ACC 421 Week 4 Individual Assignment Full Disclosure Paper( 2 Paper)
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 payable 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) =================================================
ACC 421 Week 4 Individual Assignment Full Disclosure Paper( 2 Paper)