Polar Corporation's consolidated cash flow statement for the year ended December 31, 20X2, reported operating cash inflows of $100,000, financing cash inflows of $30,000, investing cash outflows of $120,000, and an ending cash balance of $50,000. Polar acquired 60 percent of Snow Company's common stock on April 1, 20X0 at book value. At that date, the fair value of the noncontrolling interest was equal to 40 percent of Snow's book value. Snow reported net income of $30,000, paid dividends of $20,000 in 20X2, and is included in Polar's consolidated statements. Polar paid dividends of $40,000 in 20X2. The indirect method is used in computing cash flows from operations.Based on the information provided, what amount was reported as dividends paid in the cash flow from financing activities
section of the consolidated statement of cash flows?
A. $40,000
B. $20,000
C. $48,000
D. $60,000
Answer: C
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Colfax Corporation had a Retained Earnings balance on January 1, 2009, of $720,000; declared cash dividends during 2009 in the amount of $112,000, of which $30,000 were not paid until 2010; and reported an ending balance of Retained Earnings of $1,020,000 . Based on these facts alone, net income for 2009 for Colfax Corporation must have been
a. $152,000. b. $312,000. c. $382,000. d. $412,000.
Hit and Miss, Inc purchased a patent at the beginning of 2011 for $250,000. Economic benefits were expected for 10 years, but the patent's legal life was 20 years. Also during 2011, the company incurred research and development costs of $270,000. Patent amortization expense for 2011 is:
A) $12,500 B) $26,000 C) $52,000 D) $25,000
Fraud in the inducement will render an agreement void
a. True b. False Indicate whether the statement is true or false
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