Chapter 7-Q1

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B k es For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.) Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity Current liabilities Assets Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity $ $ $ $ $ $ $ $ $ $ 2020 13,280 7,520 42,400 63,200 256,800 320,000 40,000 14,240 54,240 32,000 40,000 193,760 233,760 320,000 Sources/Uses $ $ $ $ $ $ $ 2021 $ $ $ 14,600 19,200 51,000 84,800 315,200 400,000 41,800 21,600 63,400 24,000 40,000 272,600 312,600 400,000

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P Flag question According to the information given in the table below, which of the following is cash flow from operating activities? Net income 86,000 Deprecation 31,500 Increase in ACcounts Receivable 18,600 Decrease in Inventory 14,300 Increase in Accounts Payable 24,600 Select one: a. 146400 b. 137800 C. 148200 d. 152600 Next page Previous page

Question 2Alex is currently considering to invest his money in one of the companies between Company A and Company B. The summarized final accounts of the companies for their last completed financial year are as follows: a. Calculate the following ratios for Company A and Company B. State clearly the formulae used for each ratio: i. Gross Profit Marginii. Net Profit Marginiii. Inventory Turnover Period (days)iv. Receivables Collection Period (days)

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Question 5 Hassan Corporation reports the following information: Not complete Net income OMR 500,000 Marked out of 2.00 Depreciation expense 140,000 P Flag question Decrease in accounts receivable 60,000 Hasaan should report cash provided by operating activities of Select one: O a. OMR 300,000. O b. OMR 580,000. c. OMR 420,000. d. OMR 700,00. Check Finish attempt . Previous page

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S.No Particulars Total Current Assets       Current Ratio       Effect on Net Income 1 Cash is acquired through the issuance of additional common stock.         + + 0 2 Merchandise is sold for cash. + + + 3 Federal income tax due for the previous year is paid.                 - + 0 4 A fixed asset is sold for less than book value.                       + + - 5 A fixed asset is sold for more than book value.                       + + + 6 Merchandise is sold on credit                                         + + + 7 Payment is made to trade creditors for previous purchases.             - + 0 8 A cash dividend is declared and paid.                                 - - 0 9 Cash is obtained through short-term bank loans.                       + - 0 10 Short-term notes receivable are sold at a discount.                   - - - 11 Marketable securities are sold…

Problem 17-10 Marin, Inc. had the following equity investment portfolio at January 1, 2020. 960 shares @ $15 each 860 shares @ $19 each $14,400 16,340 Evers Company Rogers Company Chance Company Equity investments @ cost Fair value adjustment Equity investments @ fair value 480 shares @ $8 each 3,840 34,580 (7,780 ) $26,800 During 2020, the following transactions took place. On March 1, Rogers Company paid a $2 per share dividend. On April 30, Marin, Inc. sold 300 shares of Chance Company for $12 per share. On May 15, Marin, Inc. purchased 110 more shares of Evers Company stock at $16 per share. At December 31, 2020, the stocks had the following price per share values: Evers $17, Rogers $18, and Chance $7. 1. 2. 3. 4. During 2021, the following transactions took place. On February 1, Marin, Inc. sold the remaining Chance shares for $7 per share. On March 1, Rogers Company paid a $2 per share dividend. On December 21, Evers Company declared a cash dividend of $3 per share to be paid in…

What amount should be reported as adjusted net income for the current year? 6,250,000   9,500,000   8,000,000   8,750,000

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Domestic

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Question Content Area Cash and accounts receivable for Adams Company are provided below:   Current Year   PriorYear Cash $76,835   $63,500 Accounts receivable (net)   48,794     78,700 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change   Cash $fill in the blank 1 fill in the blank 2 %   Accounts Receivable $fill in the blank 4 fill in the blank 5 %

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Recording of next year's sales as sales of the current year will Group of answer choices a.overstate net income of next year b.not affect retained earnings at the end of next year c.understate retained earnings at the end of the current year d.understate net income of the current year

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Which of the following would appear as a prior period adjustment? Group of answer choices a correction in the calculation of earnings per share of a prior period  a material difference between the actual and estimated uncollectible accounts receivable a material loss resulting from the sale of fixed assets which were acquired in a prior period material error in the computation of depreciation expense in the Year 1 that was discovered and corrected in the Year 3

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