2007FL ACCT 2302 EXAM I REVIEW w ans

2007FL ACCT 2302 EXAM I REVIEW w ans - Statement of Cash...

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Statement of Cash Flows ACCT 2302 EXAM I REVIEW 2007FL Chapter 13: 1. 2. Understand what are significant non-cash activities. 3. Review the corporate life cycle. 4. Be able to differentiate between the direct and indirect methods of cash flow statements. 5. Prepare a statement of cash flows. 6. Know what free cash flow is and why it is important. Chapter 14: 1. 2. 3. List the primary users of each type. 4. Identify ratios associated with each type and be able to calculate them. Chapter 1: 1. Understand the elements of manufacturing costs and identify what makes up each of them. 2. Differentiate between product and period costs. 3. Calculate cost of goods sold and prepare a schedule. 4. Understand the influences that have changed managerial practices today. Reread the chapters. Do the self-study questions at the end of each chapter. Review the homework assignments. Do the attached exercises. Bring a scantron and a pencil to the exam. Do not fold, crumple or roll the scantron up You may bring a calculator as long as it is not attached to a cell phone. You may not bring a laptop computer. Cell phones must be turned off during the test. Multiple-choice problems will be answered on the scantron. Any problems (including bonus problems) will be answered on the test itself. The back of the pages can be used for calculations. No additional pages will be attached to the test. If there are attached pages, they will be discarded ungraded! Do not leave the room during the test. 13-1
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Statement of Cash Flows Chapter 13: 1) Selected transactions of the Davis Company are listed below. 1. Common stock is sold for cash above par value. 2. Bonds payable are issued for cash at a discount. 3. Interest on a short-term note receivable is collected. 4. Merchandise is sold to customers for cash. 5. Cash is paid to purchase inventory. 6. Equipment is purchased by signing a 3-year, 10% note payable. 7. Cash dividends on common stock are declared and paid. 8. One hundred shares of XYZ common stock are purchased for cash. 9. Land is sold for cash at book value. 10. Bonds payable are converted into common stock. Instructions Classify each transaction as (a) an operating activity, (b) an investing activity, (c) a financing activity, or (d) a noncash investing and financing activity. Solution: 1. (c) Financing activity 2. (c) Financing activity 3. (a) Operating activity 4. (a) Operating activity 5. (a) Operating activity 6. (d) Noncash activity 7. (c) Financing activity 8. (b) Investing activity 9. (b) Investing activity 10. (d) Noncash activity 2) The Menschken Company reported net income of $150,000 for the current year. Depreciation recorded on buildings and equipment amounted to $65,000 for the year.
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This note was uploaded on 11/07/2010 for the course ACCT 2302 taught by Professor Crawford during the Spring '09 term at Tarrant County.

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2007FL ACCT 2302 EXAM I REVIEW w ans - Statement of Cash...

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