix 14A) Hayward Corporation had net sales of $610,000 and cost of goods sold of $360,000 for the just completed year. Shown below are the beginning and ending balances for the year of various accounts: The company prepares its statement of cash flows using the direct method. -On its statement of cash flows,what amount should Howard show for its net sales adjusted to a cash basis (i.e.,cash received from sales) ? A) $616,000 B) $623,000 C) $625,000 D) $595,000 The company prepares its statement of cash flows using the direct method. -On its statement of cash flows,what amount should Howard show for its net sales adjusted to a cash basis (i.e.,cash received from sales) ?


A) $616,000
B) $623,000
C) $625,000
D) $595,000

E) A) and C)
F) A) and B)

Correct Answer

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Wister Corporation had sales of $462,000 for the just completed year.Shown below are the beginning and ending balances of various Wister accounts: Wister Corporation had sales of $462,000 for the just completed year.Shown below are the beginning and ending balances of various Wister accounts: Wister prepares its statement of cash flows using the direct method.On its statement of cash flows,what amount should Wister show for its sales adjusted to a cash basis (i.e.,cash received from sales) ? A) $488,000 B) $436,000 C) $462,000 D) $445,000 Wister prepares its statement of cash flows using the direct method.On its statement of cash flows,what amount should Wister show for its sales adjusted to a cash basis (i.e.,cash received from sales) ?


A) $488,000
B) $436,000
C) $462,000
D) $445,000

E) A) and B)
F) All of the above

Correct Answer

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(Appendix 14A) The changes in Northrup Corporation's balance sheet account balances for last year appear below: (Appendix 14A) The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be: A) $546,000 B) $536,000 C) $544,000 D) $540,000 The company's income statement for the year appears below: (Appendix 14A) The changes in Northrup Corporation's balance sheet account balances for last year appear below: The company's income statement for the year appears below: The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be: A) $546,000 B) $536,000 C) $544,000 D) $540,000 The company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be:


A) $546,000
B) $536,000
C) $544,000
D) $540,000

E) None of the above
F) A) and B)

Correct Answer

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(Appendix 14A) Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: (Appendix 14A) Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $49,000 in cash dividends during the year. It did not sell or retire any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be: A) $360,000 B) $350,000 C) $370,000 D) $381,000 (Appendix 14A) Van Beeber Corporation's comparative balance sheet and income statement for last year appear below: The company declared and paid $49,000 in cash dividends during the year. It did not sell or retire any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be: A) $360,000 B) $350,000 C) $370,000 D) $381,000 The company declared and paid $49,000 in cash dividends during the year. It did not sell or retire any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities. -On the statement of cash flows,the cost of goods sold adjusted to a cash basis would be:


A) $360,000
B) $350,000
C) $370,000
D) $381,000

E) A) and C)
F) B) and C)

Correct Answer

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(Appendix 14A) The most recent balance sheet and income statement of Oldaker Corporation appear below: (Appendix 14A) The most recent balance sheet and income statement of Oldaker Corporation appear below: The company paid a cash dividend of $42 and it did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. -The net cash provided by (used in) investing activities for the year was: A) $(127) B) $(138) C) $138 D) $127 (Appendix 14A) The most recent balance sheet and income statement of Oldaker Corporation appear below: The company paid a cash dividend of $42 and it did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. -The net cash provided by (used in) investing activities for the year was: A) $(127) B) $(138) C) $138 D) $127 The company paid a cash dividend of $42 and it did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. -The net cash provided by (used in) investing activities for the year was:


A) $(127)
B) $(138)
C) $138
D) $127

E) None of the above
F) A) and B)

Correct Answer

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B

(Appendix 14A) Last year, Knox Corporation reported on its income statement sales of $375,000 and cost of goods sold of $140,000. During the year, the balance in accounts receivable increased $30,000, the balance in accounts payable decreased $25,000, and the balance in inventory increased $10,000. The company uses the direct method to determine the net cash provided by (used in) operating activities on its statement of cash flows. -Under the direct method,cost of goods sold adjusted to a cash basis would be:


A) $105,000
B) $125,000
C) $175,000
D) $155,000

E) C) and D)
F) All of the above

Correct Answer

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(Appendix 14A) Kilduff Corporation's balance sheet and income statement appear below: (Appendix 14A) Kilduff Corporation's balance sheet and income statement appear below: The company sold equipment for $19 that was originally purchased for $10 and that had accumulated depreciation of $5. The company paid a cash dividend of $44 and it did not issue any bonds payable or repurchase any of its own common stock. -The net cash provided by (used in) investing activities for the year was: A) $19 B) $(118) C) $(137) D) $118 (Appendix 14A) Kilduff Corporation's balance sheet and income statement appear below: The company sold equipment for $19 that was originally purchased for $10 and that had accumulated depreciation of $5. The company paid a cash dividend of $44 and it did not issue any bonds payable or repurchase any of its own common stock. -The net cash provided by (used in) investing activities for the year was: A) $19 B) $(118) C) $(137) D) $118 The company sold equipment for $19 that was originally purchased for $10 and that had accumulated depreciation of $5. The company paid a cash dividend of $44 and it did not issue any bonds payable or repurchase any of its own common stock. -The net cash provided by (used in) investing activities for the year was:


