List the three categories of cash inflows and outflows shown on the statement of cash flows.
What will be an ideal response?
Operating, investing, and financing
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Candy Stores Inc gives you the following information: The standard material cost is $7 per pound for a 15 pound bag of chocolate. The following is the actual cost and usage data: Direct materials purchased and used 186,000 pounds Price paid for direct materials $6.00 per pound Number of bags produced 12,000 units Using the above information provided for Candy Stores, compute the direct materials
price variance for Candy Stores. A) $186,000 (F) B) $186,000 (U) C) $42,000 (F) D) $42,000 (U)
Which of the following would be reported in the cash flow from financing activities section of a statement of cash flows?
A. Paid cash for dividends B. Paying cash for dividends and receiving cash from common stock C. Sold land for cash D. Received cash for common stock
During the first year of operations, a company granted warranties on its products. The estimated cost of the product warranty liability at the end of the year is $8,500 . The product warranty expense of $8,500 should be recorded in the years the expenditures to repair the products covered by the warranty will be paid
Indicate whether the statement is true or false
Lionaire, Inc. has developed the following standard cost data based on 60,000 direct labor hours, which is 75% of capacity.?Per UnitDirect materials (6 lbs. @ $2.00/lb.)$12.00Direct labor (1 hrs. @ $8.00/hr.)8.00During the last period, the company operated at 80% of capacity and produced 128,000 units. Actual costs were:Direct materials (760,000 lbs.)$1,558,000Direct labor (126,000 hrs.)1,014,300Determine the direct materials price and quantity variances and the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.Direct materials:? Price variance Quantity variance ? Direct labor:? Rate variance Efficiency variance
What will be an ideal response?