Standards by Zeus Vernon B Millan 19 APPLICATION OF CONCEPTS Conceptual

Standards by zeus vernon b millan 19 application of

This preview shows page 19 - 25 out of 25 pages.

Standards (by: Zeus Vernon B. Millan) 19
Image of page 19
APPLICATION OF CONCEPTS Conceptual Framework & Acctg. Standards (by: Zeus Vernon B. Millan) PROBLEM 1 & 3: SEATWORK 20
Image of page 20
1. Entity A had the following balances at December 31, 2012 Cash on Hand 300,000 Cash in bank 700,000 Cash in 90-day money market accnt 500,000 Treasury bill, purchased 12/1/12 maturing 2/28/13 1,600,00 Treasury bill, purchased 3/1/12 maturing 2/28/13 1,000,000 How much cash and cash equivalent is reported in Entity A’s December 31, 3012 statement of financial position? Conceptual Framework & Acctg. Standards (by: Zeus Vernon B. Millan) 21
Image of page 21
Which of the following is included in the investing activities section of the statement of cash flows? a. Acquisition and sale of investments in held for trading securities b. Acquisition and sale of items of property, plant and equipment that are routinely manufactured in the entity’s ordinary course of business and are to be held for rentals and reclassified to inventories when the assets cease to be rented and become held for sale c. Acquisition and sale of short-term investments in cash equivalents d. Cash inflow from repayment of loan Conceptual Framework & Acctg. Standards (by: Zeus Vernon B. Millan) 22
Image of page 22
3. Which of the following is included in the financing activities section of the statement of cash flows? a. Cash payments for purchases of goods and services b. Cash receipts and cash payments in the acquisition and disposal of PPE, investment property, intangible assets and other noncurrent assets c. Loans to other parties and collection thereof (other than loans made by a financial institution d. Cash receipts from issuing shares or other equity instruments and cash payments to redeem them Conceptual Framework & Acctg. Standards (by: Zeus Vernon B. Millan) 23
Image of page 23
OPEN FORUM QUESTIONS???? REACTIONS!!!!! Conceptual Framework & Acctg. Standards (by: Zeus Vernon B. Millan) 24
Image of page 24
END Conceptual Framework & Acctg. Standards (by: Zeus Vernon B. Millan) 25
Image of page 25

You've reached the end of your free preview.

Want to read all 25 pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors