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Seneca College *

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Nov 24, 2024

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9/17/23, 4:38 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&showall=0# 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 1 Correct Mark 9.00 out of 9.00 Started on Sunday, 17 September 2023, 1:46 AM State Finished Completed on Sunday, 17 September 2023, 7:06 AM Time taken 5 hours 20 mins Grade 25.61 out of 93.00 ( 28 %) Take me to the text For each item listed, indicate how the item will impact cash flow (increase, decrease, or no change) using the indirect method. Item Effect on Cash Net Income Increase in Accounts Payable Decrease in Accounts Receivable Purchase of Long-Term Assets Payment of Notes Payable Increase in Food Inventory Pay Dividends Increase in Loans Increase in Prepaid Insurance Increase Increase Increase Decrease Decrease Decrease Decrease Increase Decrease Explanation Item Effect on Cash Net Income Increase Increase in Accounts Payable Increase Decrease in Accounts Receivable Increase Purchase of Long-Term Assets Decrease Payment of Notes Payable Decrease Increase in Food Inventory Decrease Pay Dividends Decrease Increase in Loans Increase Increase in Prepaid Insurance Decrease Correct Marks for this submission: 9.00/9.00.
9/17/23, 4:38 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&showall=0# 2/2
9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 2 Correct Mark 9.00 out of 9.00 Take me to the text Indicate the section of the statement of cash flow where each item would be located (operating, investing, or financing activities) using the indirect method. Item Section Change in Accounts Payable Change in Beverage Inventory Change in Long-Term Assets Change in Long-Term Portion of Notes Payable Change in Current Portion of Notes Payable Change in Prepaid Rent Change in Accounts Receivable Change in Common Shares Gain on Sale of Property and Equipment Operating Operating Investing Financing Financing Operating Operating Financing Operating Explanation Item Section Change in Accounts Payable Operating Change in Beverage Inventory Operating Change in Long-Term Assets Investing Change in Long-Term Portion of Notes Payable Financing Change in Current Portion of Notes Payable Financing Change in Prepaid Rent Operating Change in Accounts Receivable Operating Change in Common Shares Financing Gain on Sale of Property and Equipment Operating Correct Marks for this submission: 9.00/9.00.
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9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=1 2/2
9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 3 Correct Mark 1.00 out of 1.00 Take me to the text TC Hotel's net income for the year ended January 31, 2020 was $103,000. Additional data for the year is provided below. Purchase of property and equipment $261,000 Depreciation of property and equipment $10,700 Dividends declared $60,000 Decrease in beverage inventory $27,000 Loss on sale of equipment $18,000 Issue of common shares $19,900 Calculate the net cash provided (used) by operating activities using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $ 158700 Explanation Begin with net income. Depreciation is added to net income. A decrease in beverage inventory is added to net income. A loss on sale of equipment is added to net income. Cash from operating activities is $158,700. Correct Marks for this submission: 1.00/1.00.
9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=2 2/2
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9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 4 Incorrect Mark 0.00 out of 1.00 Take me to the text Kersley Diner's net income for the year ended October 31, 2020 was $73,000. Additional information is shown below. Interest expense on borrowing $9,100 Decrease in accounts receivable $11,600 Increase in beverage inventory $2,400 Increase in accounts payable $3,800 Dividends paid to common shareholders $18,300 Calculate the net cash provided (used) by operating activities using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $ 60000 Explanation Begin with net income. A decrease in accounts receivable is added to net income. An increase in beverage inventory is subtracted from net income. An increase in accounts payable is added to net income. Cash from operating activities is $86,000. Incorrect Marks for this submission: 0.00/1.00.
9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=3 2/2
9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 5 Correct Mark 1.00 out of 1.00 Take me to the text Use the following information to prepare the operating activities section of a statement of cash flows for Max's Catering Company for 2020 using the indirect method. Net Income $300,000 Decrease in food and beverage inventory $28,300 Decrease in accounts payable $16,000 Depreciation expense $47,000 Increase in accounts receivable $20,000 Loss on sale of land $23,900 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Max's Catering Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income 300000 Adjustments for Non-Cash Items Depreciation expense 47000 Loss on sale of land 23900 Change in Current Assets and Current Liabilities Increase in accounts receivable -20000 Decrease in food and beverage inventory 28300 Decrease in accounts payable -16000 Net Cash Provided (Used) by Operating Activities 363200 Explanation Max's Catering Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income $300,000 Adjustments for Non-Cash Items Depreciation expense $47,000 Loss on sale of land $23,900 Change in Current Assets and Current Liabilities Increase in accounts receivable $-20,000 Decrease in food and beverage inventory $28,300 Decrease in accounts payable $-16,000 Net Cash Provided (Used) by Operating Activities $363,200 Correct Marks for this submission: 1.00/1.00.
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9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=4 2/2
9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 6 Incorrect Mark 0.00 out of 1.00 Take me to the text Swede Hotel had net income for 2020 of $125,100. Included in net income was depreciation of $3,300, a gain on sale of land of $6,800, loss on sale of equipment of $9,400 and income taxes of $29,500. Using the information given, calculate the net cash provided (used) by operating activities using the indirect method. Assume that the balances of current assets (except cash) and current liabilities remain the same as last year. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Net cash provided (used) by operating activities = $ -160500 Explanation Begin with net income. Depreciation is added to net income. A loss is added to net income A gain is subtracted from net income Net cash provided (used) by operating activities = $131,000. Incorrect Marks for this submission: 0.00/1.00.
9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=5 2/2
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9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 7 Correct Mark 1.00 out of 1.00 Take me to the text The following information pertains to Bush Brew Pub for the fiscal year 2020. Purchase of equipment $33,000 Sale of long-term investment $16,000 Increase in accounts receivable $5,400 Repayment of loans payable $13,000 Depreciation of equipment $9,600 Calculate the net cash provided (used) by investing activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from investing activities = $ -17000 Explanation A purchase of plant and equipment is a decrease in cash. A sale of investments is an increase in cash. Cash from investing activities is $-17,000. Correct Marks for this submission: 1.00/1.00.
9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=6 2/2
9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 8 Correct Mark 1.00 out of 1.00 Take me to the text George's Restaurant’s cash account decreased by $12,000. Net cash provided by operating activities was $20,000. Net cash used by investing activities was $17,000. Based on this information, calculate the net cash provided (used) by financing activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from financing activities = $ -15000 Explanation Net change in cash balance = $20,000 - $17,000 - $15,000 = -$12,000 Correct Marks for this submission: 1.00/1.00.
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9/17/23, 4:39 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=7 2/2
9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=8 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=8 2/3 Question 9 Correct Mark 1.00 out of 1.00 Take me to the text A simplified balance sheet for Supernova Cafe Inc. contain the following amounts at the end of 2019 and 2020. Supernova Cafe Inc. Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $4,900 $8,700 Accounts Receivable $14,400 $10,500 Prepaid Insurance $2,400 $1,800 Food & Beverage Inventory $28,900 $11,000 Total Current Assets $50,600 $32,000 Long-Term Assets Equipment $183,000 $172,000 Accumulated Depreciation $-28,000 $-21,400 Total Long-Term Assets $155,000 $150,600 Total Assets $205,600 $182,600 Liabilities Current Liabilities $18,300 $18,300 Long-Term Liabilities $26,000 $41,000 Total Liabilities $44,300 $59,300 Shareholders' Equity Common Shares $83,000 $65,000 Retained Earnings $78,300 $58,300 Total Shareholders' Equity $161,300 $123,300 Total Liabilities and Equity $205,600 $182,600 Assume current liabilities include only items from operations (e.g., accounts payable, taxes payable). Long-term liabilities include items from financing (e.g. bonds and other long-term liabilities). Note that the company did not sell any equipment and did not borrow any additional long-term liabilities throughout the year. Prepare the cash flow statement for 2020 using the indirect method. Assume no dividends were declared or paid in 2020. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Supernova Cafe Inc. Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operations Net Income 20000 Adjustments for Non-Cash Items Depreciation Expense 6600 Change in Current Assets and Current Liabilities Increase in Accounts Receivable -3900 Increase in Prepaid Insurance -600 Increase in Food & Beverage Inventory -17900 Net Cash Provided (Used) by Operating Activities 4200
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9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=8 3/3 Cash Flow from Investing Activities Purchase of Equipment -11000 Net Cash Provided (Used) by Investing Activities -11000 Cash Flow from Financing Activities Issuance of Common Shares 18000 Repayment of Long-Term Liabilities -15000 Net Cash Provided (Used) by Financing Activities 3000 Net Increase (Decrease) in Cash -3800 Cash at the Beginning of the Year 8700 Cash at the End of the Year 4900 Explanation Supernova Cafe Inc. Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operations Net Income $20,000 Adjustments for Non-Cash Items Depreciation Expense $6,600 Change in Current Assets and Current Liabilities Increase in Accounts Receivable $-3,900 Increase in Prepaid Insurance $-600 Increase in Food & Beverage Inventory $-17,900 Net Cash Provided (Used) by Operating Activities $4,200 Cash Flow from Investing Activities Purchase of Equipment $-11,000 Net Cash Provided (Used) by Investing Activities $-11,000 Cash Flow from Financing Activities Issuance of Common Shares $18,000 Repayment of Long-Term Liabilities $-15,000 Net Cash Provided (Used) by Financing Activities $3,000 Net Increase (Decrease) in Cash $-3,800 Cash at the Beginning of the Year $8,700 Cash at the End of the Year $4,900 Correct Marks for this submission: 1.00/1.00.
9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=9 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=9 2/4 Question 10 Correct Mark 1.00 out of 1.00 Take me to the text Chalet Foods International provides food and beverage services to institutional facilities like school and hospitals. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below. Chalet Foods International Balance Sheet As at June 30 2020 2019 Assets Current Assets Cash $231,805 $124,000 Accounts Receivable $243,200 $267,600 Food & Beverage Inventory $508,800 $454,200 Prepaid Expenses $22,900 $22,900 Total Current Assets $1,006,705 $868,700 Long-Term Assets Land $0 $23,700 Equipment $351,400 $351,400 Accumulated Depreciation $-101,800 $-92,900 Total Long-Term Assets $249,600 $282,200 Total Assets $1,256,305 $1,150,900 Liabilities Current Liabilities Accounts Payable $316,000 $327,600 Notes Payable, Current Portion $34,400 $28,300 Total Current Liabilities $350,400 $355,900 Notes Payable, Long-Term Portion $212,300 $181,400 Total Liabilities $562,700 $537,300 Shareholders' Equity Common Shares $293,000 $260,000 Retained Earnings $400,605 $353,600 Total Shareholders' Equity $693,605 $613,600 Total Liabilities and Equity $1,256,305 $1,150,900 Additional Information: During 2020, land was sold for a loss of $3,800. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. Chalet Foods International Income Statement For the Year Ended June 30, 2020 Revenue $2,295,000 Cost of Sales $1,377,000 Gross Profit $918,000 Operating Expenses Depreciation Expense $8,900 Other Operating Expenses $745,600 Total Operating Expenses $754,500 Income from Operations $163,500 Other Income and Expenses Loss on Sale of Land $-3,800 Income before Income Tax $159,700 Income Tax $55,895 Net Income $103,805 Create the cash flow statement using the indirect method.
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9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=9 3/4 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Chalet Foods International Cash Flow Statement For the Year Ended June 30, 2020 Cash Flow from Operating Activities Net Income 103805 Adjustments for Non-Cash Items Depreciation 8900 Loss on Sale of Land 3800 Change in Current Assets and Current Liabilities Decrease in Accounts Receivable 24400 Increase in Food & Beverage Inventory -54600 Decrease in Accounts Payable -11600 Net Cash Provided (Used) by Operating Activities 74705 Cash Flow from Investing Activities Sale of Land 19900 Net Cash Provided (Used) by Investing Activities 19900 Cash Flow from Financing Activities Proceeds from Notes Payable 37000 Payment of Cash Dividend -56800 Issue of Common Shares 33000 Net Cash Provided (Used) by Financing Activities 13200 Net Increase (Decrease) in Cash 107805 Cash at the Beginning of the Year 124000 Cash at the End of the Year 231805 Explanation Chalet Foods International Cash Flow Statement For the Year Ended June 30, 2020 Cash Flow from Operating Activities Net Income $103,805 Adjustments for Non-Cash Items Depreciation $8,900 Loss on Sale of Land $3,800 Change in Current Assets and Current Liabilities Decrease in Accounts Receivable $24,400 Increase in Food & Beverage Inventory $-54,600 Decrease in Accounts Payable $-11,600 Net Cash Provided (Used) by Operating Activities $74,705 Cash Flow from Investing Activities Sale of Land $19,900 Net Cash Provided (Used) by Investing Activities $19,900 Cash Flow from Financing Activities Proceeds from Notes Payable $37,000 Payment of Cash Dividend $-56,800 Issue of Common Shares $33,000
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9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=9 4/4 Net Cash Provided (Used) by Financing Activities $13,200 Net Increase (Decrease) in Cash $107,805 Cash at the Beginning of the Year $124,000 Cash at the End of the Year $231,805 Correct Marks for this submission: 1.00/1.00.
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9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=10 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=10 2/4 Question 11 Correct Mark 1.00 out of 1.00 Take me to the text Ocean Side Hotels has completed its financial statements for 2020. The income statement and comparative balance sheet were prepared as shown below. Ocean Side Hotels Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $140,410 $64,100 Accounts Receivable $92,300 $83,300 Inventory $220,000 $193,200 Prepaid Expenses $16,000 $16,000 Total Current Assets $468,710 $356,600 Long-Term Assets Land $0 $37,000 Equipment $327,000 $327,000 Accumulated Depreciation $-26,300 $-20,900 Total Long-Term Assets $300,700 $343,100 Total Assets $769,410 $699,700 Liabilities Current Liabilities Accounts Payable $51,800 $45,300 Notes Payable, Current Portion $7,700 $7,700 Total Current Liabilities $59,500 $53,000 Notes Payable, Long-Term Portion $49,300 $57,000 Total Liabilities $108,800 $110,000 Shareholders' Equity Common Shares $138,000 $138,000 Retained Earnings $522,610 $451,700 Total Shareholders' Equity $660,610 $589,700 Total Liabilities and Equity $769,410 $699,700 Additional Information: During 2020, land was sold for a gain of $6,300. There was no purchase of equipment throughout the year. Ocean Side Hotels Income Statement For the Year Ended December 31, 2020 Revenue $566,000 Cost of Sales $339,600 Gross Profit $226,400 Operating Expenses Depreciation Expense $5,400 Other Operating Expenses $65,900 Total Operating Expenses $71,300 Income from Operations $155,100 Other Income and Expenses Gain on Sale of Land $6,300 Income before Income Tax $161,400 Income Tax $56,490 Net Income $104,910 Prepare the statement of cash flows using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash.
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9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=10 3/4 Ocean Side Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income 104910 Adjustments for Non-Cash Items Depreciation Expense 5400 Gain on Sale of Land -6300 Changes in Current Assets and Current Liabilities Change in Accounts Receivable -9000 Change in Inventory -26800 Change in Accounts Payable 6500 Net Cash Provided (Used) by Operating Activities 74710 Cash Flow from Investing Activities Sale of Land 43300 Net Cash Provided (Used) by Investing Activities 43300 Cash Flow from Financing Activities Payment of Notes Payable -7700 Payment of Cash Dividend -34000 Net Cash Provided (Used) by Financing Activities -41700 Net increase (decrease) in cash 76310 Cash at the Beginning of the Year 64100 Cash at the End of the Year 140410 Explanation Ocean Side Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income $104,910 Adjustments for Non-Cash Items Depreciation Expense $5,400 Gain on Sale of Land $-6,300 Changes in Current Assets and Current Liabilities Change in Accounts Receivable $-9,000 Change in Inventory $-26,800 Change in Accounts Payable $6,500 Net Cash Provided (Used) by Operating Activities $74,710 Cash Flow from Investing Activities Sale of Land $43,300 Net Cash Provided (Used) by Investing Activities $43,300 Cash Flow from Financing Activities Payment of Notes Payable $-7,700 Payment of Cash Dividend $-34,000 Net Cash Provided (Used) by Financing Activities $-41,700 Net increase (decrease) in cash $76,310 Cash at the Beginning of the Year $64,100 Cash at the End of the Year $140,410
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9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=10 4/4 Correct Marks for this submission: 1.00/1.00.
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9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=11 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=11 2/4 Question 12 Partially correct Mark 0.61 out of 1.00 Take me to the text The balance sheet and income statement for Victoria Hotels are presented below. Victoria Hotels Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $129,480 $76,500 Accounts Receivable $47,000 $27,200 Inventory $71,700 $46,200 Total Current Assets $248,180 $149,900 Land $98,000 $105,000 Equipment $100,000 $135,000 Accumulated Depreciation $-46,000 $-61,000 Total Assets $400,180 $328,900 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $38,700 $69,100 Taxes Payable $24,000 $24,000 Total Current Liabilities $62,700 $93,100 Notes Payable $127,400 $87,500 Total Liabilities $190,100 $180,600 Shareholders' Equity Common Shares $75,700 $64,700 Retained Earnings $134,380 $83,600 Total Shareholders' Equity $210,080 $148,300 Total Liabilities and Equity $400,180 $328,900 Notes: The company paid cash dividends during 2020. The company did not make a notes payable payment during 2020. The company did not purchase any equipment during 2020. The company did not purchase any land during 2020. Victoria Hotels Income Statement For the Year Ended December 31, 2020 Revenue $414,000 Cost of Sales $269,100 Gross Profit $144,900 Operating Expenses Depreciation Expense $8,000 Other Operating Expenses $28,400 Total Operating Expenses $36,400 Income from Operations $108,500 Other Income and Expenses Interest Expense $-7,800 Loss on Sale of Equipment $-7,800 Gain on Sale of Land $6,500 Operating Income before Tax $99,400 Income Tax $29,820 Net Income (Loss) $69,580 Prepare the cash flow statement for December 31, 2020 using the indirect method.
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9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=11 3/4 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Victoria Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income 69580 Adjustments for Non-Cash Items Depreciation Expense 8000 Loss on Sale of Equipment 7800 Gain on Sale of Land -6500 Changes in Current Assets and Current Liabilities Increase in Accounts Receivable -19800 Increase in Inventory -25500 Decrease in Accounts Payable -30400 Change in Cash Due to Operating Activities 3180 Cash Flow from Investing Activities Sale of Equipment 12000 Sale of Land -104500 Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Issuance of Common Shares Proceeds from Notes Payable Payment of Dividends -278120 Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash 52980 Cash at the Beginning of the Year 76500 Cash at the End of the Year 129480 Explanation Prepare the cash flow statement for December 31, 2020 using the indirect method. Victoria Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income $69,580 Adjustments for Non-Cash Items Depreciation Expense $8,000 Loss on Sale of Equipment $7,800 Gain on Sale of Land $-6,500 Changes in Current Assets and Current Liabilities Increase in Accounts Receivable $-19,800 Increase in Inventory $-25,500 Decrease in Accounts Payable $-30,400 Change in Cash Due to Operating Activities $3,180 Cash Flow from Investing Activities
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9/17/23, 4:40 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522107&cmid=1260574&page=11 4/4 Sale of Equipment $4,200 Sale of Land $13,500 Net Cash Provided (Used) by Investing Activities $17,700 Cash Flow from Financing Activities Issuance of Common Shares $11,000 Proceeds from Notes Payable $39,900 Payment of Dividends $-18,800 Net Cash Provided (Used) by Financing Activities $32,100 Net increase (decrease) in cash $52,980 Cash at the Beginning of the Year $76,500 Cash at the End of the Year $129,480 Partially correct Marks for this submission: 0.61/1.00.
