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ACG 2021; Questions & Answers 100% Correct

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ACG 2021; Questions & Answers 100% Correct Name the Cash Flows: 1.) Cash receipts from sales 2) Cash payments for inventories 3) Lending to others 4) Cash payments of dividends 5) Cash receipts from dividends 6) Cash receipts from borrowing money 7) Cash payments for inventories 8) Cash re...

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  • August 9, 2024
  • 45
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACG 2021
  • ACG 2021
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GOLDTUTORS
ACG 2021; Questions & Answers 100% Correct
Name the Cash Flows:

1.) Cash receipts from sales

2) Cash payments for inventories

3) Lending to others

4) Cash payments of dividends

5) Cash receipts from dividends

6) Cash receipts from borrowing money

7) Cash payments for inventories

8) Cash receipts from stock

9) Cash payments for salaries

10) Collecting loans

11) Cash payments for longterm assets

12) Repaying debt

13) Cash payments for interest

14) Cash payments for expenses

15) Cash receipts from selling long term assets CORRECT ANSWER-1.) Operating

2) Operating

3) Investing

4) Financial

5) Operating

6) Financial

7) Operating

, ACG 2021; Questions & Answers 100% Correct
8) Financial

9) Operating

10) Investing

11) Investing

12) Financial

13) Operating

14) Operating

15) Investing




What is the net cash flow from financing activities:

-Dividends declared, $7 mil

-Dividends paid out to stockholders, $15 mil

-Issued stock for $80 million

-Paid cash to suppliers, $15 million

-Bought equipment for, $50 million

-Paid bank loan for, $20 million plus $2 million of interest CORRECT ANSWER-Net cash
inflow of $45 million



Transaction: RWS is started when it receives cash of $5,000 from investors in exchange for
common stock CORRECT ANSWER-Debit: Cash, $5,000

Credit: Common Stock, $5,000

Cash Flow: 5,000, FINANCIAL

, ACG 2021; Questions & Answers 100% Correct

Transaction: RWS borrows $1,000 from Ginger CORRECT ANSWER-Debit: Cash, $1,000

Cr. Notes Payable, $1,000

Cash Flow: 1,000, FINANCIAL




Transaction: RWS recommends a beautiful Bordeaux, charges $300 CORRECT ANSWER-
Debit: Cash, $300

Credit: Service Revenue, $300

Cash Flow: 300, OPERATING




Transaction: RWS pays utility bill for 100 CORRECT ANSWER-Debit: Utilities Expense,
$100

Credit: Cash, $100

Cash Flow: (100), OPERATING




Transaction: Gives seminar on the wines of Spain, receives $2,000 cash CORRECT
ANSWER-Debit: Cash, $2,000

Credit: Service Revenue, $2,000

Cash Flow: 2,000, OPERATING




Transaction: Purchases inventory, 200 bottles of wine at $5 each, on account CORRECT
ANSWER-Debit: Inventory, $1,000

, ACG 2021; Questions & Answers 100% Correct
Credit: Accounts Payable, $1,000

Cash Flow: --



Transaction: Provides service, charges $350. Customer says she will return next month to pay
CORRECT ANSWER-Debit: Accounts Receivable, $350

Credit: Service Revenue, $350

Cash Flow: --




Transaction: Has broken window repaired for $150. $100 cash, $50 on account CORRECT
ANSWER-Debit: Repairs Expense, $150

Credit: Cash, $100

Credit: Accounts Payable, $50

Cash Flow: (100) OPERATING




Transaction: Pays vendor for inventory purchased on Feb 7 ($1,000 worth) CORRECT
ANSWER-Debit: Accounts Payable, $1,000

Credit: Cash, $1,000

Cash Flow: (1,000) OPERATING



Transaction: Sells 150 bottles of Brunello di Montalcino for cash (initially purcahsed at $5 each)
for $15 each CORRECT ANSWER-Debit: Cash, $2,250

Credit: Sales Revenue, $2,250

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