mid3-2008 Fall-SOL - UGBA102A EXAM 3 Answer Key FALL 2008...

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EXAM 3 – Answer Key FALL 2008 MULTIPLE CHOICE: 1. A 2. B 3. C 4. D 5. A 6. B 7. D 8. B 9. E 10. A PROBLEM 1 Stewart Company Statement of Cash Flows For the Year Ended December 31, 2008 Cash flows from operating activities: Net income $10,000 Add (deduct) non cash items: Depreciation expense 12,000 Gain on sale of building (5,000) Adjust for current accounts: Decrease in accounts receivable 4,000 Increase in prepaid expenses (2,000) Decrease in accounts payable (9,000) Increase in other current liabilities 4,000 Net cash flow from operating activities $14,000 Cash flow from investing activities: Sale of building 10,000 Purchase of equipment (14,000) Net cash flow from investing activities (4,000) Cash flows from financing activities: Payment of dividends (1,000) Issuance of common stock 20,000 Net cash flow from financing activities 19,000 Net increase in cash during 2008 29,000 Add beginning cash balance, 2007 5,000 Ending cash balance, 2008 $34,000 Noncash investing and financing activities:
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This note was uploaded on 02/04/2010 for the course PHYSICS 7B taught by Professor Packard during the Spring '08 term at University of California, Berkeley.

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mid3-2008 Fall-SOL - UGBA102A EXAM 3 Answer Key FALL 2008...

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