Multiple choice questions on statement of cash flows
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1) A company has credit sales of $300,000 and cash sales of $180,000 during the same year that the Accounts Receivable account decreased by $40,000. What was the total of cash receipts from sales?
a. $440,000.
b. $520,000.
c. $340,000.
d. $260,000.
2) Cash inflows from investing activities include
a. sale of common stock.
b. purchase of equipment.
c. sale of land.
d. issuance of long-term debt.
3) Operating activities do not include cash
a. inflows from revenue.
b. inflows from sale of equipment.
c. outflows for income taxes.
d. outflows for wages.
4) Which of the following would decrease net cash provided by operating activities?
a. Decrease in short-term notes payable.
b. Depreciation expense.
c. Decrease in inventory.
d. Loss on sale of equipment.
5) Noncash investing and financing activities
a. may represent significant investing and financing activities.
b. do not involve cash receipts or cash payments.
c. are disclosed on a separate schedule.
d. all of the above
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Answers 5 multiple choice questions on statement of cash flows.
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1) A company has credit sales of $300,000 and cash sales of $180,000 during the same year that the Accounts Receivable account decreased by $40,000. What was the total of cash receipts from sales?
a. $440,000.
b. $520,000.
c. $340,000.
d. $260,000.
Answer: b. $520,000.
Cash sales = $180,000
Beginning Accounts Receivable + Credit Sales - Ending Accounts receivable = Cash collected from credit sales
Cash collected from credit sales= Beginning Accounts Receivable- Ending ...
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