Question

In: Accounting

1. New England Co. had net cash provided by operating activities of $351,000; net cash used...

1. New England Co. had net cash provided by operating activities of $351,000; net cash used by investing activities of $420,000; and cash provided by financing activities of $250,000.

New England's cash balance was $27,000 on January 1.
What was New England's cash balance at the end of the year?

A. $40,000
B. $208,000
C. $248,000
D. $27,000

2. In a statement of cash flows, cash receipts from sales of inventory to customers should generally be classified as cash inflows from

A. investing activities
B.operating activities
C.financing activities
D.selling activities

3. Which of the following is a contra account?

A. Premium on bonds payable
B.Allowance for doubtful accounts
C.Patents
D.Unearned revenue

4. During periods of rising prices, a perpetual inventory system would result in the same dollar amount of ending inventory as a periodic inventory system under which of the following inventory cost flow methods?

Average Cost

LIFO

A.            Yes                          No
B.            Yes                          Yes
C.            No                            No
D.            No Yes

Expert Solution

1.A

Cash Flow statement Of New englands

Cash from operating Activities 351000

Cash From Investing Activities (420000)

Cash From Financing Activities 250000

Net Change In Cash 181000

Add Cash At The Beginning 27000

Cash at The End of the year 208000

Assuming That Cash from Investing activities is negative

1.B

Sale Of Inventory Should Always be recorded In The Cash flow from operating activities as we find the changes in working capital in Operating activites only

1.C

Allowance Of bonds payable is a contra account where it is used twice once in operating activities and other in investing activities

4.D Answer is A

ekkarill92 answered 1 year ago

Net cash provided by Operating activities

Please calculate the Net cash provided by Operating activities:

a) Using indirect method, compute the net cash used / provided by operating activities?

(Use DIRECT METHOD and show all calculations): Washington Company Balance sheet December 31, 20X3 and 20X2 12/31/X3 12/31/X2 Current Assets Cash $4,600 $3,100 Accounts Receivable $9,500 $7,900 Supplies $1,200 $2,100 Inventory $17,500 $18,600 Prepaid Insurance $1,400 $1,000 Total Current Assets $34,200 $32,700 Long-Term Assets Fixed Assets $71,000 $58,000 Accumulated Depreciation ($30,400) ($26,500) Patent $6,000 $7,000 Total Long-term Assets $46,600 $38,500 Total Assets $80,800 $71,200 Current Liabilities ...

Question: What is the net cash provided by operating activities? Assets Cash &nbsp

Question: What is the net cash provided by operating activities? Assets Cash $500,000 Accounts Receivable 700,000 Inventory 300,000 Property, Plant & Equipment 900,000 Accumulated Depreciation (100,000) Total Assets $2,300,000 Liabilities & Equity Accounts Payable $300,000 Notes Payable 1,000,000 Common Stock 500,000 Retained Earnings 500,000 Total Liabilities & Equity $2,300,000 Journal Entries for January 2013 Transaction 1: Sales Return The buyer returns merchandise to...

1 Using the following information for 2018, calculate the net cash provided by Operating Activities....

1 Using the following information for 2018, calculate the net cash provided by Operating Activities. Net income $ 110,000 Depreciation expense $ 60,000 Decrease in Accts Receivable $ 45,000 Increase in Inventory $ 35,000 Decrease in Accts Payable $ 20,000 2 Using the following information for 2018, calculate the net cash provided by Investing Activities. Purchase of land $ 1,100,000 Purchase of equipment $ 300,000 Proceeds from sale of building $ 2,500,000 Purchase of computers $ 25,000 Purchase...

Operating Activities How do you determine cash flow provided by (used in) operating activities using the...

Operating Activities How do you determine cash flow provided by (used in) operating activities using the indirect method? How is cash flow provided by (used in) operating activities determined using the direct method? How is this different from the indirect method? Investing Activities How do you determine cash flow provided by (used in) investing activities? Financing Activities How do you determine cash flow provided by (used in) financing activities? What is the formula to calculate change in cash flow? What...

A. Calculate net cash provided by operating activities B. Calculate investing activities C. Calculate financing activities...

A. Calculate net cash provided by operating activities B. Calculate investing activities C. Calculate financing activities i. equipment bought for 97000, paid in cash ii. securities sold at cost iii. equipment sold for 15500, the original price when bought was 47000. The profit was 8750. iv. dividends of the year was 83400 Balance sheet 2015 2014 Assets Cash 82700 47250 Accounts receivable 90800 57000 Inventory 126900 102650 Investments 84500 87000 Equipment 255000 205000 Accumulated depreciation (49500) (40000) Total 590400 458900...

how do you calculate net change in non-cash working capital, cash provided in operating activities, cash...

how do you calculate net change in non-cash working capital, cash provided in operating activities, cash used in investing activities and cash used in financing activities?

Discuss the major differences between the net income and the cash provided or used by operating...

Discuss the major differences between the net income and the cash provided or used by operating activities, and explain the cause of the major difference between the two values.

What were Coca Cola and Pepsi CO’s trends in net cash provided by operating activities over...

What were Coca Cola and Pepsi CO’s trends in net cash provided by operating activities over the period 2012 to 2014?

11 Cash provided by operating activities Select one: a. may be larger than net income. b....

11 Cash provided by operating activities Select one: a. may be larger than net income. b. summarizes cash flows relating to the purchase and sale of long-lived assets. c. equals the change in cash for the year d. decreases when long-term debt is repaid