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 2 Correct Mark 1.00 out of 1.00 Cash flow from financing is supplied by Select one: a. customers and analysts b. customers and vendors c. vendors and government agencies d. banks and shareholders Your answer is correct. Explanation: Financial providers may include banks and shareholders The correct answer is: banks and shareholders
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=1 2/2
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 3 Correct Mark 1.00 out of 1.00 The sections of the cash flow statement are Select one: a. debit and credit b. assets, liabilities and equity c. operations, investment and financing d. current, mid-term and long-term Your answer is correct. Explanation: The three sections of cash flow statement are operations, investment and financing. The correct answer is: operations, investment and financing
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=2 2/2
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 4 Correct Mark 1.00 out of 1.00 An increase in accounts payable from one year to the next Select one: a. is always accompanied by an increase in long-term liabilities b. decreases cash flow c. does not affect cash flow d. increases cash flow Your answer is correct. Explanation: An increase in accounts payable from one year to the next will result in increase in cash flow, because cash has not been used to pay for it. The correct answer is: increases cash flow
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=3 2/2
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 5 Correct Mark 1.00 out of 1.00 Which of the following statements concerning the direct and indirect methods of preparing the cash flow statement is true? Select one: a. The indirect method of preparing the cash flow statement starts with sales. b. The indirect method of preparing the cash flow statement breaks down cash flows based on actual receipts and payments. c. A cash flow statement prepared using the direct method has only one section; a cash flow statement prepared using the indirect method has three sections. d. The indirect method for preparing cash flow statements is the most widely used method. Your answer is correct. Explanation: Indirect method is the most commonly used when preparing cash flow statements The correct answer is: The indirect method for preparing cash flow statements is the most widely used method.
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=4 2/2
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 6 Correct Mark 1.00 out of 1.00 The actual movement of cash in a business is analyzed Select one: a. in the statement of owner’s equity b. in the cash flow statement c. in the gross profit section of the income statement d. in the current assets section of the balance sheet Your answer is correct. Explanation: Purpose of cash flow statement is to determine the flow of cash in (source) and cash out (use). The correct answer is: in the cash flow statement
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=5 2/2
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 7 Correct Mark 1.00 out of 1.00 When receiving and repaying a loan, Select one: a. cash flow is not affected b. cash flow is affected c. equity decreases d. equity increases Your answer is correct. Explanation: Receiving a loan is a source of cash while repaying a loan is a use of cash. Thus, receiving and repaying a loan affects cash flow. The correct answer is: cash flow is affected
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=6 2/2
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 8 Correct Mark 1.00 out of 1.00 An increase in accounts receivable from one year to the next Select one: a. does not affect cash flow b. increases cash flow c. none of the choices d. decreases cash flow Your answer is correct. Explanation: The increase in accounts receivable decreases the cash flow, because there is an increase of uncollected cash. The correct answer is: decreases cash flow
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=7 2/2
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=8 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 9 Correct Mark 1.00 out of 1.00 The balance sheet contains: Select one: a. Operating cash flow b. Owner’s investment and drawings c. Assets and liabilities d. Revenues and expenses Your answer is correct. Explanation: The balance sheet contains assets and liabilities The correct answer is: Assets and liabilities
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=8 2/2
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=9 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 10 Incorrect Mark 0.00 out of 1.00 Which of the following is not a sustainable method of financing operations: Select one: a. Issuing shares b. Increasing sales c. Purchasing inventory d. Selling long-term assets Your answer is incorrect. Explanation: If a business continues to sell its long-term assets, it will have none left to operate. The correct answer is: Selling long-term assets
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9/17/23, 5:14 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573&page=9 2/2
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9/17/23, 5:13 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 1 Correct Mark 1.00 out of 1.00 Started on Sunday, 17 September 2023, 7:32 AM State Finished Completed on Sunday, 17 September 2023, 7:43 AM Time taken 10 mins 50 secs Grade 9.00 out of 10.00 ( 90 %) The income statement contains: Select one: a. Owner’s investment and drawings b. Assets and liabilities c. Operating cash flow d. Revenues and expenses Your answer is correct. Explanation: The income statement contains revenues and expenses The correct answer is: Revenues and expenses
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9/17/23, 5:13 PM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4522313&cmid=1260573 2/2
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9/24/23, 7:08 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=11 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 7:08 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=11 2/4 Question 12 Not answered Mark 0.00 out of 1.00 Take me to the text The balance sheet and income statement for Elizabeth Hotels are presented below. Elizabeth Hotels Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $125,370 $76,200 Accounts Receivable $44,200 $28,900 Inventory $76,100 $46,400 Total Current Assets $245,670 $151,500 Land $101,000 $107,000 Equipment $92,000 $132,000 Accumulated Depreciation $-49,000 $-65,000 Total Assets $389,670 $325,500 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $39,000 $65,900 Taxes Payable $28,700 $28,700 Total Current Liabilities $67,700 $94,600 Notes Payable $120,700 $85,300 Total Liabilities $188,400 $179,900 Shareholders' Equity Common Shares $80,000 $66,000 Retained Earnings $121,270 $79,600 Total Shareholders' Equity $201,270 $145,600 Total Liabilities and Equity $389,670 $325,500 Notes: The company paid cash dividends during 2020. The company did not make a notes payable payment during 2020. The company did not purchase any equipment during 2020. The company did not purchase any land during 2020. Elizabeth Hotels Income Statement For the Year Ended December 31, 2020 Revenue $388,000 Cost of Sales $252,200 Gross Profit $135,800 Operating Expenses Depreciation Expense $9,000 Other Operating Expenses $25,100 Total Operating Expenses $34,100 Income from Operations $101,700 Other Income and Expenses Interest Expense $-5,500 Loss on Sale of Equipment $-7,400 Gain on Sale of Land $5,300 Operating Income before Tax $94,100 Income Tax $28,230 Net Income (Loss) $65,870 Prepare the cash flow statement for December 31, 2020 using the indirect method.
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9/24/23, 7:08 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=11 3/4 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Elizabeth Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income Adjustments for Non-Cash Items Depreciation Expense Loss on Sale of Equipment Gain on Sale of Land Changes in Current Assets and Current Liabilities Increase in Accounts Receivable Increase in Inventory Decrease in Accounts Payable Change in Cash Due to Operating Activities Cash Flow from Investing Activities Sale of Equipment Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Issuance of Common Shares Proceeds from Notes Payable Payment of Dividends Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash Cash at the Beginning of the Year Cash at the End of the Year Explanation Prepare the cash flow statement for December 31, 2020 using the indirect method. Elizabeth Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income $65,870 Adjustments for Non-Cash Items Depreciation Expense $9,000 Loss on Sale of Equipment $7,400 Gain on Sale of Land $-5,300
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9/24/23, 7:08 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=11 4/4 Changes in Current Assets and Current Liabilities Increase in Accounts Receivable $-15,300 Increase in Inventory $-29,700 Decrease in Accounts Payable $-26,900 Change in Cash Due to Operating Activities $5,070 Cash Flow from Investing Activities Sale of Equipment $7,600 Sale of Land $11,300 Net Cash Provided (Used) by Investing Activities $18,900 Cash Flow from Financing Activities Issuance of Common Shares $14,000 Proceeds from Notes Payable $35,400 Payment of Dividends $-24,200 Net Cash Provided (Used) by Financing Activities $25,200 Net increase (decrease) in cash $49,170 Cash at the Beginning of the Year $76,200 Cash at the End of the Year $125,370
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9/24/23, 7:08 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=10 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 7:08 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=10 2/4 Question 11 Not answered Mark 0.00 out of 1.00 Take me to the text Ocean Side Hotels has completed its financial statements for 2020. The income statement and comparative balance sheet were prepared as shown below. Ocean Side Hotels Balance Sheet As at November 30 2020 2019 Assets Current Assets Cash $159,410 $62,100 Accounts Receivable $86,400 $85,700 Inventory $214,000 $190,000 Prepaid Expenses $16,200 $16,200 Total Current Assets $476,010 $354,000 Long-Term Assets Land $0 $43,000 Equipment $360,000 $360,000 Accumulated Depreciation $-28,200 $-24,000 Total Long-Term Assets $331,800 $379,000 Total Assets $807,810 $733,000 Liabilities Current Liabilities Accounts Payable $51,100 $46,200 Notes Payable, Current Portion $8,000 $8,000 Total Current Liabilities $59,100 $54,200 Notes Payable, Long-Term Portion $56,000 $64,000 Total Liabilities $115,100 $118,200 Shareholders' Equity Common Shares $161,000 $161,000 Retained Earnings $531,710 $453,800 Total Shareholders' Equity $692,710 $614,800 Total Liabilities and Equity $807,810 $733,000 Additional Information: During 2020, land was sold for a gain of $4,700. There was no purchase of equipment throughout the year. Ocean Side Hotels Income Statement For the Year Ended November 30, 2020 Revenue $563,000 Cost of Sales $337,800 Gross Profit $225,200 Operating Expenses Depreciation Expense $4,200 Other Operating Expenses $64,300 Total Operating Expenses $68,500 Income from Operations $156,700 Other Income and Expenses Gain on Sale of Land $4,700 Income before Income Tax $161,400 Income Tax $56,490 Net Income $104,910 Prepare the statement of cash flows using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash.
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9/24/23, 7:08 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=10 3/4 Ocean Side Hotels Cash Flow Statement For the Year Ended November 30, 2020 Cash Flow from Operating Activities Net Income Adjustments for Non-Cash Items Depreciation Expense Gain on Sale of Land Changes in Current Assets and Current Liabilities Change in Accounts Receivable Change in Inventory Change in Accounts Payable Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Payment of Notes Payable Payment of Cash Dividend Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash Cash at the Beginning of the Year Cash at the End of the Year Explanation Ocean Side Hotels Cash Flow Statement For the Year Ended November 30, 2020 Cash Flow from Operating Activities Net Income $104,910 Adjustments for Non-Cash Items Depreciation Expense $4,200 Gain on Sale of Land $-4,700 Changes in Current Assets and Current Liabilities Change in Accounts Receivable $-700 Change in Inventory $-24,000 Change in Accounts Payable $4,900 Net Cash Provided (Used) by Operating Activities $84,610 Cash Flow from Investing Activities Sale of Land $47,700 Net Cash Provided (Used) by Investing Activities $47,700
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9/24/23, 7:08 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=10 4/4 Cash Flow from Financing Activities Payment of Notes Payable $-8,000 Payment of Cash Dividend $-27,000 Net Cash Provided (Used) by Financing Activities $-35,000 Net increase (decrease) in cash $97,310 Cash at the Beginning of the Year $62,100 Cash at the End of the Year $159,410
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=9 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=9 2/4 Question 10 Not answered Mark 0.00 out of 1.00 Take me to the text Villa Foods International provides food and beverage services to institutional facilities like school and hospitals. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below. Villa Foods International Balance Sheet As at February 28 2020 2019 Assets Current Assets Cash $226,300 $120,900 Accounts Receivable $246,800 $269,100 Food & Beverage Inventory $514,500 $465,300 Prepaid Expenses $24,100 $24,100 Total Current Assets $1,011,700 $879,400 Long-Term Assets Land $0 $18,200 Equipment $330,600 $330,600 Accumulated Depreciation $-103,800 $-91,300 Total Long-Term Assets $226,800 $257,500 Total Assets $1,238,500 $1,136,900 Liabilities Current Liabilities Accounts Payable $318,400 $324,300 Notes Payable, Current Portion $39,300 $21,700 Total Current Liabilities $357,700 $346,000 Notes Payable, Long-Term Portion $213,400 $195,800 Total Liabilities $571,100 $541,800 Shareholders' Equity Common Shares $300,000 $257,000 Retained Earnings $367,400 $338,100 Total Shareholders' Equity $667,400 $595,100 Total Liabilities and Equity $1,238,500 $1,136,900 Additional Information: During 2020, land was sold for a loss of $5,000. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. Villa Foods International Income Statement For the Year Ended February 28, 2020 Revenue $2,037,000 Cost of Sales $1,222,200 Gross Profit $814,800 Operating Expenses Depreciation Expense $12,500 Other Operating Expenses $671,300 Total Operating Expenses $683,800 Income from Operations $131,000 Other Income and Expenses Loss on Sale of Land $-5,000 Income before Income Tax $126,000 Income Tax $44,100 Net Income $81,900 Create the cash flow statement using the indirect method.
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=9 3/4 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Villa Foods International Cash Flow Statement For the Year Ended February 28, 2020 Cash Flow from Operating Activities Net Income Adjustments for Non-Cash Items Depreciation Loss on Sale of Land Change in Current Assets and Current Liabilities Decrease in Accounts Receivable Increase in Food & Beverage Inventory Decrease in Accounts Payable Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Proceeds from Notes Payable Payment of Cash Dividend Issue of Common Shares Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Cash at the End of the Year Explanation Villa Foods International Cash Flow Statement For the Year Ended February 28, 2020 Cash Flow from Operating Activities Net Income $81,900 Adjustments for Non-Cash Items Depreciation $12,500 Loss on Sale of Land $5,000 Change in Current Assets and Current Liabilities Decrease in Accounts Receivable $22,300 Increase in Food & Beverage Inventory $-49,200 Decrease in Accounts Payable $-5,900 Net Cash Provided (Used) by Operating Activities $66,600
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=9 4/4 Cash Flow from Investing Activities Sale of Land $13,200 Net Cash Provided (Used) by Investing Activities $13,200 Cash Flow from Financing Activities Proceeds from Notes Payable $35,200 Payment of Cash Dividend $-52,600 Issue of Common Shares $43,000 Net Cash Provided (Used) by Financing Activities $25,600 Net Increase (Decrease) in Cash $105,400 Cash at the Beginning of the Year $120,900 Cash at the End of the Year $226,300
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=8 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=8 2/3 Question 9 Not answered Mark 0.00 out of 1.00 Take me to the text A simplified balance sheet for Supernova Cafe Inc. contain the following amounts at the end of 2019 and 2020. Supernova Cafe Inc. Balance Sheet As at February 28 2020 2019 Assets Current Assets Cash $44,600 $10,700 Accounts Receivable $15,500 $13,100 Prepaid Rent $2,900 $1,900 Food & Beverage Inventory $33,400 $20,700 Total Current Assets $96,400 $46,400 Long-Term Assets Equipment $177,000 $157,000 Accumulated Depreciation $-25,200 $-15,200 Total Long-Term Assets $151,800 $141,800 Total Assets $248,200 $188,200 Liabilities Current Liabilities $18,600 $18,600 Long-Term Liabilities $29,000 $32,000 Total Liabilities $47,600 $50,600 Shareholders' Equity Common Shares $84,000 $52,000 Retained Earnings $116,600 $85,600 Total Shareholders' Equity $200,600 $137,600 Total Liabilities and Equity $248,200 $188,200 Assume current liabilities include only items from operations (e.g., accounts payable, taxes payable). Long-term liabilities include items from financing (e.g. bonds and other long-term liabilities). Note that the company did not sell any equipment and did not borrow any additional long-term liabilities throughout the year. Prepare the cash flow statement for 2020 using the indirect method. Assume no dividends were declared or paid in 2020. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Supernova Cafe Inc. Cash Flow Statement For the Year Ended February 28, 2020 Cash Flow from Operations Net Income Adjustments for Non-Cash Items Depreciation Expense Change in Current Assets and Current Liabilities Increase in Accounts Receivable Increase in Prepaid Rent Increase in Food & Beverage Inventory Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Purchase of Equipment Net Cash Provided (Used) by Investing Activities
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=8 3/3 Cash Flow from Financing Activities Issuance of Common Shares Repayment of Long-Term Liabilities Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Cash at the End of the Year Explanation Supernova Cafe Inc. Cash Flow Statement For the Year Ended February 28, 2020 Cash Flow from Operations Net Income $31,000 Adjustments for Non-Cash Items Depreciation Expense $10,000 Change in Current Assets and Current Liabilities Increase in Accounts Receivable $-2,400 Increase in Prepaid Rent $-1,000 Increase in Food & Beverage Inventory $-12,700 Net Cash Provided (Used) by Operating Activities $24,900 Cash Flow from Investing Activities Purchase of Equipment $-20,000 Net Cash Provided (Used) by Investing Activities $-20,000 Cash Flow from Financing Activities Issuance of Common Shares $32,000 Repayment of Long-Term Liabilities $-3,000 Net Cash Provided (Used) by Financing Activities $29,000 Net Increase (Decrease) in Cash $33,900 Cash at the Beginning of the Year $10,700 Cash at the End of the Year $44,600
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 8 Not answered Mark 0.00 out of 1.00 Take me to the text Patty's Restaurant’s cash account decreased by $18,000. Net cash provided by operating activities was $19,000. Net cash used by investing activities was $24,000. Based on this information, calculate the net cash provided (used) by financing activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from financing activities = $ Explanation Net change in cash balance = $19,000 - $24,000 - $13,000 = -$18,000
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=7 2/2
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 7 Not answered Mark 0.00 out of 1.00 Take me to the text The following information pertains to Forest Brew Pub for the fiscal year 2020. Purchase of equipment $31,000 Sale of long-term investment $16,000 Increase in accounts payable $6,700 Repayment of loans payable $14,000 Depreciation of equipment $6,000 Calculate the net cash provided (used) by investing activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from investing activities = $ Explanation A purchase of plant and equipment is a decrease in cash. A sale of investments is an increase in cash. Cash from investing activities is $-15,000.
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=6 2/2
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 6 Not answered Mark 0.00 out of 1.00 Take me to the text Norway Hotel had net income for 2020 of $131,300. Included in net income was depreciation of $2,500, a gain on sale of land of $5,200, loss on sale of equipment of $10,600 and income taxes of $34,900. Using the information given, calculate the net cash provided (used) by operating activities using the indirect method. Assume that the balances of current assets (except cash) and current liabilities remain the same as last year. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Net cash provided (used) by operating activities = $ Explanation Begin with net income. Depreciation is added to net income. A loss is added to net income A gain is subtracted from net income Net cash provided (used) by operating activities = $139,200.
