ACCT 101 Ch 7-13 Final Exam Review_Packet 5 Helpful Unhelpful Coastline Community College ACCT 101 mlts0880
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Course
ACCT 101
Institution
ACCT 101
10. The statement of cash flows classifies cash receipts and cash payments into which of the following
activities?
A. Investing activities.
B. Financing activities.
C. Operating activities.
D. All of the above.
11. Cash flow activities that include the cash effects of transactions that creat...
ACC 255 FINAL EXAM REVIEW PACKET (NEW MATERIAL)
Complete these sample exam problems/objective questions and check your answers with the
solutions at the end of the review file and identify where you need additional study before the exam.
I. Statement of Cash Flows
Using the information below, prepare in good form a Statement of Cash Flows for Savage Corporation on
the following page. Information from the December 31, 2012 and 2011 balance sheets of Savage
Corporation are presented below.
Accounts Payable $ 300,000 $ 120,000
Accrued Liabilities 40,000 50,000
Bonds Payable 500,000 800,000
Long-Term Note Payable 150,000 0
Common Stock, $2 par value 200,000 160,000
Paid-in Capital in Excess of Par Value 710,000 550,000
Retained Earnings 670,000 620,000
$ 2,570,000 $ 2,300,000
Additional information about 2012 transactions and events:
(a) Net income was $110,000.
(b) Depreciation expense on buildings and equipment was $60,000.
(c) Sold equipment with a cost of $50,000 and accumulated depreciation of $30,000 for cash of
$17,000.
(d) Declared and paid cash dividends of $60,000.
(e) Issued a $150,000 long-term note payable for buildings and equipment.
(f) Purchased long-term investments for $25,000.
(g) Paid $300,000 on the bonds payable.
(h) Issued 20,000 shares of $2 par value common stock for $200,000.
(i) Purchased land for $260,000.
, Page 2
SAVAGE CORPORATION
STATEMENT OF CASH FLOWS
complete
the date line
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