hen cash has been received by the company prior to the performance of service, it should be recorded as:   Question 14 options:   prepaid expenses.   accrued expenses.   accrued revenue.   unearned revenue.

Q: 1. Which of the following items is regarded as a cash flow from operating activities? Cash dividends…

A: Depreciation is the deduction in the worth of asset due to its erosion or obsolescence.

Q: Indicate whether each of the following would be added to or deducted from net income in determining…

A: Cash flow from operating activities: It refers to the amount of total cash inflows that the company…

Q: The characteristics of current assets are (Choose the INCORRECT answer) a) They are converted to…

A: Those assets that are convertible in cash and cash equivalents within time span of a year is term as…

Q: ?Which section of the statement of cash flows is used to report the purchase of a building by…

A: Cash flow statement It is a statement that gives proper data about the amount and the sources from…

Q: A liquid asset can be converted to cash quickly without significantly impacting the asset’s value.…

A: Current Ratio: It is a  financial ratio which  indicates that  whether a company is able to pay…

Q: Which of the following would be subtracted from net income when determining cash flows from…

A: Cashflow statement shows the cash inflow or outflow from various activities. Cashflow statement is…

Q: Examples of current assets are

A: Answer:   Option d.

Q: a. Prepare the statement of cash flows using the indirect method. Include any supplemental…

A: Indirect method of cash flow statement involves a reconciliation from profit before tax, adjusting…

Q: In a cash flow statement, which one of the following would appear as an outflow of cash? Select…

A: The cash flow statement is an essential part of the financial statements of the organization. It is…

Q: All those assets which are converted into cash in the normal course of business within one year are…

A: Current assets: Current assets means those assets which are expected to be converted to cash within…

Q: The following transactions and events occurred by Smiley Enterprise during year 2019. Assuming that…

A:

Q: What kind of assets are cash and other assets that are expected to be converted to cash or sold or…

A: The financial statement consists of mainly three statements Income statement Balance sheet Cash…

Q: Suppose your company sells services of $260 in exchange for $175 cash and $85 on account.…

A: 1.Cash flow from operating activities means the net cash inflow or outflow generated through day to…

Q: Which of the following would result when a company lends cash to a customer in exchange for a ten…

A: A current assets is an asset for which the organisation expects to receive economic benefit within…

Q: What adjustment(s) should be made to reconcile net income to net cash flows from operating…

A: Using the indirect method, the changes in net working capital accounts needs to be adjusted to net…

Q: An increase in the Prepaid Expenses account of $1,000 over the course of a year would be shown on…

A: Under the indirect method of cash flow statement: Decrease in current assets or increase in current…

Q: Assume that the assets are converted to cash at the estimated current values and the business is…

A: 1. When a company liquidates, there are various creditors a company has to pay. Types of creditors…

Q: Fill in the blanks:  For calculating cash flow from operating activities, provision for doubtful…

A: Provision for doubtful debts is a non cash expenses for the business. All non cash expenses are…

Q: Question 1 "Cash disbursed due to purchase of a new office equipment worth P3,675,000 to be used…

A: SOLUTION-   INVESTING ACTIVITIES  REFERS TO THE PURCHASE AND SALE OF LONG TERM ASSETS AND OTHER…

Q: Situation A: A company has revenues of P200,000 and operating expenses of P110,000 in its 1st year…

A: Cash paid to suppliers =Cost of goods sold [COGS] + Increase in inventories + Accounts payable…

Q: How much was the cash received by the company and the interest expense recognized for the year ended…

A: Solution: Service charges for pledging accounts receivables = P2,500,000*8.46% = P211,500 Amount…

Q: Blossom Company reports the following information: Net income     $ 539000 Depreciation expense…

A: Operating activity includes the flow of cash as per business operation, it can be prepared using the…

Q: Indicate whether each of the following would be added to or deducted from net income in determining…

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…

Q: a) Calculate the non-current asset additions for the year {Hint: you will need to complete a T…

A: (a) Non-Current Assets at NBV PARTICULARS AMT ('000) PARTICULARS AMT ('000) B B/FWD   70,500…

Q: A building with a book value of $35,892 is sold for $53,310 cash. Using the indirect method, choose…

A: Statement of cash flows is a financial statement, which is prepared to identify and analyze the…

Q: Which of the following is true about the operating cycle concept? It causes the distinction between…

A: Operating Cycle: The operating cycle is the time required for a company's cash to be put into its…

Q: The basis for classifying assets as current or noncurrent is conversion to cash within Select one:…

A: Current asset are those assets where the assets are convertible into cash with an operating cycle or…

Q: . Why does the company add back depreciation to compute net cash flows from operating activities?…

A: 1. Cash flow statement is a statement which shown the flowsof cash used/flow to the entity. Since…

Q: Allen Company bought a new copy machine to be depreciated straight line for three years for use by…

A: There are three sections of cash flows, a) Cash flow from operating activities, b) Cash flow from…

Q: 5. What is a Current Assets? A. It is cash or cash equivalent which is not restricted for current…

A: Given are the various mcq related to accounting and finance.

Q: To make the assessment about future net cash in-flows. The users’ needs to select which type of…

A: To make the assessment about future net cash in-flows. The users’ needs to select which type of…

Q: Matching  Type Put a Check for the answers.   Statement of financial position. Current assets…

A: A statement of financial position refers to the statement that is prepared at the end of the…

Q: The following information is available from the current period financial statements: Net income $…

A: Increase in accounts receivable implies more revenue has been reported in the income statement than…

Q: Current assets include cash and other assets that are reasonably expected to be converted to cash or…

A: Current Assets:   Current assets are those classifications of assets that can be converted to cash…

Q: Choose an answer by this following choices: A. Cash provided/used by operating activities. B. Cash…

A: The cash flow statement activities are classified as operating, investing and financing activities.…

Q: Statement I: In accordance with PAS 1 par. 66D, an entity shall classify an asset as current when…

A: Cash Equivalent:-These are those securities that are readily saleable in the market. These are…

Q: Which of the following liabilities is created when a company receives cash for services to be…

A: According to the accrual concept, the revenue should be recognized when the service is provided…

Q: If a corporation purchases a delivery van for $35,000 cash, the net impact of this transaction will…

A: Definition: Accounting equation: Accounting equation is an accounting tool expressed in the form of…

Q: Company ABC is preparing its 2021 financial statements.  At the end of 2021, the company purchased a…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: On a statement of financial affairs, a company's liabilities should be valued at Select one: a.the…

A: Solution: Liabilities are present obligation of company as a result of past event that requires…

Q: On May 1, 2021, Salad Co. sold used equipment for a cash amount equaling its carrying amount for…

A: Cash flow statement includes items of Cash Outflows and Cash Inflows. Any Non-cash items are not…

Q: A company borrows $10,000 and signs a 2-year nontrade note payable. In preparing a statement of cash…

A: Given that,  the company borrows $10,000 (Cash inflow) and signs a 2-year nontrade note payable

Q: A liquid asset can be converted to cash quickly without significantly impacting the asset’s value.…

A: Cash or cash in hand is the most Liquid assets because it is cash itself there is no need to convert…

Q: Study the statement of cash flows of Mustang Limited given below and answer the following questions:…

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Q: In which section of the statement of financial position should cash that is restricted for the…

A: Financial Position: The statement of financial position represents the financial information about a…