7 Cash dividends of $45 000 were dechared during the yeur Cosh dividend beginnin

Question

7 Cash dividends of $45 000 were dechared during the yeur Cosh dividend beginning of the year and $15,000 at the end of the year. The amount dividends during the year is ble were S10,000 at the payment of Tor te payn of cash for the $50,000 b. $40,000 55,000 d. $35,000 e. 8.On the statement of cash fnows, a $7,500 gain on the sale of fixed assets would be a. added to net income in converting the net income reported on the income b. deducted from c. added to dividends declared ince verting the dividends declared to the cash nows from d. deducted from dividends declared in converting dhe dividends declared to the cash fnows cash statement to flows from operating activities to cash flows from operating activities financing activities related to dividends from financing activities related to dividends h net income in converting the net income reported on the income statemen Land costing $71,000 was sold for $50,000 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land? a. $50,000 b, $71,000 c. $121,000 d. $21,000 9. 10.To arrive at eash flows from operations, it is necessary to convert the income statement from an accrual basis to the cash basis of accounting a. True b. False 11.The current period statement of cash flows includes the flowing: Cash balance at the beginning of the period Cash provided by operating activities Cash used in investing activities Cash used in financing activities $310,000 185,000 43,000 97,000 The cash balance at the end of the period is a. $45,000 b. $635,000 c. $355,000 d. $125,000

Explanation / Answer

Question - 7 ............... Option - B

Dividend paid in cash = Dividend payable ( Beginning) + Dividend declared - Dividend payable ( Ending )

= 10000 + 45000 - 15000 = 40000

Question - 8 ............. Select - Option - B  

Cash received from sale of property including the profit should be an Investment activity. Hence it cannot be included in operating activities.

Question - 9 .................select - Option - A

What was received on sale will be reported = 50000

Question - 10 .............True

Question - 11 ..........Option - 3

310,000 + 185000 - 43000 - 97000 = 355,000

Kindly rate .............. to help me

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