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=5 2/2
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=4 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=4 2/3 Question 5 Not answered Mark 0.00 out of 1.00 Take me to the text Use the following information to prepare the operating activities section of a statement of cash flows for Jon's Catering Company for 2020 using the indirect method. Net Income $285,000 Increase in food and beverage inventory $28,900 Increase in accounts payable $11,000 Depreciation expense $47,000 Decrease in accounts receivable $20,000 Gain on sale of land $20,200 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Jon's Catering Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income Adjustments for Non-Cash Items Depreciation expense Gain on sale of land Change in Current Assets and Current Liabilities Decrease in accounts receivable Increase in food and beverage inventory Increase in accounts payable Net Cash Provided (Used) by Operating Activities Explanation Jon's Catering Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income $285,000 Adjustments for Non-Cash Items Depreciation expense $47,000 Gain on sale of land $-20,200 Change in Current Assets and Current Liabilities Decrease in accounts receivable $20,000 Increase in food and beverage inventory $-28,900 Increase in accounts payable $11,000 Net Cash Provided (Used) by Operating Activities $313,900
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=4 3/3
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 4 Not answered Mark 0.00 out of 1.00 Take me to the text Kersley Diner's net income for the year ended December 31, 2020 was $84,000. Additional information is shown below. Interest expense on borrowing $8,900 Increase in accounts receivable $13,000 Decrease in food inventory $2,600 Decrease in accounts payable $3,500 Dividends paid to common shareholders $12,100 Calculate the net cash provided (used) by operating activities using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $ Explanation Begin with net income. An increase in accounts receivable is subtracted from net income. A decrease in food inventory is added to net income. A decrease in accounts payable is subtracted from net income. Cash from operating activities is $70,100.
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=3 2/2
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 3 Not answered Mark 0.00 out of 1.00 Take me to the text DC Hotel's net income for the year ended April 30, 2020 was $112,000. Additional data for the year is provided below. Purchase of property and equipment $296,000 Depreciation of property and equipment $14,300 Dividends declared $46,000 Increase in accounts receivable $38,000 Loss on sale of equipment $12,000 Issue of common shares $19,100 Calculate the net cash provided (used) by operating activities using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $ Explanation Begin with net income. Depreciation is added to net income. An increase in accounts receivable is subtracted from net income. A loss on sale of equipment is added to net income. Cash from operating activities is $100,300.
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=2 2/2
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 2 Not answered Mark 0.00 out of 9.00 Take me to the text Indicate the section of the statement of cash flow where each item would be located (operating, investing, or financing activities) using the indirect method. Item Section Change in Accounts Payable Change in Beverage Inventory Change in Long-Term Assets Change in Long-Term Portion of Notes Payable Change in Current Portion of Notes Payable Change in Prepaid Rent Change in Accounts Receivable Change in Common Shares Gain on Sale of Property and Equipment Explanation Item Section Change in Accounts Payable Operating Change in Beverage Inventory Operating Change in Long-Term Assets Investing Change in Long-Term Portion of Notes Payable Financing Change in Current Portion of Notes Payable Financing Change in Prepaid Rent Operating Change in Accounts Receivable Operating Change in Common Shares Financing Gain on Sale of Property and Equipment Operating
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574&page=1 2/2
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 1 Not answered Mark 0.00 out of 9.00 Started on Sunday, 24 September 2023, 9:36 AM State Finished Completed on Sunday, 24 September 2023, 9:37 AM Time taken 7 secs Grade 0.00 out of 93.00 ( 0 %) Take me to the text For each item listed, indicate how the item will impact cash flow (increase, decrease, or no change) using the indirect method. Item Effect on Cash Net Income Increase in Accounts Payable Decrease in Accounts Receivable Purchase of Long-Term Assets Payment of Notes Payable Increase in Food Inventory Pay Dividends Increase in Loans Increase in Prepaid Insurance Explanation Item Effect on Cash Net Income Increase Increase in Accounts Payable Increase Decrease in Accounts Receivable Increase Purchase of Long-Term Assets Decrease Payment of Notes Payable Decrease Increase in Food Inventory Decrease Pay Dividends Decrease Increase in Loans Increase Increase in Prepaid Insurance Decrease
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9/24/23, 7:07 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542382&cmid=1260574 2/2
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9/24/23, 11:58 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 6 Not answered Marked out of 1.00 Retained earnings consist of: Select one: a. Preferred shares and common shares b. Revenue and assets c. Total of all assets and liabilities d. Cumulative net income of the corporation, net of dividends Your answer is incorrect. Explanation: Retained earnings consist of Cumulative net income of the corporation, net of dividends The correct answer is: Cumulative net income of the corporation, net of dividends
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9/24/23, 11:58 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=5 2/2
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9/24/23, 11:57 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 5 Not answered Marked out of 1.00 2020 2019 2018 Revenue 2,000,000 1,500,000 1,000,000 Using horizontal analysis on the above table, we can determine that Select one: a. Even though revenue is increasing every year, the percentage increase from 2019 to 2020 is less than the percentage increase from 2018 to 2019. b. Revenue is increasing every year and the rate of increase from 2019 to 2020 is higher than the rate of increase from 2018 to 2019. c. None of the choices d. The percentage increase in revenue from 2019 to 2020 is the same as the percentage increase in revenue from 2018 to 2019. Your answer is incorrect. Explanation: The percentage change from 2018 to 2019 is 50% [(1.5M – 1M)/1M], while the percentage change from 2019 to 2020 is only 33.33% [(2M-1.5)/1.5M]. Thus, the rate of increase from 2019 to 2020 is less than the rate of increase from 2018 and 2019. The correct answer is: Even though revenue is increasing every year, the percentage increase from 2019 to 2020 is less than the percentage increase from 2018 to 2019.
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9/24/23, 11:57 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=4 2/2
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9/24/23, 11:58 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 7 Not answered Marked out of 1.00 Current Assets $2,000 Long–Term Assets 5,000 Current Liabilities 1,000 Long–Term Liabilities 4,000 Using the above figures, the working capital is Select one: a. $7,000 b. $2,000 c. $5,000 d. $1,000 Your answer is incorrect. Explanation: Working capital ($1,000) is calculated by current assets ($2,000) less current liabilities ($1,000). The correct answer is: $1,000
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9/24/23, 11:58 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=6 2/2
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9/24/23, 11:58 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 8 Not answered Marked out of 1.00 A company shows the following figures on its financial statements: Revenue $8,700 Cost of Sales 6,000 Operating Expenses 1,800 The net profit margin for the company is Select one: a. $900 b. 10.34% c. $2,700 d. 31.03% Your answer is incorrect. Explanation: Net profit margin requires dividing net income over revenue. Net income is $900 ($8,700 - $6,000 - $1,800); therefore, net profit margin is approximately 10.34% ($900/$8,700). The correct answer is: 10.34%
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 4 Correct Mark 1.00 out of 1.00 Take me to the text Kelsy Diner's net income for the year ended October 31, 2020 was $94,000. Additional information is shown below. Interest expense on borrowing $6,900 Increase in accounts receivable $13,700 Decrease in prepaid expense $2,900 Decrease in accounts payable $3,100 Dividends paid to common shareholders $16,000 Calculate the net cash provided (used) by operating activities using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $ 80100 Explanation Begin with net income. An increase in accounts receivable is subtracted from net income. A decrease in prepaid expense is added to net income. A decrease in accounts payable is subtracted from net income. Cash from operating activities is $80,100. Correct Marks for this submission: 1.00/1.00.
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9/24/23, 11:58 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=8 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 9 Not answered Marked out of 1.00 Which of the following statements concerning current and quick ratios is true? Select one: a. The Current Ratio will always be less than the Quick Ratio b. There is no relationship between the Current Ratio and Quick Ratio c. The Current Ratio will always be equal to the Quick Ratio d. The Current Ratio will always be greater than or equal to the Quick Ratio Your answer is incorrect. Explanation: Quick ratio only includes cash, short-term investments, and net accounts Receivable, while current ratio includes all current assets. Thus, Current ratio will always be greater than or equal to Quick Ratio. The correct answer is: The Current Ratio will always be greater than or equal to the Quick Ratio
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 3 Correct Mark 1.00 out of 1.00 Take me to the text DC Hotel's net income for the year ended December 31, 2020 was $149,000. Additional data for the year is provided below. Purchase of property and equipment $259,000 Depreciation of property and equipment $14,200 Dividends declared $55,000 Increase in food inventory $23,000 Loss on sale of equipment $19,000 Issue of common shares $19,100 Calculate the net cash provided (used) by operating activities using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $ 159200 Explanation Begin with net income. Depreciation is added to net income. An increase in food inventory is subtracted from net income. A loss on sale of equipment is added to net income. Cash from operating activities is $159,200. Correct Marks for this submission: 1.00/1.00.
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9/24/23, 11:58 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 2 Correct Mark 9.00 out of 9.00 Take me to the text Indicate the section of the statement of cash flow where each item would be located (operating, investing, or financing activities) using the indirect method. Item Section Change in Accounts Payable Change in Beverage Inventory Change in Long-Term Assets Change in Long-Term Portion of Notes Payable Change in Current Portion of Notes Payable Change in Prepaid Rent Change in Accounts Receivable Change in Common Shares Gain on Sale of Property and Equipment Operating Operating Investing Financing Financing Operating Operating Financing Operating Explanation Item Section Change in Accounts Payable Operating Change in Beverage Inventory Operating Change in Long-Term Assets Investing Change in Long-Term Portion of Notes Payable Financing Change in Current Portion of Notes Payable Financing Change in Prepaid Rent Operating Change in Accounts Receivable Operating Change in Common Shares Financing Gain on Sale of Property and Equipment Operating Correct Marks for this submission: 9.00/9.00.
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9/24/23, 11:58 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 1 Correct Mark 9.00 out of 9.00 Started on Sunday, 17 September 2023, 7:10 AM State Finished Completed on Thursday, 21 September 2023, 1:29 PM Time taken 4 days 6 hours Grade 28.00 out of 93.00 ( 30 %) Take me to the text For each item listed, indicate how the item will impact cash flow (increase, decrease, or no change) using the indirect method. Item Effect on Cash Net Income Increase in Accounts Payable Decrease in Accounts Receivable Purchase of Long-Term Assets Payment of Notes Payable Increase in Food Inventory Pay Dividends Increase in Loans Increase in Prepaid Insurance Increase Increase Increase Decrease Decrease Decrease Decrease Increase Decrease Explanation Item Effect on Cash Net Income Increase Increase in Accounts Payable Increase Decrease in Accounts Receivable Increase Purchase of Long-Term Assets Decrease Payment of Notes Payable Decrease Increase in Food Inventory Decrease Pay Dividends Decrease Increase in Loans Increase Increase in Prepaid Insurance Decrease Correct Marks for this submission: 9.00/9.00.
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 8 Correct Mark 1.00 out of 1.00 Take me to the text Patty's Restaurant’s cash account decreased by $19,000. Net cash provided by operating activities was $16,000. Net cash used by investing activities was $23,000. Based on this information, calculate the net cash provided (used) by financing activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from financing activities = $ -12000 Explanation Net change in cash balance = $16,000 - $23,000 - $12,000 = -$19,000 Correct Marks for this submission: 1.00/1.00.
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=10 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=10 2/4 Question 11 Correct Mark 1.00 out of 1.00 Take me to the text Ocean Side Hotels has completed its financial statements for 2020. The income statement and comparative balance sheet were prepared as shown below. Ocean Side Hotels Balance Sheet As at January 31 2020 2019 Assets Current Assets Cash $156,355 $59,200 Accounts Receivable $89,900 $91,000 Inventory $213,000 $189,900 Prepaid Expenses $11,400 $11,400 Total Current Assets $470,655 $351,500 Long-Term Assets Land $0 $40,000 Equipment $345,000 $345,000 Accumulated Depreciation $-28,400 $-22,800 Total Long-Term Assets $316,600 $362,200 Total Assets $787,255 $713,700 Liabilities Current Liabilities Accounts Payable $51,900 $46,100 Notes Payable, Current Portion $7,100 $7,100 Total Current Liabilities $59,000 $53,200 Notes Payable, Long-Term Portion $65,900 $73,000 Total Liabilities $124,900 $126,200 Shareholders' Equity Common Shares $162,000 $162,000 Retained Earnings $500,355 $425,500 Total Shareholders' Equity $662,355 $587,500 Total Liabilities and Equity $787,255 $713,700 Additional Information: During 2020, land was sold for a gain of $4,300. There was no purchase of equipment throughout the year. Ocean Side Hotels Income Statement For the Year Ended January 31, 2020 Revenue $568,000 Cost of Sales $340,800 Gross Profit $227,200 Operating Expenses Depreciation Expense $5,600 Other Operating Expenses $69,200 Total Operating Expenses $74,800 Income from Operations $152,400 Other Income and Expenses Gain on Sale of Land $4,300 Income before Income Tax $156,700 Income Tax $54,845 Net Income $101,855 Prepare the statement of cash flows using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash.
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=10 3/4 Ocean Side Hotels Cash Flow Statement For the Year Ended January 31, 2020 Cash Flow from Operating Activities Net Income 101855 Adjustments for Non-Cash Items Depreciation Expense 5600 Gain on Sale of Land -4300 Changes in Current Assets and Current Liabilities Change in Accounts Receivable 1100 Change in Inventory -23100 Change in Accounts Payable 5800 Net Cash Provided (Used) by Operating Activities 86955 Cash Flow from Investing Activities Sale of Land 44300 Net Cash Provided (Used) by Investing Activities 44300 Cash Flow from Financing Activities Payment of Notes Payable -7100 Payment of Cash Dividend -27000 Net Cash Provided (Used) by Financing Activities -34100 Net increase (decrease) in cash 97155 Cash at the Beginning of the Year 59200 Cash at the End of the Year 156355 Explanation Ocean Side Hotels Cash Flow Statement For the Year Ended January 31, 2020 Cash Flow from Operating Activities Net Income $101,855 Adjustments for Non-Cash Items Depreciation Expense $5,600 Gain on Sale of Land $-4,300 Changes in Current Assets and Current Liabilities Change in Accounts Receivable $1,100 Change in Inventory $-23,100 Change in Accounts Payable $5,800 Net Cash Provided (Used) by Operating Activities $86,955 Cash Flow from Investing Activities Sale of Land $44,300 Net Cash Provided (Used) by Investing Activities $44,300 Cash Flow from Financing Activities Payment of Notes Payable $-7,100 Payment of Cash Dividend $-27,000 Net Cash Provided (Used) by Financing Activities $-34,100 Net increase (decrease) in cash $97,155 Cash at the Beginning of the Year $59,200 Cash at the End of the Year $156,355
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=10 4/4 Correct Marks for this submission: 1.00/1.00.
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9/24/23, 11:57 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 3 Not answered Marked out of 1.00 The assets included in the quick ratio formula include: Select one: a. Adding short-term investments and accounts receivable to cash b. Inventory and accounts receivble c. inventory, prepaid expenses and total assets d. Inventory Your answer is incorrect. Explanation: Quick ratio formula does not include inventory and prepaid expense. The assets included in the quick ratio formula are: cash + short-term investments + accounts receivable The correct answer is: Adding short-term investments and accounts receivable to cash
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9/24/23, 11:57 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 4 Not answered Marked out of 1.00 The correct formula for Return on Equity is: Select one: a. Net Income / Average Preferred Shareholders’ Equity b. Net Income / Equity and Liabilities c. Net Income / Average Shareholders’ Equity d. (Net Income – Assets) / Average Shareholders’ Equity Your answer is incorrect. Explanation: Return on Equity looks at the return for shareholders’The correct formula is Net Income / Average Shareholders’ Equity. The correct answer is: Net Income / Average Shareholders’ Equity
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9/24/23, 11:56 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 2 Not answered Marked out of 1.00 A local hotel had ratio of 60% food and beverage sales to room sales in January. If this ratio decreases to 58% in February, what has happened? Select one: a. Room revenue has increased b. There is not information to tell what has happened c. Food and beverage revenue has increased d. Food and beverage and room revenue have both decreased Your answer is incorrect. Explanation: The ratio of food and beverage revenue to room revenue is calculated as food and beverage revenue divided by room revenue. If the ratio has decreased it could be due to a change in either of these variables so we do not have enough information to tell what has happened. The correct answer is: There is not information to tell what has happened
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9/24/23, 11:58 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583&page=9 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 10 Not answered Marked out of 1.00 If a restaurant has food sales of $160,000 and total sales of $200,000, what is the percentage of beverage sales to food sales? Select one: a. 150% b. 25% c. 10% d. 60% Your answer is incorrect. Explanation: Beverage sales as a percentage of food sales is calculated by dividing total beverage sales by total food sales. Total beverage sales is calculated by subtracting food sales from total sales ($200,000 – 160,000), ($40,000/$160,000). The correct answer is: 25%
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 7 Correct Mark 1.00 out of 1.00 Take me to the text The following information pertains to Bush Brew Pub for the fiscal year 2020. Purchase of equipment $32,000 Purchase of long-term investment $19,000 Increase in accounts payable $5,600 Repayment of loans payable $11,000 Depreciation of equipment $5,300 Calculate the net cash provided (used) by investing activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from investing activities = $ -51000 Explanation A purchase of plant and equipment is a decrease in cash. A purchase of investments is a decrease in cash. Cash from investing activities is $-51,000. Correct Marks for this submission: 1.00/1.00.
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 5 Correct Mark 1.00 out of 1.00 Take me to the text Use the following information to prepare the operating activities section of a statement of cash flows for Max's Catering Company for 2020 using the indirect method. Net Income $278,000 Increase in food and beverage inventory $21,700 Increase in accounts payable $12,000 Depreciation expense $41,000 Decrease in accounts receivable $14,000 Gain on sale of land $22,000 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Max's Catering Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income 278000 Adjustments for Non-Cash Items Depreciation expense 41000 Gain on sale of land -22000 Change in Current Assets and Current Liabilities Decrease in accounts receivable 14000 Increase in food and beverage inventory -21700 Increase in accounts payable 12000 Net Cash Provided (Used) by Operating Activities 301300 Explanation Max's Catering Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income $278,000 Adjustments for Non-Cash Items Depreciation expense $41,000 Gain on sale of land $-22,000 Change in Current Assets and Current Liabilities Decrease in accounts receivable $14,000 Increase in food and beverage inventory $-21,700 Increase in accounts payable $12,000 Net Cash Provided (Used) by Operating Activities $301,300 Correct Marks for this submission: 1.00/1.00.
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=11 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=11 2/4 Question 12 Correct Mark 1.00 out of 1.00 Take me to the text The balance sheet and income statement for Mary Hotels are presented below. Mary Hotels Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $127,680 $77,700 Accounts Receivable $46,100 $30,600 Inventory $75,800 $46,300 Total Current Assets $249,580 $154,600 Land $96,000 $105,000 Equipment $94,000 $132,000 Accumulated Depreciation $-52,000 $-64,000 Total Assets $387,580 $327,600 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $41,200 $68,900 Taxes Payable $21,700 $21,700 Total Current Liabilities $62,900 $90,600 Notes Payable $128,500 $89,700 Total Liabilities $191,400 $180,300 Shareholders' Equity Common Shares $75,300 $68,300 Retained Earnings $120,880 $79,000 Total Shareholders' Equity $196,180 $147,300 Total Liabilities and Equity $387,580 $327,600 Notes: The company paid cash dividends during 2020. The company did not make a notes payable payment during 2020. The company did not purchase any equipment during 2020. The company did not purchase any land during 2020. Mary Hotels Income Statement For the Year Ended December 31, 2020 Revenue $382,000 Cost of Sales $248,300 Gross Profit $133,700 Operating Expenses Depreciation Expense $8,000 Other Operating Expenses $26,900 Total Operating Expenses $34,900 Income from Operations $98,800 Other Income and Expenses Interest Expense $-7,400 Loss on Sale of Equipment $-6,200 Gain on Sale of Land $5,200 Operating Income before Tax $90,400 Income Tax $27,120 Net Income (Loss) $63,280 Prepare the cash flow statement for December 31, 2020 using the indirect method.
