Questions from Accounting Principles

Q: Suppose in a recent quarter, Alliance Atlantis Communications Inc. reported

Suppose in a recent quarter, Alliance Atlantis Communications Inc. reported net cash provided by operating activities of $45,600,000 and revenues of $264,800,000. Cash spent on plant asset additions d...

Q: The management of Morrow Inc. is trying to decide whether it

The management of Morrow Inc. is trying to decide whether it can increase its dividend. During the current year, it reported net income of $875,000. It had net cash provided by operating activities of...

Q: Suppose Columbia Sportswear Company had accounts receivable of $206,024

Suppose Columbia Sportswear Company had accounts receivable of $206,024,000 at the beginning of a recent year, and $267,653,000 at year-end. Sales revenue was $1,095,307,000 for the year. What is the...

Q: Howell Corporation reported income tax expense of $340,000,

Howell Corporation reported income tax expense of $340,000,000 on its 2020 income statement and income taxes payable of $297,000,000 at December 31, 2019, and $522,000,000 at December 31, 2020. What a...

Q: During the year, prepaid expenses decreased $5,600,

During the year, prepaid expenses decreased $5,600, and accrued expenses increased $2,400. Indicate how the changes in prepaid expenses and accrued expenses payable should be entered in the reconcilin...

Q: The following T-account is a summary of the Cash account

The following T-account is a summary of the Cash account of Cuellar Company. What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows?

Q: Telfer, Inc. reported net income of $2.8

Telfer, Inc. reported net income of $2.8 million in 2020. Depreciation for the year was $160,000, accounts receivable decreased $350,000, and accounts payable decreased $280,000. Compute net cash prov...

Q: The net income for Metz Co. for 2020 was $280

The net income for Metz Co. for 2020 was $280,000. For 2020, depreciation on plant assets was $70,000, and the company incurred a loss on disposal of plant assets of $12,000. Compute net cash provided...

Q: The comparative balance sheets for Montalvo Company show these changes in noncash

The comparative balance sheets for Montalvo Company show these changes in noncash current asset accounts: accounts receivable decrease $80,000, prepaid expenses increase $28,000, and inventories incre...

Q: The T-accounts for Equipment and the related Accumulated Depreciation—

The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at the end of 2020 are shown here. In addition, Luo’s income state...