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Chapter 23: Statement of Cash Flows

Intermediate Accounting (Kieso)
Pages: 1330 - 1401

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84 Questions for Chapter 23: Statement of Cash Flows

  1. Question: During 2017, Simms Company redeemed $2,000,000 of bonds payable for $1,880,000 cash. Indicate how this transaction would be reported on a statement of cash flows, if at all.

    Found on Page 1372
  2. Accounting, Analysis, and Principles The income statement for the year ended December 31, 2017, for Laskowski Manufacturing Company contains the following condensed information.

    Found on Page 1395
  3. Founded in the early 1980s, the Vermont Teddy Bear Co. designs and manufactures American-made teddy bears and markets them primarily as gifts called Bear-Grams or Teddy Bear-Grams. Bear-Grams are personalized teddy bears delivered directly to the recipient for special occasions such as birthdays and anniversaries. The Shelburne, Vermont, company’s primary markets are New York, Boston, and Chicago. Sales have jumped dramatically in recent years. Such dramatic growth has significant implications for cash flows. Provided below are the cash flow statements for two recent years for the company.

    Found on Page 1394
  4. Hendrickson Corporation reported net income of $50,000 in 2017. Depreciation expense was $17,000. The following working capital accounts changed.

    Found on Page 1374
  5. Question: (L01,4) (Classification of Transactions) Following are selected balance sheet accounts of Allman Bros. Corp. at December 31, 2017 and 2016, and the increases or decreases in each account from 2016 to 2017. Also presented is selected income statement information for the year ended December 31, 2017, and additional information.

    Found on Page 1337
  6. Broussard Company reported net income of $3.5 million in 2017. Depreciation for the year was $520,000, accounts receivable increased $500,000, and accounts payable increased $300,000. Compute net cash flow from operating activities using the indirect method.

    Found on Page 1372
  7. In 2017, Wild Corporation reported a net loss of $70,000. Wild’s only net income adjustments were depreciation expense $81,000, and increase in accounts receivable $8,100. Compute Wild’s net cash provided (used) by operating activities.

    Found on Page 1374
  8. Question: (SCF—Indirect Method) Condensed financial data of Pat Metheny Company for 2017 and 2016 are presented below.

    Found on Page 1377
  9. Question: Collinsworth Co. reported sales on an accrual basis of $100,000. If accounts receivable increased $30,000 and the allowance for doubtful accounts increased $9,000 after a write-off of $2,000, compute cash sales.

    Found on Page 1392
  10. In 2017, Leppard Inc. issued 1,000 shares of $10 par value common stock for land worth $40,000.

    Found on Page 1374

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