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=11 3/4 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Mary Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income 63280 Adjustments for Non-Cash Items Depreciation Expense 8000 Loss on Sale of Equipment 6200 Gain on Sale of Land -5200 Changes in Current Assets and Current Liabilities Increase in Accounts Receivable -15500 Increase in Inventory -29500 Decrease in Accounts Payable -27700 Change in Cash Due to Operating Activities -420 Cash Flow from Investing Activities Sale of Equipment 11800 Sale of Land 14200 Net Cash Provided (Used) by Investing Activities 26000 Cash Flow from Financing Activities Issuance of Common Shares 7000 Proceeds from Notes Payable 38800 Payment of Dividends -21400 Net Cash Provided (Used) by Financing Activities 24400 Net increase (decrease) in cash 49980 Cash at the Beginning of the Year 77700 Cash at the End of the Year 127680 Explanation Prepare the cash flow statement for December 31, 2020 using the indirect method. Mary Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income $63,280 Adjustments for Non-Cash Items Depreciation Expense $8,000 Loss on Sale of Equipment $6,200 Gain on Sale of Land $-5,200 Changes in Current Assets and Current Liabilities Increase in Accounts Receivable $-15,500 Increase in Inventory $-29,500 Decrease in Accounts Payable $-27,700 Change in Cash Due to Operating Activities $-420 Cash Flow from Investing Activities Sale of Equipment $11,800 Sale of Land $14,200
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=11 4/4 Net Cash Provided (Used) by Investing Activities $26,000 Cash Flow from Financing Activities Issuance of Common Shares $7,000 Proceeds from Notes Payable $38,800 Payment of Dividends $-21,400 Net Cash Provided (Used) by Financing Activities $24,400 Net increase (decrease) in cash $49,980 Cash at the Beginning of the Year $77,700 Cash at the End of the Year $127,680 Correct Marks for this submission: 1.00/1.00.
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 6 Correct Mark 1.00 out of 1.00 Take me to the text Norway Hotel had net income for 2020 of $130,000. Included in net income was depreciation of $2,400, a gain on sale of land of $6,800, loss on sale of equipment of $9,000 and income taxes of $28,400. Using the information given, calculate the net cash provided (used) by operating activities using the indirect method. Assume that the balances of current assets (except cash) and current liabilities remain the same as last year. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Net cash provided (used) by operating activities = $ 134600 Explanation Begin with net income. Depreciation is added to net income. A loss is added to net income A gain is subtracted from net income Net cash provided (used) by operating activities = $134,600. Correct Marks for this submission: 1.00/1.00.
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=8 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=8 2/3 Question 9 Correct Mark 1.00 out of 1.00 Take me to the text A simplified balance sheet for Planet Cafe Inc. contain the following amounts at the end of 2019 and 2020. Planet Cafe Inc. Balance Sheet As at October 31 2020 2019 Assets Current Assets Cash $13,000 $8,200 Accounts Receivable $11,500 $11,100 Prepaid Rent $3,500 $1,700 Food & Beverage Inventory $33,200 $11,300 Total Current Assets $61,200 $32,300 Long-Term Assets Equipment $178,000 $169,000 Accumulated Depreciation $-28,000 $-15,100 Total Long-Term Assets $150,000 $153,900 Total Assets $211,200 $186,200 Liabilities Current Liabilities $17,700 $17,700 Long-Term Liabilities $25,000 $43,000 Total Liabilities $42,700 $60,700 Shareholders' Equity Common Shares $78,000 $57,000 Retained Earnings $90,500 $68,500 Total Shareholders' Equity $168,500 $125,500 Total Liabilities and Equity $211,200 $186,200 Assume current liabilities include only items from operations (e.g., accounts payable, taxes payable). Long-term liabilities include items from financing (e.g. bonds and other long-term liabilities). Note that the company did not sell any equipment and did not borrow any additional long-term liabilities throughout the year. Prepare the cash flow statement for 2020 using the indirect method. Assume no dividends were declared or paid in 2020. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Planet Cafe Inc. Cash Flow Statement For the Year Ended October 31, 2020 Cash Flow from Operations Net Income 22000 Adjustments for Non-Cash Items Depreciation Expense 12900 Change in Current Assets and Current Liabilities Increase in Accounts Receivable -400 Increase in Prepaid Rent -1800 Increase in Food & Beverage Inventory -21900 Net Cash Provided (Used) by Operating Activities 10800
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=8 3/3 Cash Flow from Investing Activities Purchase of Equipment -9000 Net Cash Provided (Used) by Investing Activities -9000 Cash Flow from Financing Activities Issuance of Common Shares 21000 Repayment of Long-Term Liabilities -18000 Net Cash Provided (Used) by Financing Activities 3000 Net Increase (Decrease) in Cash 4800 Cash at the Beginning of the Year 8200 Cash at the End of the Year 13000 Explanation Planet Cafe Inc. Cash Flow Statement For the Year Ended October 31, 2020 Cash Flow from Operations Net Income $22,000 Adjustments for Non-Cash Items Depreciation Expense $12,900 Change in Current Assets and Current Liabilities Increase in Accounts Receivable $-400 Increase in Prepaid Rent $-1,800 Increase in Food & Beverage Inventory $-21,900 Net Cash Provided (Used) by Operating Activities $10,800 Cash Flow from Investing Activities Purchase of Equipment $-9,000 Net Cash Provided (Used) by Investing Activities $-9,000 Cash Flow from Financing Activities Issuance of Common Shares $21,000 Repayment of Long-Term Liabilities $-18,000 Net Cash Provided (Used) by Financing Activities $3,000 Net Increase (Decrease) in Cash $4,800 Cash at the Beginning of the Year $8,200 Cash at the End of the Year $13,000 Correct Marks for this submission: 1.00/1.00.
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=9 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=9 2/4 Question 10 Correct Mark 1.00 out of 1.00 Take me to the text Villa Foods International provides food and beverage services to institutional facilities like school and hospitals. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below. Villa Foods International Balance Sheet As at January 31 2020 2019 Assets Current Assets Cash $264,815 $124,900 Accounts Receivable $229,600 $259,600 Food & Beverage Inventory $506,400 $458,600 Prepaid Expenses $22,700 $22,700 Total Current Assets $1,023,515 $865,800 Long-Term Assets Land $0 $16,400 Equipment $338,100 $338,100 Accumulated Depreciation $-103,400 $-98,400 Total Long-Term Assets $234,700 $256,100 Total Assets $1,258,215 $1,121,900 Liabilities Current Liabilities Accounts Payable $312,800 $322,400 Notes Payable, Current Portion $36,700 $24,300 Total Current Liabilities $349,500 $346,700 Notes Payable, Long-Term Portion $212,000 $189,700 Total Liabilities $561,500 $536,400 Shareholders' Equity Common Shares $278,000 $253,000 Retained Earnings $418,715 $332,500 Total Shareholders' Equity $696,715 $585,500 Total Liabilities and Equity $1,258,215 $1,121,900 Additional Information: During 2020, land was sold for a loss of $5,700. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. Villa Foods International Income Statement For the Year Ended January 31, 2020 Revenue $2,295,000 Cost of Sales $1,377,000 Gross Profit $918,000 Operating Expenses Depreciation Expense $5,000 Other Operating Expenses $696,200 Total Operating Expenses $701,200 Income from Operations $216,800 Other Income and Expenses Loss on Sale of Land $-5,700 Income before Income Tax $211,100 Income Tax $73,885 Net Income $137,215 Create the cash flow statement using the indirect method.
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=9 3/4 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Villa Foods International Cash Flow Statement For the Year Ended January 31, 2020 Cash Flow from Operating Activities Net Income 137215 Adjustments for Non-Cash Items Depreciation 5000 Loss on Sale of Land 5700 Change in Current Assets and Current Liabilities Decrease in Accounts Receivable 30000 Increase in Food & Beverage Inventory -47800 Decrease in Accounts Payable -9600 Net Cash Provided (Used) by Operating Activities 120515 Cash Flow from Investing Activities Sale of Land 10700 Net Cash Provided (Used) by Investing Activities 10700 Cash Flow from Financing Activities Proceeds from Notes Payable 34700 Payment of Cash Dividend -51000 Issue of Common Shares 25000 Net Cash Provided (Used) by Financing Activities 8700 Net Increase (Decrease) in Cash 139915 Cash at the Beginning of the Year 124900 Cash at the End of the Year 264815 Explanation Villa Foods International Cash Flow Statement For the Year Ended January 31, 2020 Cash Flow from Operating Activities Net Income $137,215 Adjustments for Non-Cash Items Depreciation $5,000 Loss on Sale of Land $5,700 Change in Current Assets and Current Liabilities Decrease in Accounts Receivable $30,000 Increase in Food & Beverage Inventory $-47,800 Decrease in Accounts Payable $-9,600 Net Cash Provided (Used) by Operating Activities $120,515 Cash Flow from Investing Activities Sale of Land $10,700 Net Cash Provided (Used) by Investing Activities $10,700 Cash Flow from Financing Activities Proceeds from Notes Payable $34,700 Payment of Cash Dividend $-51,000 Issue of Common Shares $25,000
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9/24/23, 11:59 AM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4522299&cmid=1260574&page=9 4/4 Net Cash Provided (Used) by Financing Activities $8,700 Net Increase (Decrease) in Cash $139,915 Cash at the Beginning of the Year $124,900 Cash at the End of the Year $264,815 Correct Marks for this submission: 1.00/1.00.
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9/24/23, 11:56 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 1 Not answered Marked out of 1.00 Started on Sunday, 24 September 2023, 2:25 AM State Finished Completed on Sunday, 24 September 2023, 2:26 AM Time taken 7 secs Grade 0.00 out of 10.00 ( 0 %) Gains and losses may result from: Select one: a. Proceeds from winning a lawsuit settlement b. Selling equipment c. All of the available choices d. Recording the changes in value of investments Your answer is incorrect. Explanation: Gains and losses may result from selling assets, such as equipment, or recording the changes in value of investments. In other cases, gains or losses happen with activities not related to long-term assets. For example, the proceeds from winning a lawsuit settlement are considered a gain, while expenditures from losing a lawsuit settlement are considered a loss. The correct answer is: All of the available choices
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9/24/23, 11:56 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542169&cmid=1260583 2/2
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=9 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 10 Correct Mark 1.00 out of 1.00 If occupancy percentage has decreased over the prior month and there has been no change to the number of rooms in the hotel, then what has happened? Select one: a. The number of available rooms has increased b. The number of occupied rooms has decreased c. The number of available rooms has decreased d. The number of occupied rooms has increased Your answer is correct. Explanation: The occupancy percentage is calculated as total room occupied divided by the number of available rooms. If the number of available rooms remains the same, then the number of occupied rooms has decreased. The correct answer is: The number of occupied rooms has decreased
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=9 2/2
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=8 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 9 Correct Mark 1.00 out of 1.00 A company's financial statements show the following numbers: 2019 2018 Assets 3,000 2,000 Liabilities 2,000 1,000 Sales Revenue 9,000 10,000 Expenses 8,400 5,200 The asset turnover for 2019 is: Select one: a. 28% b. 3.6 c. 3 d. 33 Your answer is correct. Explanation: Asset turnover is calculated by dividing sales revenue by the average total assets. Average total assets in this case is $2,500 [($3,000+$2,000)/2]. Therefore, asset turnover is 3.6 ($9,000/$2,500). The correct answer is: 3.6
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=8 2/2
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 8 Correct Mark 1.00 out of 1.00 A company’s working capital would always be positive if its current ratio is Select one: a. Negative b. Equal to 1 c. A positive decimal between 0 and 1 d. Greater than 1 Your answer is correct. Explanation: Working capital is calculated by deducting current assets by current liabilities. Current ratio is calculated by dividing current assets by current liabilities. Thus. when a company has more current assets than current liabilities, its working capital is positive and its current ratio is higher than 1. The correct answer is: Greater than 1
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=7 2/2
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 7 Correct Mark 1.00 out of 1.00 The income statement is a summary of: Select one: a. How profits or losses were generated during an accounting period b. A snapshot of a company’s financial position at a single point in time c. None of the available choices d. How the company is managing its cash balance during an accounting period Your answer is correct. Explanation: The income statement is a summary of how profits or losses were generated during an accounting period. The correct answer is: How profits or losses were generated during an accounting period
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=6 2/2
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 6 Incorrect Mark 0.00 out of 1.00 The formula “(Sales Revenue – Cost of Sales) ÷ Sales Revenue” produces: Select one: a. A percentage referred to as Gross Profit Margin b. An amount referred to as Net Profit c. An amount referred to as Gross Profit d. An percentage referred to as Net Profit Margin Your answer is incorrect. Explanation: Gross profit margin subtracts cost of sales from sales revenue, the result of which is divided by sales revenue. The correct answer is: A percentage referred to as Gross Profit Margin
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=5 2/2
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 5 Correct Mark 1.00 out of 1.00 A company’s gross profit margin has increased from 35% to 55%. Therefore, its net income has: Select one: a. Decreased b. Increased, but not by the same percentage c. Increased by the same percentage d. Not enough information provided to determine if net income has increased or decreased Your answer is correct. Explanation: There is not enough information to conclude whether net income has increased or decreased. Operating expenses, such as administration and depreciation expenses, need to be considered when determining the change in net income. The correct answer is: Not enough information provided to determine if net income has increased or decreased
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=4 2/2
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 4 Correct Mark 1.00 out of 1.00 Which analysis tool expresses individual line items as a percentage of another line item in the same period? Select one: a. Horizontal analysis b. Diagonal analysis c. Vertical analysis d. Segment analysis Your answer is correct. Explanation: Vertical analysis expresses individual accounts in the same period as a percentage of another account. The correct answer is: Vertical analysis
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9/24/23, 11:55 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=3 2/2
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9/24/23, 11:54 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 3 Correct Mark 1.00 out of 1.00 In horizontal analysis, the earliest year shown on the statement that is used as the basis for comparison is normally referred to as: Select one: a. The foundation phase b. The beginning c. The base year d. The index Your answer is correct. Explanation: In horizontal analysis, a base year is usually the earliest year shown and is the basis for comparison. The correct answer is: The base year
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9/24/23, 11:54 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=2 2/2
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9/24/23, 11:54 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 2 Correct Mark 1.00 out of 1.00 If a company has total equity of $1,000,000 and total liabilities of $500,000, what is its debt-to-equity ratio? Select one: a. 3 b. 0.5 c. 2 d. 1.2 Your answer is correct. Explanation: Debt to equity is calculated by dividing total liabilities by total equity. As a result, Debt to equity becomes 0.5 ($500,000/$1,000,000). The correct answer is: 0.5
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9/24/23, 11:54 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583&page=1 2/2
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9/24/23, 11:50 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 1 Correct Mark 1.00 out of 1.00 Started on Sunday, 24 September 2023, 2:13 AM State Finished Completed on Sunday, 24 September 2023, 2:20 AM Time taken 7 mins 17 secs Grade 9.00 out of 10.00 ( 90 %) A company’s current ratio decreased from 3 last year to 2 this year. One of the reasons is likely to be: Select one: a. Used cash to buy long-term assets b. Slower collection of accounts receivables c. Inventory is not selling as quickly d. Lower gross margin percentages Your answer is correct. Explanation: Using cash to purchase long-term assets will increase long-term assets and decrease current assets. The decrease in current assets will result in a reduction to the current ratio. The correct answer is: Used cash to buy long-term assets
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9/24/23, 11:50 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4542161&cmid=1260583 2/2
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=10 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=10 2/4 Question 11 Not answered Mark 0.00 out of 1.00 Take me to the text River Edge Hotels has completed its financial statements for 2020. The income statement and comparative balance sheet were prepared as shown below. River Edge Hotels Balance Sheet As at June 30 2020 2019 Assets Current Assets Cash $144,435 $58,800 Accounts Receivable $77,700 $88,200 Inventory $218,000 $186,000 Prepaid Expenses $11,800 $11,800 Total Current Assets $451,935 $344,800 Long-Term Assets Land $0 $38,000 Equipment $334,000 $334,000 Accumulated Depreciation $-28,200 $-23,600 Total Long-Term Assets $305,800 $348,400 Total Assets $757,735 $693,200 Liabilities Current Liabilities Accounts Payable $50,700 $47,200 Notes Payable, Current Portion $8,700 $8,700 Total Current Liabilities $59,400 $55,900 Notes Payable, Long-Term Portion $52,300 $61,000 Total Liabilities $111,700 $116,900 Shareholders' Equity Common Shares $151,000 $151,000 Retained Earnings $495,035 $425,300 Total Shareholders' Equity $646,035 $576,300 Total Liabilities and Equity $757,735 $693,200 Additional Information: During 2020, land was sold for a gain of $4,400. There was no purchase of equipment throughout the year. River Edge Hotels Income Statement For the Year Ended June 30, 2020 Revenue $555,000 Cost of Sales $333,000 Gross Profit $222,000 Operating Expenses Depreciation Expense $4,600 Other Operating Expenses $69,900 Total Operating Expenses $74,500 Income from Operations $147,500 Other Income and Expenses Gain on Sale of Land $4,400 Income before Income Tax $151,900 Income Tax $53,165 Net Income $98,735 Prepare the statement of cash flows using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash.
