Questions from Financial Accounting

Q: On an indirect method statement of cash flows, a gain on

On an indirect method statement of cash flows, a gain on the sale of plant assets would be a. reported in the investing activities section. b. deducted from net income in the operating activities sec...

Q: A company uses the direct method to prepare the statement of cash

A company uses the direct method to prepare the statement of cash flows. Select an activity for each of the following transactions: 1. Receiving cash dividends is a/an _____ activity. 2. Paying cash...

Q: / / How many items enter the computation

How many items enter the computation of Sheehan’s net cash provided by operating activities? a. 2 b. 7 c. 5 d. 3

Q: / / The book value of equipment sold

The book value of equipment sold during 2016 was $20,000. Sheehan’s net cash flow from investing activities for 2016 was a. net cash used of $52,000. b. net cash use...

Q: / / How many items enter the computation

How many items enter the computation of Sheehan’s net cash flow from financing activities for 2016? a. 2 b. 7 c. 3 d. 5

Q: / / Sheehan’s largest financing cash flow for

Sheehan’s largest financing cash flow for 2016 resulted from (assume no stock dividends were distributed) a. issuance of common stock. b. payment of d...

Q: Journey Publishing was recently organized. The company issued common stock to

Journey Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $15,000 to help organize the corporation. Journey Publishing also issued com...

Q: / / Sheehan’s net cash flow from financing

Sheehan’s net cash flow from financing activities for 2016 was (assume no stock dividends were distributed) a. net cash used of $37,500. b. net cash u...

Q: / / Assume Sheehan uses the direct method

Assume Sheehan uses the direct method to prepare the statement of cash flows. Credit sales totaled $850,000, accounts receivable increased by $60,000, and accounts payable decreased by...

Q: / / Assume Sheehan uses the direct method

Assume Sheehan uses the direct method to prepare the statement of cash flows. Income tax payable was $4,000 at the end of the year and $3,000 at the beginning. Income tax expense for th...