List the three sections of the cash budget for a manufacturer.
What will be an ideal response?
1. Cash receipts
2. Cash payments
3. Short-term financing
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Answer the following statements true (T) or false (F)
1. When preparing the statement of cash flows using the indirect method, a loss on the sale of plant assets must be shown as a subtraction from the investing activities section.
2. When preparing the statement of cash flows using the indirect method, a decrease in current liabilities is added to the net income to arrive at net cash provided by operating activities.
3. While preparing a statement of cash flows using the indirect method, an increase in current assets is added to net income to arrive at net cash provided by operating activities.
4. The change in Accounts Receivable is shown as a negative cash flow in the adjustments to net income.
Shell, Inc. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet:
Even the best marketing communication can be wasted if the sender does not first
A. stimulate interest among stealth marketing consumers. B. determine the level of desire needed to sustain action. C. gain the attention of the consumer. D. offer testimonials from past consumers. E. generate consumer action.
Which section is in the top quarter of the form?
A) identification and access B) body C) totals D) comments E) None of the above.
The following transactions apply to Wilson Fitness Center for Year 1.1) Started the business by issuing $48,000 of common stock for cash.2) Provided services to clients and received $65,500 cash.3) Borrowed $10,500 from the bank.4) Paid $8,500 for rent of equipment.5) Purchased land for $15,000.5) Paid $46,600 of salary expense.6) Cash dividends of $4,000 were paid to the stockholders.Required:a) What are the total assets of the business at the end of Year 1?b) Prepare a statement of cash flows for Year 1.
What will be an ideal response?