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=10 3/4 River Edge Hotels Cash Flow Statement For the Year Ended June 30, 2020 Cash Flow from Operating Activities Net Income Adjustments for Non-Cash Items Depreciation Expense Gain on Sale of Land Changes in Current Assets and Current Liabilities Change in Accounts Receivable Change in Inventory Change in Accounts Payable Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Payment of Notes Payable Payment of Cash Dividend Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash Cash at the Beginning of the Year Cash at the End of the Year Explanation River Edge Hotels Cash Flow Statement For the Year Ended June 30, 2020 Cash Flow from Operating Activities Net Income $98,735 Adjustments for Non-Cash Items Depreciation Expense $4,600 Gain on Sale of Land $-4,400 Changes in Current Assets and Current Liabilities Change in Accounts Receivable $10,500 Change in Inventory $-32,000 Change in Accounts Payable $3,500 Net Cash Provided (Used) by Operating Activities $80,935 Cash Flow from Investing Activities Sale of Land $42,400 Net Cash Provided (Used) by Investing Activities $42,400
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=10 4/4 Cash Flow from Financing Activities Payment of Notes Payable $-8,700 Payment of Cash Dividend $-29,000 Net Cash Provided (Used) by Financing Activities $-37,700 Net increase (decrease) in cash $85,635 Cash at the Beginning of the Year $58,800 Cash at the End of the Year $144,435
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=11 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=11 2/4 Question 12 Not answered Mark 0.00 out of 1.00 Take me to the text The balance sheet and income statement for Mary Hotels are presented below. Mary Hotels Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $148,915 $77,600 Accounts Receivable $48,100 $29,300 Inventory $78,100 $45,300 Total Current Assets $275,115 $152,200 Land $95,000 $101,000 Equipment $100,000 $134,000 Accumulated Depreciation $-48,000 $-62,000 Total Assets $422,115 $325,200 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $39,500 $66,000 Taxes Payable $24,000 $24,000 Total Current Liabilities $63,500 $90,000 Notes Payable $130,400 $80,700 Total Liabilities $193,900 $170,700 Shareholders' Equity Common Shares $84,800 $69,800 Retained Earnings $143,415 $84,700 Total Shareholders' Equity $228,215 $154,500 Total Liabilities and Equity $422,115 $325,200 Notes: The company paid cash dividends during 2020. The company did not make a notes payable payment during 2020. The company did not purchase any equipment during 2020. The company did not purchase any land during 2020. Mary Hotels Income Statement For the Year Ended December 31, 2020 Revenue $429,000 Cost of Sales $278,850 Gross Profit $150,150 Operating Expenses Depreciation Expense $9,000 Other Operating Expenses $29,700 Total Operating Expenses $38,700 Income from Operations $111,450 Other Income and Expenses Interest Expense $-5,100 Loss on Sale of Equipment $-6,900 Gain on Sale of Land $7,000 Operating Income before Tax $106,450 Income Tax $31,935 Net Income (Loss) $74,515 Prepare the cash flow statement for December 31, 2020 using the indirect method.
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=11 3/4 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Mary Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income Adjustments for Non-Cash Items Depreciation Expense Loss on Sale of Equipment Gain on Sale of Land Changes in Current Assets and Current Liabilities Increase in Accounts Receivable Increase in Inventory Decrease in Accounts Payable Change in Cash Due to Operating Activities Cash Flow from Investing Activities Sale of Equipment Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Issuance of Common Shares Proceeds from Notes Payable Payment of Dividends Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash Cash at the Beginning of the Year Cash at the End of the Year Explanation Prepare the cash flow statement for December 31, 2020 using the indirect method. Mary Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income $74,515 Adjustments for Non-Cash Items Depreciation Expense $9,000 Loss on Sale of Equipment $6,900 Gain on Sale of Land $-7,000
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=11 4/4 Changes in Current Assets and Current Liabilities Increase in Accounts Receivable $-18,800 Increase in Inventory $-32,800 Decrease in Accounts Payable $-26,500 Change in Cash Due to Operating Activities $5,315 Cash Flow from Investing Activities Sale of Equipment $4,100 Sale of Land $13,000 Net Cash Provided (Used) by Investing Activities $17,100 Cash Flow from Financing Activities Issuance of Common Shares $15,000 Proceeds from Notes Payable $49,700 Payment of Dividends $-15,800 Net Cash Provided (Used) by Financing Activities $48,900 Net increase (decrease) in cash $71,315 Cash at the Beginning of the Year $77,600 Cash at the End of the Year $148,915
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=9 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=9 2/4 Question 10 Not answered Mark 0.00 out of 1.00 Take me to the text Chalet Foods International provides food and beverage services to institutional facilities like school and hospitals. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below. Chalet Foods International Balance Sheet As at September 30 2020 2019 Assets Current Assets Cash $417,775 $121,800 Accounts Receivable $231,500 $252,200 Food & Beverage Inventory $518,000 $466,200 Prepaid Expenses $24,000 $24,000 Total Current Assets $1,191,275 $864,200 Long-Term Assets Land $0 $21,300 Equipment $339,000 $339,000 Accumulated Depreciation $-105,300 $-95,100 Total Long-Term Assets $233,700 $265,200 Total Assets $1,424,975 $1,129,400 Liabilities Current Liabilities Accounts Payable $318,600 $325,000 Notes Payable, Current Portion $36,800 $23,400 Total Current Liabilities $355,400 $348,400 Notes Payable, Long-Term Portion $212,500 $192,000 Total Liabilities $567,900 $540,400 Shareholders' Equity Common Shares $279,000 $251,000 Retained Earnings $578,075 $338,000 Total Shareholders' Equity $857,075 $589,000 Total Liabilities and Equity $1,424,975 $1,129,400 Additional Information: During 2020, land was sold for a loss of $4,200. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. Chalet Foods International Income Statement For the Year Ended September 30, 2020 Revenue $2,875,000 Cost of Sales $1,725,000 Gross Profit $1,150,000 Operating Expenses Depreciation Expense $10,200 Other Operating Expenses $688,100 Total Operating Expenses $698,300 Income from Operations $451,700 Other Income and Expenses Loss on Sale of Land $-4,200 Income before Income Tax $447,500 Income Tax $156,625 Net Income $290,875 Create the cash flow statement using the indirect method.
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=9 3/4 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Chalet Foods International Cash Flow Statement For the Year Ended September 30, 2020 Cash Flow from Operating Activities Net Income Adjustments for Non-Cash Items Depreciation Loss on Sale of Land Change in Current Assets and Current Liabilities Decrease in Accounts Receivable Increase in Food & Beverage Inventory Decrease in Accounts Payable Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Proceeds from Notes Payable Payment of Cash Dividend Issue of Common Shares Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Cash at the End of the Year Explanation Chalet Foods International Cash Flow Statement For the Year Ended September 30, 2020 Cash Flow from Operating Activities Net Income $290,875 Adjustments for Non-Cash Items Depreciation $10,200 Loss on Sale of Land $4,200 Change in Current Assets and Current Liabilities Decrease in Accounts Receivable $20,700 Increase in Food & Beverage Inventory $-51,800 Decrease in Accounts Payable $-6,400 Net Cash Provided (Used) by Operating Activities $267,775
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=9 4/4 Cash Flow from Investing Activities Sale of Land $17,100 Net Cash Provided (Used) by Investing Activities $17,100 Cash Flow from Financing Activities Proceeds from Notes Payable $33,900 Payment of Cash Dividend $-50,800 Issue of Common Shares $28,000 Net Cash Provided (Used) by Financing Activities $11,100 Net Increase (Decrease) in Cash $295,975 Cash at the Beginning of the Year $121,800 Cash at the End of the Year $417,775
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=8 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=8 2/3 Question 9 Not answered Mark 0.00 out of 1.00 Take me to the text A simplified balance sheet for Galaxy Cafe Inc. contain the following amounts at the end of 2019 and 2020. Galaxy Cafe Inc. Balance Sheet As at February 28 2020 2019 Assets Current Assets Cash $38,200 $11,800 Accounts Receivable $17,700 $14,900 Prepaid Rent $3,400 $2,000 Food & Beverage Inventory $23,200 $16,500 Total Current Assets $82,500 $45,200 Long-Term Assets Equipment $187,000 $168,000 Accumulated Depreciation $-28,500 $-15,200 Total Long-Term Assets $158,500 $152,800 Total Assets $241,000 $198,000 Liabilities Current Liabilities $23,100 $23,100 Long-Term Liabilities $22,000 $32,000 Total Liabilities $45,100 $55,100 Shareholders' Equity Common Shares $82,000 $56,000 Retained Earnings $113,900 $86,900 Total Shareholders' Equity $195,900 $142,900 Total Liabilities and Equity $241,000 $198,000 Assume current liabilities include only items from operations (e.g., accounts payable, taxes payable). Long-term liabilities include items from financing (e.g. bonds and other long-term liabilities). Note that the company did not sell any equipment and did not borrow any additional long-term liabilities throughout the year. Prepare the cash flow statement for 2020 using the indirect method. Assume no dividends were declared or paid in 2020. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Galaxy Cafe Inc. Cash Flow Statement For the Year Ended February 28, 2020 Cash Flow from Operations Net Income Adjustments for Non-Cash Items Depreciation Expense Change in Current Assets and Current Liabilities Increase in Accounts Receivable Increase in Prepaid Rent Increase in Food & Beverage Inventory Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Purchase of Equipment Net Cash Provided (Used) by Investing Activities
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9/24/23, 7:04 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=8 3/3 Cash Flow from Financing Activities Issuance of Common Shares Repayment of Long-Term Liabilities Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Cash at the End of the Year Explanation Galaxy Cafe Inc. Cash Flow Statement For the Year Ended February 28, 2020 Cash Flow from Operations Net Income $27,000 Adjustments for Non-Cash Items Depreciation Expense $13,300 Change in Current Assets and Current Liabilities Increase in Accounts Receivable $-2,800 Increase in Prepaid Rent $-1,400 Increase in Food & Beverage Inventory $-6,700 Net Cash Provided (Used) by Operating Activities $29,400 Cash Flow from Investing Activities Purchase of Equipment $-19,000 Net Cash Provided (Used) by Investing Activities $-19,000 Cash Flow from Financing Activities Issuance of Common Shares $26,000 Repayment of Long-Term Liabilities $-10,000 Net Cash Provided (Used) by Financing Activities $16,000 Net Increase (Decrease) in Cash $26,400 Cash at the Beginning of the Year $11,800 Cash at the End of the Year $38,200
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 8 Not answered Mark 0.00 out of 1.00 Take me to the text Mark's Restaurant’s cash account decreased by $12,000. Net cash provided by operating activities was $22,000. Net cash used by investing activities was $20,000. Based on this information, calculate the net cash provided (used) by financing activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from financing activities = $ Explanation Net change in cash balance = $22,000 - $20,000 - $14,000 = -$12,000
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=7 2/2
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 7 Not answered Mark 0.00 out of 1.00 Take me to the text The following information pertains to Forest Brew Pub for the fiscal year 2020. Purchase of equipment $35,000 Purchase of long-term investment $18,000 Increase in notes payable $4,800 Payment of dividends $18,000 Depreciation of equipment $5,100 Calculate the net cash provided (used) by investing activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from investing activities = $ Explanation A purchase of plant and equipment is a decrease in cash. A purchase of investments is a decrease in cash. Cash from investing activities is $-53,000.
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=6 2/2
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 6 Not answered Mark 0.00 out of 1.00 Take me to the text Norway Hotel had net income for 2020 of $193,700. Included in net income was depreciation of $2,200, a gain on sale of land of $5,900, loss on sale of equipment of $11,700 and income taxes of $25,600. Using the information given, calculate the net cash provided (used) by operating activities using the indirect method. Assume that the balances of current assets (except cash) and current liabilities remain the same as last year. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Net cash provided (used) by operating activities = $ Explanation Begin with net income. Depreciation is added to net income. A loss is added to net income A gain is subtracted from net income Net cash provided (used) by operating activities = $201,700.
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=5 2/2
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=4 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=4 2/3 Question 5 Not answered Mark 0.00 out of 1.00 Take me to the text Use the following information to prepare the operating activities section of a statement of cash flows for Max's Catering Company for 2020 using the indirect method. Net Income $286,000 Increase in food and beverage inventory $22,900 Increase in accounts payable $15,000 Depreciation expense $47,000 Decrease in accounts receivable $19,000 Loss on sale of land $20,400 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Max's Catering Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income Adjustments for Non-Cash Items Depreciation expense Loss on sale of land Change in Current Assets and Current Liabilities Decrease in accounts receivable Increase in food and beverage inventory Increase in accounts payable Net Cash Provided (Used) by Operating Activities Explanation Max's Catering Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income $286,000 Adjustments for Non-Cash Items Depreciation expense $47,000 Loss on sale of land $20,400 Change in Current Assets and Current Liabilities Decrease in accounts receivable $19,000 Increase in food and beverage inventory $-22,900 Increase in accounts payable $15,000 Net Cash Provided (Used) by Operating Activities $364,500
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=4 3/3
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 4 Not answered Mark 0.00 out of 1.00 Take me to the text Kersley Diner's net income for the year ended May 31, 2020 was $98,000. Additional information is shown below. Interest expense on borrowing $7,400 Decrease in accounts receivable $13,500 Increase in food inventory $2,100 Increase in accounts payable $3,500 Dividends paid to common shareholders $10,700 Calculate the net cash provided (used) by operating activities using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $ Explanation Begin with net income. A decrease in accounts receivable is added to net income. An increase in food inventory is subtracted from net income. An increase in accounts payable is added to net income. Cash from operating activities is $112,900.
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=3 2/2
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 3 Not answered Mark 0.00 out of 1.00 Take me to the text TC Hotel's net income for the year ended June 30, 2020 was $106,000. Additional data for the year is provided below. Purchase of property and equipment $284,000 Depreciation of property and equipment $14,300 Dividends declared $54,000 Increase in accounts receivable $27,000 Loss on sale of equipment $19,000 Issue of common shares $15,400 Calculate the net cash provided (used) by operating activities using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $ Explanation Begin with net income. Depreciation is added to net income. An increase in accounts receivable is subtracted from net income. A loss on sale of equipment is added to net income. Cash from operating activities is $112,300.
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=2 2/2
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 2 Not answered Mark 0.00 out of 9.00 Take me to the text Indicate the section of the statement of cash flow where each item would be located (operating, investing, or financing activities) using the indirect method. Item Section Change in Accounts Payable Change in Beverage Inventory Change in Long-Term Assets Change in Long-Term Portion of Notes Payable Change in Current Portion of Notes Payable Change in Prepaid Rent Change in Accounts Receivable Change in Common Shares Gain on Sale of Property and Equipment Explanation Item Section Change in Accounts Payable Operating Change in Beverage Inventory Operating Change in Long-Term Assets Investing Change in Long-Term Portion of Notes Payable Financing Change in Current Portion of Notes Payable Financing Change in Prepaid Rent Operating Change in Accounts Receivable Operating Change in Common Shares Financing Gain on Sale of Property and Equipment Operating
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574&page=1 2/2
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9/24/23, 7:03 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4542174&cmid=1260574 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 1 Not answered Mark 0.00 out of 9.00 Started on Sunday, 24 September 2023, 2:32 AM State Finished Completed on Sunday, 24 September 2023, 9:33 AM Time taken 7 hours Grade 0.00 out of 93.00 ( 0 %) Take me to the text For each item listed, indicate how the item will impact cash flow (increase, decrease, or no change) using the indirect method. Item Effect on Cash Net Income Increase in Accounts Payable Decrease in Accounts Receivable Purchase of Long-Term Assets Payment of Notes Payable Increase in Food Inventory Pay Dividends Increase in Loans Increase in Prepaid Insurance Explanation Item Effect on Cash Net Income Increase Increase in Accounts Payable Increase Decrease in Accounts Receivable Increase Purchase of Long-Term Assets Decrease Payment of Notes Payable Decrease Increase in Food Inventory Decrease Pay Dividends Decrease Increase in Loans Increase Increase in Prepaid Insurance Decrease
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10/7/23, 3:50 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578905&cmid=1260488&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 6 Correct Mark 4.00 out of 4.00 Take me to the text Consider Oak Hotel which has two main revenue segments: hotel rooms and conference rooms. Sales revenue based on segment, direct costs, and non-allocated indirect costs are presented below. Allocate the indirect costs if the hotel consists of 100,000 square feet in total, with conference rooms accounting for 30,000 square feet of the total space and hotel rooms the remainder. Do not enter dollar signs or commas in the input boxes. Oak Hotel Income Statement For the Month Ended September 30, 2020 Hotel Rooms Conference Rooms Total Sales Revenue $248,000 $142,000 $390,000 Direct Costs $110,000 $94,000 $204,000 Contribution Income $138,000 $48,000 $186,000 Indirect Costs $ 56000 $ 24000 $80,000 Operating Income $ 82000 $ 24000 $106,000 Explanation Percent of hotel rooms = 70,000 sq. ft. ÷ 100,000 sq. ft. = 70% Percent of conference rooms = 30,000 sq. ft. ÷ 100,000 sq. ft. = 30% Indirect costs for hotel rooms = 70% × $80,000 = $56,000 Indirect costs for conference rooms = 30% × $80,000 = $24,000 Operating Income for hotel rooms = $82,000 Operating Income for conference rooms = $24,000 Correct Marks for this submission: 4.00/4.00.
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10/7/23, 3:50 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578905&cmid=1260488&page=5 2/2
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10/7/23, 3:43 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578899&cmid=1260592&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 6 Correct Mark 1.00 out of 1.00 Take me to the text Consider Maple Hotel which has two main revenue segments: hotel rooms and conference rooms. Sales revenue based on segment, direct costs, and non-allocated indirect costs are presented below. Allocate the indirect costs if the hotel consists of 100,000 square feet in total, with conference rooms accounting for 40,000 square feet of the total space and hotel rooms the remainder. Do not enter dollar signs or commas in the input boxes. Maple Hotel Income Statement For the Month Ended September 30, 2020 Hotel Rooms Conference Rooms Total Sales Revenue $236,000 $126,000 $362,000 Direct Costs $111,000 $100,000 $211,000 Contribution Income $125,000 $26,000 $151,000 Indirect Costs $ 51000 $ 34000 $85,000 Operating Income $ 74000 $ -8000 $66,000 Explanation Percent of hotel rooms = 60,000 sq. ft. ÷ 100,000 sq. ft. = 60% Percent of conference rooms = 40,000 sq. ft. ÷ 100,000 sq. ft. = 40% Indirect costs for hotel rooms = 60% × $85,000 = $51,000 Indirect costs for conference rooms = 40% × $85,000 = $34,000 Operating Income for hotel rooms = $74,000 Operating Income for conference rooms = $-8,000 Correct Marks for this submission: 1.00/1.00.
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10/7/23, 3:42 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578899&cmid=1260592&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 5 Correct Mark 6.00 out of 6.00 Take me to the text Basic Hotel offers rooms for guests but has no restaurant, room service or gift shop. Friendly Sandwiches is a small take- out restaurant located next door. Would each item listed be more likely to appear on the financial statements of the hotel, the restaurant or both of these hospitality companies? Salaries and Wages Expense Rent Expense Inventory (Beverages) Cost of Sales Utilities Expense Depreciation Expense-Building Both Restaurant Restaurant Restaurant Both Hotel The correct answer is: Salaries and Wages Expense → Both, Rent Expense → Restaurant, Inventory (Beverages) → Restaurant, Cost of Sales → Restaurant, Utilities Expense → Both, Depreciation Expense-Building → Hotel Correct Marks for this submission: 6.00/6.00.
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10/7/23, 3:42 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578899&cmid=1260592&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 4 Correct Mark 1.00 out of 1.00 Take me to the text The following are DEF Restaurant's production costs for February 2020: Direct Food Purchases $36,000 Direct Labour (wait and kitchen staff) $21,900 Overhead Costs $3,600 Calculate the total cost traced directly to preparing and serving meals. Do not enter dollar signs or commas in the input boxes. Direct Preparation Costs: $ 57900 Explanation Direct Preparation Costs = $36,000 + $21,900 = $57,900 Correct Marks for this submission: 1.00/1.00.
