Question

5. Moon Company owns 56 million shares of stock of Center Company classified as available for sale. During 2017, the fair value of the shares increased by $34 million. What effect did this increase have on Moon's 2017 statement of cash flows? a. Cash from operating activities increased b. Cash from investing activities increased c. Cash from financing activities increased d. No effect 6. In determining cash flows from operating activities using the indirect method, adjustments to net income should not include: a. An addition for depreciation expense b. An addition for bond discount amortization c. An addition for gain on sale of equipment d. And addition for patent amortization 7. Lite Travel Company's accounting records include the following information: Payments to suppliers $50,000 Collections on accounts receivable 79,000 Cash sales 44,000 What is the amount of net cash provided by operating activities by the amounts provided? a. $50,000 b. $73,000 c. $94,000 d. $129,000 8. Which of the following is reported as an operating activity in the statement of cash flows? a. The purchase of long lived assets b. The acquisition of treasury shares c. The retirement of bonds d. The payment of prepaid insurance 9. A firm reported salary expense of $239,000 for the current year. The beginning and ending balances in salaries payable were $40,000 and $15,000 respectively. What was the amount of cash paid for salaries? a. $214,000 b. $289,000 c. $264,000 d. $239,000

          5. Moon Company owns 56 million shares of stock of Center Company classified as available for sale. During 2017, the fair value of the shares increased by $34 million. What effect did this increase have on Moon's 2017 statement of cash flows?
a. Cash from operating activities increased
b. Cash from investing activities increased
c. Cash from financing activities increased
d. No effect
6. In determining cash flows from operating activities using the indirect method, adjustments to net income should not include:
a. An addition for depreciation expense
b. An addition for bond discount amortization
c. An addition for gain on sale of equipment
d. And addition for patent amortization
7. Lite Travel Company's accounting records include the following information:
Payments to suppliers $50,000
Collections on accounts receivable 79,000
Cash sales 44,000
What is the amount of net cash provided by operating activities by the amounts provided?
a. $50,000
b. $73,000
c. $94,000
d. $129,000
8. Which of the following is reported as an operating activity in the statement of cash flows?
a. The purchase of long lived assets
b. The acquisition of treasury shares
c. The retirement of bonds
d. The payment of prepaid insurance
9. A firm reported salary expense of $239,000 for the current year. The beginning and ending balances in salaries payable were $40,000 and $15,000 respectively. What was the amount of cash paid for salaries?
a. $214,000
b. $289,000
c. $264,000
d. $239,000

5. Moon Company owns 56 million shares of stock of Center Company classified as available for sale. During 2017, the fair value of the shares increased by 34 million. What effect did this increase have on Moon's 2017 statement of cash flows?
a. Cash from operating activities increased
b. Cash from investing activities increased
c. Cash from financing activities increased
d. No effect
6. In determining cash flows from operating activities using the indirect method, adjustments to net income should not include:
a. An addition for depreciation expense
b. An addition for bond discount amortization
c. An addition for gain on sale of equipment
d. And addition for patent amortization
7. Lite Travel Company's accounting records include the following information:
Payments to suppliers50,000
Collections on accounts receivable 79,000
Cash sales 44,000
What is the amount of net cash provided by operating activities by the amounts provided?
a. 50,000
b.73,000
c. 94,000
d.129,000
8. Which of the following is reported as an operating activity in the statement of cash flows?
a. The purchase of long lived assets
b. The acquisition of treasury shares
c. The retirement of bonds
d. The payment of prepaid insurance
9. A firm reported salary expense of 239,000 for the current year. The beginning and ending balances in salaries payable were40,000 and 15,000 respectively. What was the amount of cash paid for salaries?
a.214,000
b. 289,000
c.264,000
d. 239,000

Added by Aaron S.

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