of $ 110,000. During the first year of operations, revenues from sales and consulting amounted to $ 82,000, and operating costs and expenses totaled $ 64,000. On December 15, Mirr declared a $ 3,000 cash dividend, payable to stockholders on January 15, year 2. No additional activities affected owners’ equity in year 1. Mirr’ s liabilities increased to $ 120,000 by December 31, year 1. On Mirr’ s December 31, year 1 balance sheet, total assets should be reported at
6. 6-Jackson Company classifies trading securities as an operating activity based on their nature and purpose. In a statement of cash flows in which the operating activities section is prepared under the indirect method, the realized gain on an investment in securities held for trading should be presented as
7. 7-In a statement of cash flows, which of the following would increase reported cash flows from operating activities using the direct method?
8. 8-In a statement of cash flows, proceeds from issuing equity instruments should be classified as cash inflows from
9. 9In its June 30, 2004, balance sheet, what amount should Gold report as current assets?
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