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10/7/23, 3:42 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578899&cmid=1260592&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 3 Correct Mark 10.00 out of 10.00 Take me to the text Classify the items below as one of the following types of costs. Accounting fees Soap and shampoo provided by a hotel Rent expense Depreciation of hotel building Wages for a restaurant chef Cleaning staff at a hotel Manager’s salary Restaurant building Beer purchases for a restaurant T-bone steaks for a restaurant Overhead Material Overhead Overhead Labour Labour Overhead None Material Material The correct answer is: Accounting fees → Overhead, Soap and shampoo provided by a hotel → Material, Rent expense → Overhead, Depreciation of hotel building → Overhead, Wages for a restaurant chef → Labour, Cleaning staff at a hotel → Labour, Manager’s salary → Overhead, Restaurant building → None, Beer purchases for a restaurant → Material, T-bone steaks for a restaurant → Material Correct Marks for this submission: 10.00/10.00.
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10/7/23, 3:42 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578899&cmid=1260592&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 2 Correct Mark 5.00 out of 5.00 Take me to the text For Great Food Restaurant Ltd., indicate whether the stakeholders listed are internal or external stakeholders. Health Inspector Manager Vegetable Supplier Chef Wait Staff External Internal External Internal Internal The correct answer is: Health Inspector → External, Manager → Internal, Vegetable Supplier → External, Chef → Internal, Wait Staff → Internal Correct Marks for this submission: 5.00/5.00.
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10/7/23, 3:42 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578899&cmid=1260592 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 1 Correct Mark 6.00 out of 6.00 Started on Saturday, 7 October 2023, 6:02 AM State Finished Completed on Saturday, 7 October 2023, 6:12 AM Time taken 9 mins 56 secs Grade 29.00 out of 32.00 ( 91 %) Take me to the text Indicate whether the following statements describe financial accounting or management accounting. It is concerned with collecting data of a historical nature. Reporting must follow Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS) set by professional bodies. It is largely based on forecasting future sales and cash flows, calculating costs and preparing budgets. Statements and reports do not require independent examination. It uses very detailed reports that provide a wealth of information. Statements are primarily prepared for external users such as creditors and shareholders so that they can make sound financial or investment decisions. Financial Accounting Financial Accounting Managerial Accounting Managerial Accounting Managerial Accounting Financial Accounting The correct answer is: It is concerned with collecting data of a historical nature. → Financial Accounting, Reporting must follow Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS) set by professional bodies. → Financial Accounting, It is largely based on forecasting future sales and cash flows, calculating costs and preparing budgets. → Managerial Accounting, Statements and reports do not require independent examination. → Managerial Accounting, It uses very detailed reports that provide a wealth of information. → Managerial Accounting, Statements are primarily prepared for external users such as creditors and shareholders so that they can make sound financial or investment decisions. → Financial Accounting Correct Marks for this submission: 6.00/6.00.
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10/7/23, 3:50 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578905&cmid=1260488&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 5 Correct Mark 6.00 out of 6.00 Take me to the text Basic Hotel offers rooms for guests but has no restaurant, room service or gift shop. Friendly Sandwiches is a small take- out restaurant located next door. Would each item listed be more likely to appear on the financial statements of the hotel, the restaurant or both of these hospitality companies? Inventory (Beverages) Depreciation Expense-Building Cost of Sales Salaries and Wages Expense Rent Expense Utilities Expense Restaurant Hotel Restaurant Both Restaurant Both The correct answer is: Inventory (Beverages) → Restaurant, Depreciation Expense-Building → Hotel, Cost of Sales → Restaurant, Salaries and Wages Expense → Both, Rent Expense → Restaurant, Utilities Expense → Both Correct Marks for this submission: 6.00/6.00.
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10/7/23, 3:50 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578905&cmid=1260488&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 5 Correct Mark 6.00 out of 6.00 Take me to the text Basic Hotel offers rooms for guests but has no restaurant, room service or gift shop. Friendly Sandwiches is a small take- out restaurant located next door. Would each item listed be more likely to appear on the financial statements of the hotel, the restaurant or both of these hospitality companies? Inventory (Beverages) Depreciation Expense-Building Cost of Sales Salaries and Wages Expense Rent Expense Utilities Expense Restaurant Hotel Restaurant Both Restaurant Both The correct answer is: Inventory (Beverages) → Restaurant, Depreciation Expense-Building → Hotel, Cost of Sales → Restaurant, Salaries and Wages Expense → Both, Rent Expense → Restaurant, Utilities Expense → Both Correct Marks for this submission: 6.00/6.00.
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10/7/23, 3:50 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578905&cmid=1260488&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 4 Correct Mark 1.00 out of 1.00 Take me to the text The following are GHI Restaurant's production costs for September 2020: Direct Food Purchases $40,000 Direct Labour (wait and kitchen staff) $23,000 Overhead Costs $3,700 Calculate the total cost traced directly to preparing and serving meals. Do not enter dollar signs or commas in the input boxes. Direct Preparation Costs: $ 63000 Explanation Direct Preparation Costs = $40,000 + $23,000 = $63,000 Correct Marks for this submission: 1.00/1.00.
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10/7/23, 3:50 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578905&cmid=1260488&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 3 Correct Mark 10.00 out of 10.00 Take me to the text Classify the items below as one of the following types of costs. Beer purchases for a restaurant Soap and shampoo provided by a hotel Accounting fees Wages for a restaurant chef Restaurant building T-bone steaks for a restaurant Manager’s salary Cleaning staff at a hotel Rent expense Depreciation of hotel building Material Material Overhead Labour None Material Overhead Labour Overhead Overhead The correct answer is: Beer purchases for a restaurant → Material, Soap and shampoo provided by a hotel → Material, Accounting fees → Overhead, Wages for a restaurant chef → Labour, Restaurant building → None, T-bone steaks for a restaurant → Material, Manager’s salary → Overhead, Cleaning staff at a hotel → Labour, Rent expense → Overhead, Depreciation of hotel building → Overhead Correct Marks for this submission: 10.00/10.00.
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10/7/23, 3:50 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578905&cmid=1260488&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 2 Correct Mark 5.00 out of 5.00 Take me to the text For Great Food Restaurant Ltd., indicate whether the stakeholders listed are internal or external stakeholders. Chef Manager Wait Staff Health Inspector Vegetable Supplier Internal Internal Internal External External The correct answer is: Chef → Internal, Manager → Internal, Wait Staff → Internal, Health Inspector → External, Vegetable Supplier → External Correct Marks for this submission: 5.00/5.00.
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10/7/23, 3:49 PM Chapter 3 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578905&cmid=1260488 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Post-Class Homework Question 1 Correct Mark 6.00 out of 6.00 Started on Saturday, 7 October 2023, 6:15 AM State Finished Completed on Saturday, 7 October 2023, 6:19 AM Time taken 4 mins Grade 32.00 out of 32.00 ( 100 %) Take me to the text Indicate whether the following statements describe financial accounting or management accounting. It is concerned with collecting data of a historical nature. Reporting must follow Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS) set by professional bodies. Statements are primarily prepared for external users such as creditors and shareholders so that they can make sound financial or investment decisions. Statements and reports do not require independent examination. It uses very detailed reports that provide a wealth of information. It is largely based on forecasting future sales and cash flows, calculating costs and preparing budgets. Financial Accounting Financial Accounting Financial Accounting Managerial Accounting Managerial Accounting Managerial Accounting The correct answer is: It is concerned with collecting data of a historical nature. → Financial Accounting, Reporting must follow Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS) set by professional bodies. → Financial Accounting, Statements are primarily prepared for external users such as creditors and shareholders so that they can make sound financial or investment decisions. → Financial Accounting, Statements and reports do not require independent examination. → Managerial Accounting, It uses very detailed reports that provide a wealth of information. → Managerial Accounting, It is largely based on forecasting future sales and cash flows, calculating costs and preparing budgets. → Managerial Accounting Correct Marks for this submission: 6.00/6.00.
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9/28/23, 1:08 AM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4556180&cmid=1260469&page=9 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 10 Correct Mark 1.00 out of 1.00 What does a negative free cash flow indicate? Select one: a. The company does not have enough cash flow from operations to finance its capital investments. b. The company paid more dividends than it could afford to. c. The company reported a net loss on its income statement. d. The amount of debt repayment was higher than the company’s net cash flow from operations. Your answer is correct. Explanation: If capital investments are more than the net cash flow from operating activities, the company would have a negative free cash flow. In other words, negative free cash flow means that the cash flow from operations is not enough to finance the company’s capital investments. The correct answer is: The company does not have enough cash flow from operations to finance its capital investments.
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9/28/23, 1:08 AM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4556180&cmid=1260469&page=8 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 9 Correct Mark 1.00 out of 1.00 Which of the following is the amount of cash remaining after a business has covered its operating activities and capital expenditures (investing in long-term assets)? Select one: a. All of the available options b. None of the available options c. Restricted cash flow d. Free cash flow Your answer is correct. Explanation: Free cash flow is the amount of cash remaining after a business has covered its operating activities and capital expenditures (investing in long-term assets). This remaining cash is available for uses such as reducing debt, buying back shares or paying dividends. The correct answer is: Free cash flow
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9/28/23, 1:08 AM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4556180&cmid=1260469&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 8 Correct Mark 1.00 out of 1.00 Buying or selling long-term assets is reflected in the Select one: a. operations section of the cash flow statement b. current assets section of the balance sheet c. investing section of the cash flow statement d. financing section of the cash flow statement Your answer is correct. Explanation: Cash flow from investments tracks the movement of cash in a business on the basis of the purchases and sales of long-term assets. The correct answer is: investing section of the cash flow statement
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9/28/23, 1:07 AM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4556180&cmid=1260469&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 7 Incorrect Mark 0.00 out of 1.00 A decrease in long-term debt from one year to the next Select one: a. increases cash flow b. decreases cash flow c. none of the choices d. does not affect cash flow Your answer is incorrect. Explanation: A decrease in long-term debt decreases cash flow, because cash has been used to reduce the amount of long-term liability The correct answer is: decreases cash flow
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9/28/23, 1:07 AM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4556180&cmid=1260469&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 6 Correct Mark 1.00 out of 1.00 An increase in long-term assets from one year to the next Select one: a. does not affect cash flow b. decreases cash flow c. none of the choices d. increases cash flow Your answer is correct. Explanation: An increase in long-term assets suggest a decrease in cash flow, because cash has been used to purchase additional long-term assets. The correct answer is: decreases cash flow
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9/28/23, 1:07 AM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4556180&cmid=1260469&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 5 Incorrect Mark 0.00 out of 1.00 The net increase in cash from operating activities for Orange Motel Inc. was $77,689. The net decrease in cash due to investing activities was $20,000. The free cash flow for Orange Inc. was Select one: a. $107,689 b. $97,689 c. $57,689 d. $67,869 Your answer is incorrect. Explanation: Free Cash Flow = Net Cash Flow from Operating Activities – Net Cash Flow from Investing Activities The correct answer is: $57,689
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9/28/23, 1:07 AM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4556180&cmid=1260469&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 4 Correct Mark 1.00 out of 1.00 Which of the following is true about a statement of cash flows? Select one: a. On a statement of cash flows, cash flow activities are divided into three categories. b. Preparation of a statement of cash flows is required under IFRS, but not required under ASPE. c. A statement of cash flows is prepared on the accrual basis of accounting. d. A statement of cash flows is prepared using the direct method, while a cash flow statement is prepared using the indirect method. Your answer is correct. Explanation: A statement of cash flows is divided into three sections, including cash flow from operating activities, cash flow from investing activities and cash flow from financing activities. The correct answer is: On a statement of cash flows, cash flow activities are divided into three categories.
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9/28/23, 1:07 AM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4556180&cmid=1260469&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 3 Correct Mark 1.00 out of 1.00 When statements are prepared using the accrual basis, a sale on account Select one: a. does not affect cash b. reduces profits c. increases cash d. decreases cash Your answer is correct. Explanation: A sale on account does not affect cash flow. The correct answer is: does not affect cash
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9/28/23, 1:07 AM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4556180&cmid=1260469&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 2 Correct Mark 1.00 out of 1.00 The accounting profession has created standards to provide guidance on how financial information should be recorded and reported. These standards are called: Select one: a. Financial accounting b. External user reporting standards c. Management accounting d. Generally accepted accounting principles Your answer is correct. Explanation: Generally accepted accounting principles were created by the accounting profession to provide guidance on how financial information should be recorded and reported The correct answer is: Generally accepted accounting principles
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9/28/23, 1:07 AM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4556180&cmid=1260469 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Quiz Question 1 Correct Mark 1.00 out of 1.00 Started on Wednesday, 27 September 2023, 3:32 PM State Finished Completed on Wednesday, 27 September 2023, 3:36 PM Time taken 4 mins 13 secs Grade 8.00 out of 10.00 ( 80 %) If a company's profit is $20,000, the year-over-year balance in cash, as shown on the balance sheet: Select one: a. will increase by an undetermined amount b. will increase by $20,000 c. will decrease by $20,000 d. cannot be determined with the information provided Your answer is correct. Explanation: There is not enough information to determine the change in cash. The correct answer is: cannot be determined with the information provided
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9/28/23, 1:07 AM Chapter 1 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4556180&cmid=1260469 2/2
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 4 Not answered Mark 0.00 out of 2.00 Take me to the text Selected financial data from Crew Restaurant is provided below. Cash $64,000 Accounts Receivable $235,000 Food Inventory $267,000 Short-Term Investments $37,000 Land and Building $519,000 Current Portion of Long-Term Debt $34,000 Accounts Payable $123,000 a) Calculate the quick ratio. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Quick Ratio = b) True or False? A quick ratio of 2.30 shows that the company is likely to meet its short-term cash obligations. Explanation a) Quick Ratio = (Cash + Short-Term Investments + Accounts Receivable) / Current Liabilities = ($64,000 + $37,000 + $235,000) / ($123,000 + $34,000) = 2.14 b) True
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=3 2/2
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 5 Not answered Mark 0.00 out of 3.00 Take me to the text The income statement of Ellen Restaurant Inc. for the years 2019 and 2020 showed the following gross profit calculation. 2020 2019 Sales Revenue $95,000 $79,000 Cost of Goods Sold $75,000 $45,000 Gross Profit $20,000 $34,000 a) Calculate the gross profit margins for both years. Do not enter dollar signs or commas in the input boxes. Round the gross profit margin to 2 decimal places. 2020 2019 Gross Profit Margin % % b) In which year does Ellen Restaurant Inc. have a better gross profit margin? Year: Explanation a) Gross Profit Margin = Gross Profit ÷ Revenue For 2020: $20,000 ÷ $95,000 = 21.05% For 2019: $34,000 ÷ $79,000 = 43.04% b) Generally, the higher the gross profit margin, the better. Therefore, 2019 was the better year.
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=4 2/2
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 3 Not answered Mark 0.00 out of 1.00 Take me to the text A company reports current assets of $6,797 and current liabilities of $2,452. Calculate the current ratio. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Current Ratio = Explanation The current ratio is $6,797 ÷ $2,452 = 2.77
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=2 2/2
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 6 Not answered Mark 0.00 out of 1.00 Take me to the text The following data pertains to Frost Hotel for the year ended December 31, 2020. Room Revenue $81,000 Net Income $12,150 Total Assets (January 1, 2020) $258,000 Total Assets (December 31, 2020) $279,000 Calculate Frost Hotel's return on assets for 2020. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Return on Assets = % Explanation Return on Assets = Net Income / Average Total Assets = $12,150 / (($258,000 + $279,000)/2) = 4.53%
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=5 2/2
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=9 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 10 Not answered Mark 0.00 out of 6.00 Take me to the text Over a three-day period, Walsh’s Restaurant had the following information. Thursday Friday Saturday Total Revenue $1,600 $3,100 $5,000 Number of Guests 76 95 117 Servers 4 5 10 Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Determine the average sales per server for each day. Thursday Friday Saturday Average Sales per Server $ $ $ b) Determine the average number of guests per server for each day. Thursday Friday Saturday Average Number of Guests per Server Explanation a) Average Sales Revenue per Server = Total Revenue ÷ Number of Servers For Thursday: $1,600 ÷ 4 = $400.00 per server For Friday: $3,100 ÷ 5 = $620.00 per server For Saturday: $5,000 ÷ 10 = $500.00 per server b) Average Number of Guests per Server = Guests Served ÷ Number of Servers For Thursday: 76 ÷ 4 = 19.00 guests served per server For Friday: 95 ÷ 5 = 19.00 guests served per server For Saturday: 117 ÷ 10 = 11.70 guests served per server
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=9 2/2
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=8 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 9 Not answered Mark 0.00 out of 4.00 Take me to the text The following are selected items from Pine Hotel’s most recent financial statements. 2020 2019 Food & Beverage Revenue $1,263,000 $1,170,000 Room Rental Revenue $3,140,000 $2,995,000 Number of Rooms 105 105 Occupancy Rate 85% 80% a) Determine the food and beverage sales to room rental revenue percentage for 2019 and 2020. Do not enter dollar signs or commas in the input boxes. Round the percent of food and beverage revenue to room rental revenue to 1 decimal place. 2020 2019 Percent of Food & Beverage Revenue to Room Rental Revenue % % b) The hotel is open 365 days a year. Determine the sales revenue per available room for 2019 and 2020. Do not enter dollar signs or commas in the input boxes. Round the sales revenue per available room to 2 decimal places. 2020 2019 Sales Revenue per Available Room $ $ Explanation a) Percent of Food & Beverage Revenue to Room Rental Revenue = Food & Beverage Revenue ÷ Room Rental Revenue For 2020: $1,263,000 ÷ $3,140,000 = 40.2% of food & beverage revenue to room rental For 2019: $1,170,000 ÷ $2,995,000 = 39.1% of food & beverage revenue to room rental b) Sales Revenue per Available Room = Total Room Revenue ÷ Total Rooms Available For 2020: $3,140,000 ÷ (105 × 365) = $81.93 sales revenue per available room For 2019: $2,995,000 ÷ (105 × 365) = $78.15 sales revenue per available room
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=8 2/2
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 8 Not answered Mark 0.00 out of 2.00 Take me to the text Wechsler Spa has a net accounts receivable opening balance of $235,000 and and ending balance of $210,000. The total sales amount for the year is $724,000, of which 80% is on credit. Calculate the days’ sales outstanding and the accounts receivable turnover. Do not enter dollar signs or commas in the input boxes. Round days sales outstanding to the nearest whole number. Days Sales Outstanding = days Round accounts receivable turnover to 2 decimal places. Accounts Receivable Turnover = times Explanation DSO = (($235,000 + $210,000) ÷ 2) ÷ ($724,000 x 80%) × 365 = 140.00 days ART = ($724,000 x 80%)÷ (($235,000 + $210,000) ÷ 2) = 2.60 times
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=7 2/2
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=1 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=1 2/3 Question 2 Not answered Mark 0.00 out of 27.00 Take me to the text You have been asked to examine the financial statements for Karde Inc. and to comment on trends. a) Use horizontal analysis tools to compare the changes between 2019 and 2020 line items for the balance sheet. Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Round all answers to 2 decimal places. Karde Inc. Balance Sheet As at December 31 2020 2019 % Change Current Assets Cash $317,700 $325,700 % Accounts Receivable $192,900 $154,100 % Inventory $369,000 $394,300 % Short-Term Investments $95,100 $110,000 % Total Current Assets $974,700 $984,100 % Other Assets $451,000 $346,600 % Total Assets $1,425,700 $1,330,700 % Current Liabilities $250,700 $218,100 % Long-Term Debt $94,400 $63,200 % Total Liabilities $345,100 $281,300 % Shareholders’ Equity $1,080,600 $1,049,400 % Total Liabilities and Equity $1,425,700 $1,330,700 % b) Use vertical analysis tools to compare line items to the sales base figure. Karde Inc. Income Statement For the Year Ended December 31 2020 Sales $719,000 % Cost of Sales $251,650 % Gross Profit $467,350 % Operating Expenses Advertising Expense $5,900 % Bank Charges Expense $5,400 % Communication Expense $4,600 % Depreciation Expense $7,900 % Professional Fees Expense $6,000 % Rent Expense $5,900 % Repairs and Maintenance Expense $4,900 %
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=1 3/3 Salaries and Wages Expense $51,700 % Transportation Expense $8,000 % Utilities Expense $6,500 % Total Operating Expenses $106,800 % Net Income $360,550 % Explanation a) Subtract the 2019 value from the 2020 value of each account for the $ change. Divide the $ change by the 2019 value to calculate the % change. b) All numbers must be divided by the sales value on the income statement.
