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Unformatted text preview: Name: Test Statement of Cssh Flows --- Stec Status : Completed Score: 160 out of 200 points Instructions: Question 1 Multiple Choice 10 of 10 points Financial statements for Rogan Company are given below: When the equipment was sold, the Buildings and Equipment account received a credit of Selected Answer: $160,000. Question 2 Multiple Choice 10 of 10 points A flood damaged a building and contents. Floods are unusual and infrequent in this area. The receipts from insurance companies totaled $300,000, which was $90,000 less than the book values. The tax rate is 30%. On the statement of cash flows (indirect method), the receipts from insurance companies should Selected Answer: be shown as an inflow from investing activities of $300,000. Question 3 Multiple Choice 10 of 10 points The following information on selected cash transactions for 2008 has been provided by Simpson Company: What is the cash provided (used) by investing activities for the year ended December 31, 2008, as a result of the above information? Selected Answer: $16,000 Question 4 Multiple Choice 10 of 10 points Tobin Company sold some of its plant assets during 2008. The original cost of the plant assets was $750,000 and the accumulated depreciation at date of sale was $700,000. The proceeds from the sale of the plant assets were $105,000. The information concerning the sale of the plant assets should be shown on Tobin's statement of cash flows (indirect method) for the year ended December 31, 2008, as a(n) Selected Answer: subtraction from net income of $55,000 and a $105,000 increase in cash flows from investing activities. Question 5 Multiple Choice 10 of 10 points Xanthe Corporation had the following transactions occur in the current year: 1. Cash sale of merchandise inventory. 2. Sale of delivery truck at book value....
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This note was uploaded on 09/21/2008 for the course ACC 202 taught by Professor Stec during the Spring '08 term at Community College of Allegheny County.
- Spring '08