Questions from Accounting Principles

Q: Using the indirect method, calculate the cash inflow or outflow from

Using the indirect method, calculate the cash inflow or outflow from operating activities using the following information:

Q: The following information for 2020 is extracted from Mountain Toys Limited,

The following information for 2020 is extracted from Mountain Toys Limited, owner of a retail store: Calculate the cash inflow or outflow from operating activities.

Q: The following information for 2020 relates to Day Cycle Manufacturing Corp.:

The following information for 2020 relates to Day Cycle Manufacturing Corp.: Calculate the cash inflow or outflow from operating activities.

Q: River Outdoor Supply Corporation (River Corp.) was organized on January

River Outdoor Supply Corporation (River Corp.) was organized on January 2, 2020. River Corp. issued 50,000 common shares for $250,000 on that date. The following investment transactions and events sub...

Q: Refer to the information below for Douglas Tree Housing Inc.

Refer to the information below for Douglas Tree Housing Inc. a. Calculate the cash paid for equipment purchased during 2020. b. Calculate the cash proceeds for equipment sold during 2020.

Q: Which of the following items are means of accomplishing the objective of

Which of the following items are means of accomplishing the objective of financial reporting but are not included within general-purpose financial statements? (a) income statements, (b) company news r...

Q: Calculate and interpret the days’ sales uncollected for 2020 and 2019 based

Calculate and interpret the days’ sales uncollected for 2020 and 2019 based on the following selected information for Lumbar Cushions Company (round to two decimal places):

Q: Livingston Lumber Company begins the year with $200,000 of

Livingston Lumber Company begins the year with $200,000 of goods in inventory. At year-end, the amount in inventory has increased to $230,000. Cost of goods sold for the year is $1,600,000. Calculate...

Q: Days’ sales in inventory / a. Calculate the days’

Days’ sales in inventory a. Calculate the days’ sales in inventory for each company (round to two decimal places). b. Which company will take the longest to sell it...

Q: Outdoor Play Inc. reported the following facts in its 2020 annual

Outdoor Play Inc. reported the following facts in its 2020 annual report: net sales of $9,683 million for 2019 and $9,050 million for 2020; total end-of-year assets of $10,690 million for 2019 and $13...