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 1 Not answered Mark 0.00 out of 12.00 Started on Saturday, 7 October 2023, 5:57 AM State Finished Completed on Saturday, 7 October 2023, 5:57 AM Time taken 13 secs Grade 0.00 out of 60.00 ( 0 %) Take me to the text Perform a horizontal analysis of key figures for the income statement for Groff Inc. Use 2018 as the base year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Groff Inc. Income Statement (in Thousands) For the Years Ended December 31, 2018-2020 2020 2019 2018 Value $ change from 2018 % Change Value $ change from 2018 % Change Value Revenue $530 $ % $474 $ % $250 Expenses $280 $ % $253 $ % $211 Net Income $250 $ % $221 $ % $39 Explanation Groff Inc. Income Statement (in Thousands) For the Years Ended December 31, 2018-2020 2020 2019 2018 Value $ change from 2018 % Change Value $ change from 2018 % Change Value Revenue $530 $280 112% $474 $224 90% $250 Expenses $280 $69 33% $253 $42 20% $211 Net Income $250 $211 541% $221 $182 467% $39
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584 2/2
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 7 Not answered Mark 0.00 out of 2.00 Take me to the text At the beginning of 2020, Ziphon Wholesale Corp. had inventory of $312,000. It ended the year with inventory of $255,000 after purchasing $516,000 worth of inventory. The cost of goods sold totalled $668,000. Determine the inventory turnover ratio and the days' sales in inventory. Do not enter dollar signs or commas in the input boxes. For the inventory turnover ratio, round your answer to 2 decimal places. Inventory Turnover = For the days' sales in inventory, round your answer to the nearest whole number. Days' Sales in Inventory = days Explanation Inventory Turnover = Cost of Goods Sold ÷ Average Inventory = 2.36 Days' Sales in Inventory = Average Inventory ÷ Cost of Goods Sold x 365 = 155.00 days
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10/7/23, 3:28 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578898&cmid=1260584&page=6 2/2
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10/7/23, 3:27 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=9 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 10 Correct Mark 6.00 out of 6.00 Take me to the text Over a three-day period, Walsh’s Restaurant had the following information. Thursday Friday Saturday Total Revenue $2,200 $3,600 $5,000 Number of Guests 78 85 112 Servers 4 5 11 Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Determine the average sales per server for each day. Thursday Friday Saturday Average Sales per Server $ 550 $ 720 $ 454.55 b) Determine the average number of guests per server for each day. Thursday Friday Saturday Average Number of Guests per Server 19.50 17 10.18 Explanation a) Average Sales Revenue per Server = Total Revenue ÷ Number of Servers For Thursday: $2,200 ÷ 4 = $550.00 per server For Friday: $3,600 ÷ 5 = $720.00 per server For Saturday: $5,000 ÷ 11 = $454.55 per server b) Average Number of Guests per Server = Guests Served ÷ Number of Servers For Thursday: 78 ÷ 4 = 19.50 guests served per server For Friday: 85 ÷ 5 = 17.00 guests served per server For Saturday: 112 ÷ 11 = 10.18 guests served per server Correct Marks for this submission: 6.00/6.00.
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10/7/23, 3:27 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=9 2/2
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10/7/23, 2:58 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=9 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 10 Correct Mark 6.00 out of 6.00 Take me to the text Over a three-day period, Kennedy’s Restaurant had the following information. Thursday Friday Saturday Total Revenue $1,800 $3,300 $4,700 Number of Guests 70 91 110 Servers 5 8 13 Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Determine the average sales per server for each day. Thursday Friday Saturday Average Sales per Server $ 360 $ 412.5 $ 361.54 b) Determine the average number of guests per server for each day. Thursday Friday Saturday Average Number of Guests per Server 14 11.38 8.46 Explanation a) Average Sales Revenue per Server = Total Revenue ÷ Number of Servers For Thursday: $1,800 ÷ 5 = $360.00 per server For Friday: $3,300 ÷ 8 = $412.50 per server For Saturday: $4,700 ÷ 13 = $361.54 per server b) Average Number of Guests per Server = Guests Served ÷ Number of Servers For Thursday: 70 ÷ 5 = 14.00 guests served per server For Friday: 91 ÷ 8 = 11.38 guests served per server For Saturday: 110 ÷ 13 = 8.46 guests served per server Correct Marks for this submission: 6.00/6.00.
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10/7/23, 2:58 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=9 2/2
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10/7/23, 2:58 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=8 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 9 Partially correct Mark 2.00 out of 4.00 Take me to the text The following are selected items from Pine Hotel’s most recent financial statements. 2020 2019 Food & Beverage Revenue $1,134,000 $1,048,000 Room Rental Revenue $3,311,000 $3,061,000 Number of Rooms 120 120 Occupancy Rate 82% 78% a) Determine the food and beverage sales to room rental revenue percentage for 2019 and 2020. Do not enter dollar signs or commas in the input boxes. Round the percent of food and beverage revenue to room rental revenue to 1 decimal place. 2020 2019 Percent of Food & Beverage Revenue to Room Rental Revenue 34.2 % 34.2 % b) The hotel is open 365 days a year. Determine the sales revenue per available room for 2019 and 2020. Do not enter dollar signs or commas in the input boxes. Round the sales revenue per available room to 2 decimal places. 2020 2019 Sales Revenue per Available Room $ 43899.57 $ 43899.57 Explanation a) Percent of Food & Beverage Revenue to Room Rental Revenue = Food & Beverage Revenue ÷ Room Rental Revenue For 2020: $1,134,000 ÷ $3,311,000 = 34.2% of food & beverage revenue to room rental For 2019: $1,048,000 ÷ $3,061,000 = 34.2% of food & beverage revenue to room rental b) Sales Revenue per Available Room = Total Room Revenue ÷ Total Rooms Available For 2020: $3,311,000 ÷ (120 × 365) = $75.59 sales revenue per available room For 2019: $3,061,000 ÷ (120 × 365) = $69.89 sales revenue per available room Partially correct Marks for this submission: 2.00/4.00.
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10/7/23, 2:58 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=8 2/2
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10/7/23, 2:58 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 8 Correct Mark 2.00 out of 2.00 Take me to the text Hoth Spa has a net accounts receivable opening balance of $246,000 and and ending balance of $161,000. The total sales amount for the year is $883,000, of which 60% is on credit. Calculate the days’ sales outstanding and the accounts receivable turnover. Do not enter dollar signs or commas in the input boxes. Round days sales outstanding to the nearest whole number. Days Sales Outstanding = 140 days Round accounts receivable turnover to 2 decimal places. Accounts Receivable Turnover = 2.6 times Explanation DSO = (($246,000 + $161,000) ÷ 2) ÷ ($883,000 x 60%) × 365 = 140.00 days ART = ($883,000 x 60%) ÷ (($246,000 + $161,000) ÷ 2) = 2.60 times Correct Marks for this submission: 2.00/2.00.
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10/7/23, 2:58 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 7 Correct Mark 2.00 out of 2.00 Take me to the text At the beginning of 2020, Ziphon Wholesale Corp. had inventory of $312,000. It ended the year with inventory of $255,000 after purchasing $516,000 worth of inventory. The cost of goods sold totalled $668,000. Determine the inventory turnover ratio and the days' sales in inventory. Do not enter dollar signs or commas in the input boxes. For the inventory turnover ratio, round your answer to 2 decimal places. Inventory Turnover = 2.36 For the days' sales in inventory, round your answer to the nearest whole number. Days' Sales in Inventory = 155 days Explanation Inventory Turnover = Cost of Goods Sold ÷ Average Inventory = 2.36 Days' Sales in Inventory = Average Inventory ÷ Cost of Goods Sold x 365 = 155.00 days Correct Marks for this submission: 2.00/2.00.
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10/7/23, 2:58 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=6 2/2
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10/7/23, 2:58 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 6 Correct Mark 1.00 out of 1.00 Take me to the text The following data pertains to Frost Hotel for the year ended December 31, 2020. Room Revenue $71,000 Net Income $10,650 Total Assets (January 1, 2020) $277,000 Total Assets (December 31, 2020) $271,000 Calculate Frost Hotel's return on assets for 2020. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Return on Assets = 3.89 % Explanation Return on Assets = Net Income / Average Total Assets = $10,650 / (($277,000 + $271,000)/2) = 3.89% Correct Marks for this submission: 1.00/1.00.
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10/7/23, 2:58 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=5 2/2
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10/7/23, 2:58 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 5 Correct Mark 3.00 out of 3.00 Take me to the text The income statement of Jane Restaurant Inc. for the years 2019 and 2020 showed the following gross profit calculation. 2020 2019 Sales Revenue $94,000 $69,000 Cost of Goods Sold $71,000 $47,000 Gross Profit $23,000 $22,000 a) Calculate the gross profit margins for both years. Do not enter dollar signs or commas in the input boxes. Round the gross profit margin to 2 decimal places. 2020 2019 Gross Profit Margin 24.47 % 31.88 % b) In which year does Jane Restaurant Inc. have a better gross profit margin? Year: 2019 Explanation a) Gross Profit Margin = Gross Profit ÷ Revenue For 2020: $23,000 ÷ $94,000 = 24.47% For 2019: $22,000 ÷ $69,000 = 31.88% b) Generally, the higher the gross profit margin, the better. Therefore, 2019 was the better year. Correct Marks for this submission: 3.00/3.00.
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10/7/23, 2:57 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 4 Correct Mark 2.00 out of 2.00 Take me to the text Selected financial data from Brew Restaurant is provided below. Cash $85,000 Accounts Receivable $219,000 Food Inventory $278,000 Short-Term Investments $44,000 Land and Building $546,000 Current Portion of Long-Term Debt $40,000 Accounts Payable $108,000 a) Calculate the quick ratio. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Quick Ratio = 2.35 b) True or False? A quick ratio of 2.05 shows that the company is likely to meet its short-term cash obligations. True Explanation a) Quick Ratio = (Cash + Short-Term Investments + Accounts Receivable) / Current Liabilities = ($85,000 + $44,000 + $219,000) / ($108,000 + $40,000) = 2.35 b) True Correct Marks for this submission: 2.00/2.00.
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10/7/23, 2:57 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 3 Correct Mark 1.00 out of 1.00 Take me to the text A company reports current assets of $6,797 and current liabilities of $2,452. Calculate the current ratio. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Current Ratio = 2.77 Explanation The current ratio is $6,797 ÷ $2,452 = 2.77 Correct Marks for this submission: 1.00/1.00.
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10/7/23, 2:57 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=1 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework
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10/7/23, 2:57 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=1 2/3 Question 2 Correct Mark 27.00 out of 27.00 Take me to the text You have been asked to examine the financial statements for Jade Inc. and to comment on trends. a) Use horizontal analysis tools to compare the changes between 2019 and 2020 line items for the balance sheet. Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Round all answers to 2 decimal places. Jade Inc. Balance Sheet As at September 30 2020 2019 % Change Current Assets Cash $322,200 $329,600 -2.25 % Accounts Receivable $225,300 $194,100 16.07 % Inventory $418,100 $388,900 7.51 % Short-Term Investments $139,700 $117,200 19.20 % Total Current Assets $1,105,300 $1,029,800 7.33 % Other Assets $401,200 $319,500 25.57 % Total Assets $1,506,500 $1,349,300 11.65 % Current Liabilities $212,200 $243,300 -12.78 % Long-Term Debt $69,400 $112,200 -38.15 % Total Liabilities $281,600 $355,500 -20.79 % Shareholders’ Equity $1,224,900 $993,800 23.25 % Total Liabilities and Equity $1,506,500 $1,349,300 11.65 % b) Use vertical analysis tools to compare line items to the sales base figure. Jade Inc. Income Statement For the Year Ended September 30 2020 Sales $695,000 100 % Cost of Sales $382,250 55 % Gross Profit $312,750 45 % Operating Expenses Advertising Expense $4,500 0.65 % Bank Charges Expense $7,800 1.12 % Communication Expense $5,800 0.83 % Depreciation Expense $4,300 0.62 % Professional Fees Expense $6,200 0.89 % Rent Expense $6,400 0.92 % Repairs and Maintenance Expense $5,200 0.75 % Salaries and Wages Expense $59,700 8.59 % Transportation Expense $4,800 0.69 % Utilities Expense $6,600 0.95 % Total Operating Expenses $111,300 16.01 % Net Income $201,450 28.99 %
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10/7/23, 2:57 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&page=1 3/3 Explanation a) Subtract the 2019 value from the 2020 value of each account for the $ change. Divide the $ change by the 2019 value to calculate the % change. b) All numbers must be divided by the sales value on the income statement. Correct Marks for this submission: 27.00/27.00.
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10/7/23, 2:57 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571283&cmid=1260480&showall=0# 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 1 Correct Mark 12.00 out of 12.00 Started on Tuesday, 3 October 2023, 2:40 PM State Finished Completed on Saturday, 7 October 2023, 5:26 AM Time taken 3 days 14 hours Grade 58.00 out of 60.00 ( 97 %) Take me to the text Perform a horizontal analysis of key figures for the income statement for Davis Inc. Use 2018 as the base year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Groff Inc. Income Statement (in Thousands) For the Years Ended December 31, 2018-2020 2020 2019 2018 Value $ change from 2018 % Change Value $ change from 2018 % Change Value Revenue $462 $ 182 65 % $468 $ 188 67 % $280 Expenses $269 $ 115 75 % $280 $ 126 82 % $154 Net Income $193 $ 67 53 % $188 $ 62 49 % $126 Explanation Groff Inc. Income Statement (in Thousands) For the Years Ended December 31, 2018-2020 2020 2019 2018 Value $ change from 2018 % Change Value $ change from 2018 % Change Value Revenue $462 $182 65% $468 $188 67% $280 Expenses $269 $115 75% $280 $126 82% $154 Net Income $193 $67 53% $188 $62 49% $126 Correct Marks for this submission: 12.00/12.00.
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=9 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 10 Not answered Mark 0.00 out of 6.00 Take me to the text Over a three-day period, Doyle’s Restaurant had the following information. Thursday Friday Saturday Total Revenue $2,300 $3,500 $5,000 Number of Guests 78 94 115 Servers 4 8 12 Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Determine the average sales per server for each day. Thursday Friday Saturday Average Sales per Server $ $ $ b) Determine the average number of guests per server for each day. Thursday Friday Saturday Average Number of Guests per Server Explanation a) Average Sales Revenue per Server = Total Revenue ÷ Number of Servers For Thursday: $2,300 ÷ 4 = $575.00 per server For Friday: $3,500 ÷ 8 = $437.50 per server For Saturday: $5,000 ÷ 12 = $416.67 per server b) Average Number of Guests per Server = Guests Served ÷ Number of Servers For Thursday: 78 ÷ 4 = 19.50 guests served per server For Friday: 94 ÷ 8 = 11.75 guests served per server For Saturday: 115 ÷ 12 = 9.58 guests served per server
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=9 2/2
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=8 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 9 Not answered Mark 0.00 out of 4.00 Take me to the text The following are selected items from Pine Hotel’s most recent financial statements. 2020 2019 Food & Beverage Revenue $1,292,000 $1,195,000 Room Rental Revenue $3,296,000 $3,154,000 Number of Rooms 90 90 Occupancy Rate 88% 85% a) Determine the food and beverage sales to room rental revenue percentage for 2019 and 2020. Do not enter dollar signs or commas in the input boxes. Round the percent of food and beverage revenue to room rental revenue to 1 decimal place. 2020 2019 Percent of Food & Beverage Revenue to Room Rental Revenue % % b) The hotel is open 365 days a year. Determine the sales revenue per available room for 2019 and 2020. Do not enter dollar signs or commas in the input boxes. Round the sales revenue per available room to 2 decimal places. 2020 2019 Sales Revenue per Available Room $ $ Explanation a) Percent of Food & Beverage Revenue to Room Rental Revenue = Food & Beverage Revenue ÷ Room Rental Revenue For 2020: $1,292,000 ÷ $3,296,000 = 39.2% of food & beverage revenue to room rental For 2019: $1,195,000 ÷ $3,154,000 = 37.9% of food & beverage revenue to room rental b) Sales Revenue per Available Room = Total Room Revenue ÷ Total Rooms Available For 2020: $3,296,000 ÷ (90 × 365) = $100.33 sales revenue per available room For 2019: $3,154,000 ÷ (90 × 365) = $96.01 sales revenue per available room
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=8 2/2
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 8 Not answered Mark 0.00 out of 2.00 Take me to the text Sleiger Spa has a net accounts receivable opening balance of $232,000 and and ending balance of $189,000. The total sales amount for the year is $722,000, of which 50% is on credit. Calculate the days’ sales outstanding and the accounts receivable turnover. Do not enter dollar signs or commas in the input boxes. Round days sales outstanding to the nearest whole number. Days Sales Outstanding = days Round accounts receivable turnover to 2 decimal places. Accounts Receivable Turnover = times Explanation DSO = (($232,000 + $189,000) ÷ 2) ÷ ($722,000 x 50%) × 365 = 213.00 days ART = ($722,000 x 50%) ÷ (($232,000 + $189,000) ÷ 2) = 1.71 times
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 7 Not answered Mark 0.00 out of 2.00 Take me to the text At the beginning of 2020, Acatela Wholesale Corp. had inventory of $353,000. It ended the year with inventory of $207,000 after purchasing $519,000 worth of inventory. The cost of goods sold totalled $623,000. Determine the inventory turnover ratio and the days' sales in inventory. Do not enter dollar signs or commas in the input boxes. For the inventory turnover ratio, round your answer to 2 decimal places. Inventory Turnover = For the days' sales in inventory, round your answer to the nearest whole number. Days' Sales in Inventory = days Explanation Inventory Turnover = Cost of Goods Sold ÷ Average Inventory = 2.23 Days' Sales in Inventory = Average Inventory ÷ Cost of Goods Sold x 365 = 164.00 days
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=6 2/2
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 6 Not answered Mark 0.00 out of 1.00 Take me to the text The following data pertains to Cold Hotel for the year ended December 31, 2020. Room Revenue $83,000 Net Income $12,450 Total Assets (January 1, 2020) $280,000 Total Assets (December 31, 2020) $267,000 Calculate Cold Hotel's return on assets for 2020. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Return on Assets = % Explanation Return on Assets = Net Income / Average Total Assets = $12,450 / (($280,000 + $267,000)/2) = 4.55%
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=5 2/2
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 5 Not answered Mark 0.00 out of 3.00 Take me to the text The income statement of Jane Restaurant Inc. for the years 2019 and 2020 showed the following gross profit calculation. 2020 2019 Sales Revenue $94,000 $67,000 Cost of Goods Sold $72,000 $54,000 Gross Profit $22,000 $13,000 a) Calculate the gross profit margins for both years. Do not enter dollar signs or commas in the input boxes. Round the gross profit margin to 2 decimal places. 2020 2019 Gross Profit Margin % % b) In which year does Jane Restaurant Inc. have a better gross profit margin? Year: Explanation a) Gross Profit Margin = Gross Profit ÷ Revenue For 2020: $22,000 ÷ $94,000 = 23.40% For 2019: $13,000 ÷ $67,000 = 19.40% b) Generally, the higher the gross profit margin, the better. Therefore, 2020 was the better year.