A) $19
B) $(118)
C) $(137)
D) $118

E) All of the above
F) A) and D)

Correct Answer

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Kuma,Inc.had cost of goods sold of $106,000 for the just completed year.Shown below are the beginning and ending balances of various Kuma accounts: Kuma,Inc.had cost of goods sold of $106,000 for the just completed year.Shown below are the beginning and ending balances of various Kuma accounts: Kuma prepares its statement of cash flows using the direct method.On its statement of cash flows,what amount should Kuma show for its cost of goods sold adjusted to a cash basis (i.e.,cash paid to suppliers) ? A) $100,000 B) $96,000 C) $102,000 D) $116,000 Kuma prepares its statement of cash flows using the direct method.On its statement of cash flows,what amount should Kuma show for its cost of goods sold adjusted to a cash basis (i.e.,cash paid to suppliers) ?


A) $100,000
B) $96,000
C) $102,000
D) $116,000

E) A) and D)
F) B) and D)

Correct Answer

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(Appendix 14A) The change in each of Kendall Corporation's balance sheet accounts last year follows: (Appendix 14A) The change in each of Kendall Corporation's balance sheet accounts last year follows: Kendall Corporation's income statement for the year was: There were no sales or retirements of property, plant, and equipment and no dividends paid during the year. The company pays no income taxes and it did not purchase any long-term investments, issue any bonds payable, or repurchase any of its own common stock. The net cash provided by (used in) operating activities on the statement of cash flows is determined using the direct method. -The selling and administrative expense adjusted to a cash basis would be: A) $120,000 B) $106,000 C) $110,000 D) $112,000 Kendall Corporation's income statement for the year was: (Appendix 14A) The change in each of Kendall Corporation's balance sheet accounts last year follows: Kendall Corporation's income statement for the year was: There were no sales or retirements of property, plant, and equipment and no dividends paid during the year. The company pays no income taxes and it did not purchase any long-term investments, issue any bonds payable, or repurchase any of its own common stock. The net cash provided by (used in) operating activities on the statement of cash flows is determined using the direct method. -The selling and administrative expense adjusted to a cash basis would be: A) $120,000 B) $106,000 C) $110,000 D) $112,000 There were no sales or retirements of property, plant, and equipment and no dividends paid during the year. The company pays no income taxes and it did not purchase any long-term investments, issue any bonds payable, or repurchase any of its own common stock. The net cash provided by (used in) operating activities on the statement of cash flows is determined using the direct method. -The selling and administrative expense adjusted to a cash basis would be:


A) $120,000
B) $106,000
C) $110,000
D) $112,000

E) A) and C)
F) None of the above

Correct Answer

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The changes in each balance sheet account for Carver Corporation during the year just completed are as follows: The changes in each balance sheet account for Carver Corporation during the year just completed are as follows: Carver Corporation's income statement for the year just ended shows the following: \begin{array}{lr} \text {Sales. }&\$ 350,000 \\ \text {Cost of goods sold }&190,000 \\ \text { Gross margin}&160,000 \\ \text {Selling and administrative expense }&158,000 \\ \text { Net income}&\$ 2,000 \end{array} The company did not dispose of any property,plant,and equipment,buy any long-term investments,issue any bonds payable,or repurchase any of its own common stock during the year.Carver Corporation uses the direct method to construct its statement of cash flows. Required: a.Determine the sales adjusted to the cash basis. b.Determine the cost of goods sold adjusted to the cash basis. c.Determine the selling and administrative expenses adjusted to a cash basis. d.Determine the net cash provided by (used in)operating activities. e.Determine the net cash provided by (used in)investing activities. f.Determine the net cash provided by (used in)financing activities. Carver Corporation's income statement for the year just ended shows the following: Sales. $350,000Cost of goods sold 190,000 Gross margin160,000Selling and administrative expense 158,000 Net income$2,000\begin{array}{lr}\text {Sales. }&\$ 350,000 \\\text {Cost of goods sold }&190,000 \\\text { Gross margin}&160,000 \\\text {Selling and administrative expense }&158,000 \\\text { Net income}&\$ 2,000\end{array} The company did not dispose of any property,plant,and equipment,buy any long-term investments,issue any bonds payable,or repurchase any of its own common stock during the year.Carver Corporation uses the direct method to construct its statement of cash flows. Required: a.Determine the sales adjusted to the cash basis. b.Determine the cost of goods sold adjusted to the cash basis. c.Determine the selling and administrative expenses adjusted to a cash basis. d.Determine the net cash provided by (used in)operating activities. e.Determine the net cash provided by (used in)investing activities. f.Determine the net cash provided by (used in)financing activities.

Correct Answer

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Requirements a through d: 11ea7761_15ae_c641_81a5_1720c5fe7ce5_TB2580_00 11ea7761_15ae_c642_81a5_4795ecdeb5bc_TB2580_00 11ea7761_15ae_ed53_81a5_7b1f5c9b0a7a_TB2580_00

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