1. Early in 2010, Larsen Corporation purchased marketable securities at a cost o
ID: 2377632 • Letter: 1
Question
1. Early in 2010, Larsen Corporation purchased marketable securities at a cost of $90,000. In September, dividends of $6,600 were received; Larsen sold the securities in December at a gain of $5,600. How would these transactions be reported on Larsen's statement of cash flows for 2010?
$84,400 net cash used in investing activities; $95,600 cash provided by investing activities.
2. Haven Corporation issued $700,000 of 10-year bonds payable at par in 2005. During 2009 Haven paid $50,000 interest and an additional $233,333 to retire one-third of the bonds at par. These activities would be reported in Haven's statement of cash flows for 2009 as:
3. The completion of a computer by First Wireless, Inc. would require a debit to which of the following accounts?
4. If manufacturing overhead is materially over-applied, it is best to close it to:
A. $5,600 net cash provided by investing activities; $6,600 included in cash provided by operating activities. B. $12,200 net cash provided by investing activities. C. $95,600 cash provided by investing activities; $90,000 cash used in financing activities. D.$84,400 net cash used in investing activities; $95,600 cash provided by investing activities.
Explanation / Answer
1-B
2-C
3-A
4-C
5-B
6-D
7-A
8-C
9-B
10-D
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