10. 10-In a statement of cash flows, interest payments to lenders and
other creditors should be classified as cash outflows for
11. 11-Which of the following items is included in the financing
activities section of the statement of cash flows?
12. 12-In year 2 a tornado completely destroyed a building belonging
to Holland Corp. The building cost $100,000 and had accumulated
depreciation of $48,000 at the time of the loss. Holland received a
cash settlement from the insurance company and reported an
extraordinary loss of $21,000. In Holland’s year 2 cash flow
statement, the net change reported in the cash flows from investing
activities section should be a
13. At what amount should Mont’s net assets be reported in the
December 31, year 2 balance sheet?
14. In JB Company's December 31, year five Balance Sheet, what
amount should be reported as total retained earnings?
15. 15-What was Redwood's quick ratio?
16. In JB Company's December 31, year five Balance Sheet, what
amount should be reported as current assets?
17. 17-Which of the following facts concerning inventories should be
disclosed in the summary of significant accounting policies?
18. 18-Abbey Corporation prepares its financial statements in
accordance with IFRS. Abbey acquired equipment by signing a
$100,000 note pay able with the seller of the equipment. How should
this transaction be reported on the statement of cash flows?
19. 19-Which of the following transactions should be classified as
investing activities on an entity’s statement of cash flows?
20. 20-In a statement of cash flows in which the operating activities
section is prepared under the
indirect method, a gain on the sale of an investment in available-forsale securities should be
presented as a(n)
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ACC 421 Week 4 Individual Assignment Full Disclosure
Paper (2 Paper)