Pre-AssessmentIdentify the following as Operating, Investing or Financing Activity. Write your answer in a clean sheet of paper.1. Cash payments for advertising expense2. Cash receipts from rental fees3. Cash payment to acquire land4. Cash collection from customers5. Cash payment for amounts borrowed6. Cash receipts from a bank loan7. Cash withdrawal of owners8. Cash received for selling properties9. Payment to supplier10. Payment to long term creditors ActivityCompute for the total cash provided or used by operating activities, investing and financing activities. Write vouranswer in a clean sheet of paper.Balances of AB More Company as of December 31, 2019:Payment to suppliersPayment to long-term creditorsCash collection from customersCash payment for maintenance expenseCash payment to acquire a buildingCash receipts from rent to clientsCash payments for salaries of employees15,00025,00060,0005,000500,00012,00018,000Sale on account90,00025,00015,000Purchase on accountDepreciation of machineryAdditional cash investment from owner90,000Cash payment for amounts borrowed6,000Cash receipts from a bank loanCash withdrawal of owners100,00010,000420,000900,0002,900,0001,500,000Cash received for selling propertiesNet income of the companyCapital, January 1Cash, January 1Solution: Operating ActivitiesSolution: Investing ActivitiesSolution: Financing ActivitiesPost- AssessmentUsing the information above, prepare a Statement or Cash Flow. Write your answer in a clean sheet of paner

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Description: Pre-AssessmentIdentify the following as Operating, Investing or Financing Activity. Write your answer in a clean sheet of paper.1. Cash payments for advertising expense2. Cash receipts from rental fees3. Cash payment to acquire land4. Cash collectio

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Pre-Assessment Identify the following as Operating, Investing or Financing Activity. Write your answer in a clean sheet of paper. 1. Cash payments for advertising expense 2. Cash receipts from rental fees 3. Cash payment to acquire land 4. Cash collection from customers 5. Cash payment for amounts borrowed 6. Cash receipts from a bank loan 7. Cash withdrawal of owners 8. Cash received for selling properties 9. Payment to supplier 10. Payment to long term creditors

Pre-Assessment Identify the following as Operating, Investing or Financing Activity. Write your answer in a clean sheet of paper. 1. Cash payments for advertising expense 2. Cash receipts from rental fees 3. Cash payment to acquire land 4. Cash collection from customers 5. Cash payment for amounts borrowed 6. Cash receipts from a bank loan 7. Cash withdrawal of owners 8. Cash received for selling properties 9. Payment to supplier 10. Payment to long term creditors

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter23: Statement Of Cash Flows

Section: Chapter Questions

Problem 1CE

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Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective product
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For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance bill
CHALLENGE PROBLEM In this chapter, you learned about three important financial statements: the income statement, statement of owners equity, and balance sheet. As mentioned in the margin note on page 34, most firms also prepare a statement of cash flows. Part of this statement reports the cash received from customers and cash paid for goods and services. REQUIRED Take another look at the Demonstration Problem for Kenny Youngs Home and Away Inspections. Note that when revenues are measured based on the amount earned, and expenses are measured based on the amount incurred, net income for the period was 4,165. Now, compute the difference between cash received from customers and cash paid to suppliers of goods and services by completing the form provided below. Are these measures different? Which provides a better measure of profitability?
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Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered later
For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan
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To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. paid balance due for accounts payable $6,900 B. charged clients for legal services provided $5,200 C. purchased supplies on account $1,750 D. collected legal service fees from clients for current month $3,700 E. issued stock in exchange for a note payable $10,000
Which of the following sentences regarding the statement of cash flows is false? The statement of cash flows describes the companys cash receipts and cash payments for a period of time. The statement of cash flows reconciles the beginning and ending cash balances shown on the balance sheet. The statement of cash flows reports cash flows in three categories: cash flows from business activities, cash flows from investing activities, and cash flows from financing activities. The statement of cash flows may be used by creditors to asses the creditworthiness of a company.