Q1

multiple choice

$10

$5

$(12)

$17

Q2

Q3

multiple choice

$(158)

$158

$(36)

$36

Alcoser Corporation's most recent balance sheet appears below: Comparative Balance sheet Ending Beginning Balance Balance 29 $ 34 32 53 554 208 $465 66 480 206 $405 Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 50 $ 41 17 16 28 30 217 75 200 70 87 39 $465 $405 Net income for the year was $60. Cash dividends were $12. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) financing activities for the year was: Krech Corporation's comparative balance sheet appears below: 10 Beginning Balance Comparative Balance Sheet Ending Balance Assets: Current assets: Cash and cash equivalents $ 31,000 Accounts receivable 18,000 Inventory 58,000 Prepaid expenses 12,000 Total current assets 119,000 Property, plant, and equipment 374,000 Less accumulated depreciation 190,000 Net property, plant, and equipment 184,000 Total assets $303,000 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 13,000 Accrued liabilities 52,000 Income taxes payable 67,000 Total Curront liabilities 122 AAA $ 28,000 20,000 56,000 10,000 114,000 354,000 189,000 $303,000 $ 9,000 53,000 69,000 121 AAA Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 13,000 52,000 67,000 132,000 76,000 208,000 $ 9,000 53,000 69,000 131,000 73,000 204,000 28,000 67,000 95,000 $303,000 26,000 73,000 99,000 $303,000 The company's net income (loss) for the year was ($3,000) and its cash dividends were $3,000. It did not sell or retire any property, plant, and equipment during the year. The company uses the indirect method to determine the net cash provided by operating activities. Which of the following is correct regarding the operating activities section of the statement of cash flows? 0 The change in Accounts Payable will be added to net income: The change in Accrued Liabilities will be subtracted from net income 0 The change in Accounts Payable will be subtracted from net income: The change in Accrued Liabilities will be added to net Income The change in Accounts Payable will be subtracted from net income: The change in Accrued Liabilities will be subtracted from net income 0 The change in Accounts Payable will be added to net income: The change in Accrued Liabilities will be added to net income 0 Financial statements of Rukavina Corporation follow: Comparative Balance Sheet Ending Beginning Balance Balance Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 46 110 69 858 374 $709 $ 43 94 53 700 321 $569 $ 82 205 121 301 $709 $ 96 330 94 49 $569 $815 264 Income Statement Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Income taxes Net income 551 106 445 157 $288 Cash dividends were $36. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was