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=4 2/2
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 4 Not answered Mark 0.00 out of 2.00 Take me to the text Selected financial data from Brew Restaurant is provided below. Cash $75,000 Accounts Receivable $227,000 Food Inventory $275,000 Short-Term Investments $37,000 Land and Building $484,000 Current Portion of Long-Term Debt $33,000 Accounts Payable $103,000 a) Calculate the quick ratio. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Quick Ratio = b) True or False? A quick ratio of 2.30 shows that the company is likely to meet its short-term cash obligations. Explanation a) Quick Ratio = (Cash + Short-Term Investments + Accounts Receivable) / Current Liabilities = ($75,000 + $37,000 + $227,000) / ($103,000 + $33,000) = 2.49 b) True
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=3 2/2
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 3 Not answered Mark 0.00 out of 1.00 Take me to the text A company reports current assets of $6,200 and current liabilities of $2,507. Calculate the current ratio. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Current Ratio = Explanation The current ratio is $6,200 ÷ $2,507 = 2.47
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=1 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=1 2/3 Question 2 Not answered Mark 0.00 out of 27.00 Take me to the text You have been asked to examine the financial statements for Karde Inc. and to comment on trends. a) Use horizontal analysis tools to compare the changes between 2019 and 2020 line items for the balance sheet. Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Round all answers to 2 decimal places. Karde Inc. Balance Sheet As at October 31 2020 2019 % Change Current Assets Cash $332,800 $318,400 % Accounts Receivable $117,000 $154,300 % Inventory $367,300 $388,700 % Short-Term Investments $80,200 $92,300 % Total Current Assets $897,300 $953,700 % Other Assets $191,000 $329,500 % Total Assets $1,088,300 $1,283,200 % Current Liabilities $302,400 $256,900 % Long-Term Debt $165,600 $137,000 % Total Liabilities $468,000 $393,900 % Shareholders’ Equity $620,300 $889,300 % Total Liabilities and Equity $1,088,300 $1,283,200 % b) Use vertical analysis tools to compare line items to the sales base figure. Karde Inc. Income Statement For the Year Ended October 31 2020 Sales $696,000 % Cost of Sales $313,200 % Gross Profit $382,800 % Operating Expenses Advertising Expense $4,500 % Bank Charges Expense $7,000 % Communication Expense $7,200 % Depreciation Expense $7,300 % Professional Fees Expense $7,400 % Rent Expense $4,100 % Repairs and Maintenance Expense $6,500 %
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480&page=1 3/3 Salaries and Wages Expense $79,100 % Transportation Expense $5,700 % Utilities Expense $6,600 % Total Operating Expenses $135,400 % Net Income $247,400 % Explanation a) Subtract the 2019 value from the 2020 value of each account for the $ change. Divide the $ change by the 2019 value to calculate the % change. b) All numbers must be divided by the sales value on the income statement.
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 1 Not answered Mark 0.00 out of 12.00 Started on Saturday, 7 October 2023, 5:30 AM State Finished Completed on Saturday, 7 October 2023, 5:31 AM Time taken 9 secs Grade 0.00 out of 60.00 ( 0 %) Take me to the text Perform a horizontal analysis of key figures for the income statement for Groff Inc. Use 2018 as the base year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Groff Inc. Income Statement (in Thousands) For the Years Ended December 31, 2018-2020 2020 2019 2018 Value $ change from 2018 % Change Value $ change from 2018 % Change Value Revenue $539 $ % $464 $ % $272 Expenses $290 $ % $271 $ % $148 Net Income $249 $ % $193 $ % $124 Explanation Groff Inc. Income Statement (in Thousands) For the Years Ended December 31, 2018-2020 2020 2019 2018 Value $ change from 2018 % Change Value $ change from 2018 % Change Value Revenue $539 $267 98% $464 $192 71% $272 Expenses $290 $142 96% $271 $123 83% $148 Net Income $249 $125 101% $193 $69 56% $124
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10/7/23, 3:01 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4578893&cmid=1260480 2/2
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10/7/23, 3:27 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=8 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 9 Correct Mark 4.00 out of 4.00 Take me to the text The following are selected items from Oak Hotel’s most recent financial statements. 2020 2019 Food & Beverage Revenue $1,175,000 $1,104,000 Room Rental Revenue $3,444,000 $3,190,000 Number of Rooms 85 85 Occupancy Rate 87% 80% a) Determine the food and beverage sales to room rental revenue percentage for 2019 and 2020. Do not enter dollar signs or commas in the input boxes. Round the percent of food and beverage revenue to room rental revenue to 1 decimal place. 2020 2019 Percent of Food & Beverage Revenue to Room Rental Revenue 34.1 % 34.6 % b) The hotel is open 365 days a year. Determine the sales revenue per available room for 2019 and 2020. Do not enter dollar signs or commas in the input boxes. Round the sales revenue per available room to 2 decimal places. 2020 2019 Sales Revenue per Available Room $ 111.01 $ 102.82 Explanation a) Percent of Food & Beverage Revenue to Room Rental Revenue = Food & Beverage Revenue ÷ Room Rental Revenue For 2020: $1,175,000 ÷ $3,444,000 = 34.1% of food & beverage revenue to room rental For 2019: $1,104,000 ÷ $3,190,000 = 34.6% of food & beverage revenue to room rental b) Sales Revenue per Available Room = Total Room Revenue ÷ Total Rooms Available For 2020: $3,444,000 ÷ (85 × 365) = $111.01 sales revenue per available room For 2019: $3,190,000 ÷ (85 × 365) = $102.82 sales revenue per available room Correct Marks for this submission: 4.00/4.00.
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10/7/23, 3:27 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 8 Correct Mark 2.00 out of 2.00 Take me to the text Hoth Spa has a net accounts receivable opening balance of $162,000 and and ending balance of $230,000. The total sales amount for the year is $903,000, of which 80% is on credit. Calculate the days’ sales outstanding and the accounts receivable turnover. Do not enter dollar signs or commas in the input boxes. Round days sales outstanding to the nearest whole number. Days Sales Outstanding = 99 days Round accounts receivable turnover to 2 decimal places. Accounts Receivable Turnover = 3.69 times Explanation DSO = (($162,000 + $230,000) ÷ 2) ÷ ($903,000 x 80%) × 365 = 99.00 days ART = ($903,000 x 80%) ÷ (($162,000 + $230,000) ÷ 2) = 3.69 times Correct Marks for this submission: 2.00/2.00.
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10/7/23, 3:27 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 7 Correct Mark 2.00 out of 2.00 Take me to the text At the beginning of 2020, Acatela Wholesale Corp. had inventory of $348,000. It ended the year with inventory of $268,000 after purchasing $563,000 worth of inventory. The cost of goods sold totalled $719,000. Determine the inventory turnover ratio and the days' sales in inventory. Do not enter dollar signs or commas in the input boxes. For the inventory turnover ratio, round your answer to 2 decimal places. Inventory Turnover = 2.33 For the days' sales in inventory, round your answer to the nearest whole number. Days' Sales in Inventory = 156 days Explanation Inventory Turnover = Cost of Goods Sold ÷ Average Inventory = 2.33 Days' Sales in Inventory = Average Inventory ÷ Cost of Goods Sold x 365 = 156.00 days Correct Marks for this submission: 2.00/2.00.
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10/7/23, 3:27 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 6 Correct Mark 1.00 out of 1.00 Take me to the text The following data pertains to Chill Hotel for the year ended December 31, 2020. Room Revenue $63,000 Net Income $9,450 Total Assets (January 1, 2020) $280,000 Total Assets (December 31, 2020) $263,000 Calculate Chill Hotel's return on assets for 2020. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Return on Assets = 3.48 % Explanation Return on Assets = Net Income / Average Total Assets = $9,450 / (($280,000 + $263,000)/2) = 3.48% Correct Marks for this submission: 1.00/1.00.
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10/7/23, 3:27 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 5 Correct Mark 3.00 out of 3.00 Take me to the text The income statement of Jane Restaurant Inc. for the years 2019 and 2020 showed the following gross profit calculation. 2020 2019 Sales Revenue $95,000 $80,000 Cost of Goods Sold $80,000 $43,000 Gross Profit $15,000 $37,000 a) Calculate the gross profit margins for both years. Do not enter dollar signs or commas in the input boxes. Round the gross profit margin to 2 decimal places. 2020 2019 Gross Profit Margin 15.79 % 46.25 % b) In which year does Jane Restaurant Inc. have a better gross profit margin? Year: 2019 Explanation a) Gross Profit Margin = Gross Profit ÷ Revenue For 2020: $15,000 ÷ $95,000 = 15.79% For 2019: $37,000 ÷ $80,000 = 46.25% b) Generally, the higher the gross profit margin, the better. Therefore, 2019 was the better year. Correct Marks for this submission: 3.00/3.00.
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10/7/23, 3:26 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 4 Correct Mark 2.00 out of 2.00 Take me to the text Selected financial data from Lead Restaurant is provided below. Cash $63,000 Accounts Receivable $228,000 Food Inventory $257,000 Short-Term Investments $37,000 Land and Building $470,000 Current Portion of Long-Term Debt $32,000 Accounts Payable $136,000 a) Calculate the quick ratio. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Quick Ratio = 1.95 b) True or False? A quick ratio of 2.05 shows that the company is likely to meet its short-term cash obligations. True Explanation a) Quick Ratio = (Cash + Short-Term Investments + Accounts Receivable) / Current Liabilities = ($63,000 + $37,000 + $228,000) / ($136,000 + $32,000) = 1.95 b) True Correct Marks for this submission: 2.00/2.00.
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10/7/23, 3:26 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 3 Correct Mark 1.00 out of 1.00 Take me to the text A company reports current assets of $6,775 and current liabilities of $2,200. Calculate the current ratio. Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Current Ratio = 3.08 Explanation The current ratio is $6,775 ÷ $2,200 = 3.08 Correct Marks for this submission: 1.00/1.00.
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10/7/23, 3:26 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=1 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework
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10/7/23, 3:26 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=1 2/3 Question 2 Correct Mark 27.00 out of 27.00 Take me to the text You have been asked to examine the financial statements for Organo Inc. and to comment on trends. a) Use horizontal analysis tools to compare the changes between 2019 and 2020 line items for the balance sheet. Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Round all answers to 2 decimal places. Organo Inc. Balance Sheet As at August 31 2020 2019 % Change Current Assets Cash $316,500 $322,500 -1.86 % Accounts Receivable $202,900 $163,600 24.02 % Inventory $428,900 $402,000 6.69 % Short-Term Investments $82,200 $102,600 -19.88 % Total Current Assets $1,030,500 $990,700 4.02 % Other Assets $420,900 $299,600 40.49 % Total Assets $1,451,400 $1,290,300 12.49 % Current Liabilities $253,800 $215,300 17.88 % Long-Term Debt $115,700 $74,700 54.89 % Total Liabilities $369,500 $290,000 27.41 % Shareholders’ Equity $1,081,900 $1,000,300 8.16 % Total Liabilities and Equity $1,451,400 $1,290,300 12.49 % b) Use vertical analysis tools to compare line items to the sales base figure. Organo Inc. Income Statement For the Year Ended August 31 2020 Sales $688,000 100 % Cost of Sales $378,400 55 % Gross Profit $309,600 45 % Operating Expenses Advertising Expense $4,400 0.64 % Bank Charges Expense $5,200 0.76 % Communication Expense $5,900 0.86 % Depreciation Expense $7,300 1.06 % Professional Fees Expense $6,200 0.90 % Rent Expense $6,100 0.89 % Repairs and Maintenance Expense $4,900 0.71 % Salaries and Wages Expense $67,300 9.78 % Transportation Expense $5,300 0.77 % Utilities Expense $4,800 0.70 % Total Operating Expenses $117,400 17.06 % Net Income $192,200 27.94 %
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10/7/23, 3:26 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584&page=1 3/3 Explanation a) Subtract the 2019 value from the 2020 value of each account for the $ change. Divide the $ change by the 2019 value to calculate the % change. b) All numbers must be divided by the sales value on the income statement. Correct Marks for this submission: 27.00/27.00.
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10/7/23, 3:26 PM Chapter 2 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4571331&cmid=1260584 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Post-Class Homework Question 1 Correct Mark 12.00 out of 12.00 Started on Tuesday, 3 October 2023, 2:55 PM State Finished Completed on Saturday, 7 October 2023, 5:56 AM Time taken 3 days 15 hours Grade 60.00 out of 60.00 ( 100 %) Take me to the text Perform a horizontal analysis of key figures for the income statement for Groff Inc. Use 2018 as the base year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Groff Inc. Income Statement (in Thousands) For the Years Ended December 31, 2018-2020 2020 2019 2018 Value $ change from 2018 % Change Value $ change from 2018 % Change Value Revenue $530 $ 214 68 % $508 $ 192 61 % $316 Expenses $290 $ 107 58 % $279 $ 96 52 % $183 Net Income $240 $ 107 80 % $229 $ 96 72 % $133 Explanation Groff Inc. Income Statement (in Thousands) For the Years Ended December 31, 2018-2020 2020 2019 2018 Value $ change from 2018 % Change Value $ change from 2018 % Change Value Revenue $530 $214 68% $508 $192 61% $316 Expenses $290 $107 58% $279 $96 52% $183 Net Income $240 $107 80% $229 $96 72% $133 Correct Marks for this submission: 12.00/12.00.
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10/4/23, 12:02 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 7 Correct Mark 1.00 out of 1.00 If a company has total equity of $1,000,000 and total liabilities of $500,000, what is its debt-to-equity ratio? Select one: a. 3 b. 2 c. 1.2 d. 0.5 Your answer is correct. Explanation: Debt to equity is calculated by dividing total liabilities by total equity. As a result, Debt to equity becomes 0.5 ($500,000/$1,000,000). The correct answer is: 0.5
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10/4/23, 12:03 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 8 Correct Mark 1.00 out of 1.00 Which analysis tool expresses individual line items as a percentage of another line item in the same period? Select one: a. Horizontal analysis b. Segment analysis c. Diagonal analysis d. Vertical analysis Your answer is correct. Explanation: Vertical analysis expresses individual accounts in the same period as a percentage of another account. The correct answer is: Vertical analysis
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10/4/23, 12:03 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=9 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 10 Correct Mark 1.00 out of 1.00 Average Accounts Receivable $2,000 Current Assets 5,000 Capital Assets 7,000 Current Liabilities 1,000 Long – term Liabilities 3,000 Credit Sales 10,000 Net Income 5,000 Use the figures above and assuming that all sales are on account, the Days Sales Outstanding is: Select one: a. 73 days b. 20 days c. 50 days d. 27.39 days Your answer is correct. Explanation: Days Sales Outstanding (DSO) is calculated by dividing the average accounts receivable by credit sales and multiply it by 365 days. Therefore, DSO is 73 days ($2,000/$10,000 x 365 days). The correct answer is: 73 days
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10/4/23, 12:02 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 5 Correct Mark 1.00 out of 1.00 A company's financial statements show the following numbers: 2019 2018 Assets 3,000 2,000 Liabilities 2,000 1,000 Sales Revenue 9,000 10,000 Expenses 8,400 5,200 The asset turnover for 2019 is: Select one: a. 33 b. 28% c. 3 d. 3.6 Your answer is correct. Explanation: Asset turnover is calculated by dividing sales revenue by the average total assets. Average total assets in this case is $2,500 [($3,000+$2,000)/2]. Therefore, asset turnover is 3.6 ($9,000/$2,500). The correct answer is: 3.6
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10/4/23, 12:02 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 6 Correct Mark 1.00 out of 1.00 One of the differences between common shares and preferred shares is that: Select one: a. Preferred shares do not have any voting rights b. Common shares cannot receive dividends c. There are no differences d. Preferred shares are liabilities, where common shares are considered equity Your answer is correct. Explanation: One of the differences between common shares and preferred shares is that preferred shares do not have any voting rights. The correct answer is: Preferred shares do not have any voting rights
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10/4/23, 12:02 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 4 Correct Mark 1.00 out of 1.00 Having a low ROA usually indicates that the businesses assets are not: Select one: a. In need of replacement b. Producing a high net income c. Software intensive d. Producing a low income Your answer is correct. Explanation: Because ROA is calculated by dividing net income by average total assets, having a low ROA usually indicates that the busineses assets are not producing much income. The correct answer is: Producing a high net income
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10/4/23, 12:02 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 4 Correct Mark 1.00 out of 1.00 Having a low ROA usually indicates that the businesses assets are not: Select one: a. In need of replacement b. Producing a high net income c. Software intensive d. Producing a low income Your answer is correct. Explanation: Because ROA is calculated by dividing net income by average total assets, having a low ROA usually indicates that the busineses assets are not producing much income. The correct answer is: Producing a high net income
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10/4/23, 12:02 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 3 Correct Mark 1.00 out of 1.00 A company’s working capital would always be positive if its current ratio is Select one: a. Equal to 1 b. A positive decimal between 0 and 1 c. Negative d. Greater than 1 Your answer is correct. Explanation: Working capital is calculated by deducting current assets by current liabilities. Current ratio is calculated by dividing current assets by current liabilities. Thus. when a company has more current assets than current liabilities, its working capital is positive and its current ratio is higher than 1. The correct answer is: Greater than 1
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10/4/23, 12:02 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=2 2/2
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10/4/23, 12:03 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=8 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 9 Correct Mark 1.00 out of 1.00 Current Assets $2,000 Long–Term Assets 5,000 Current Liabilities 1,000 Long–Term Liabilities 4,000 Using the above figures, the working capital is Select one: a. $2,000 b. $5,000 c. $1,000 d. $7,000 Your answer is correct. Explanation: Working capital ($1,000) is calculated by current assets ($2,000) less current liabilities ($1,000). The correct answer is: $1,000
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10/4/23, 12:03 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=8 2/2
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10/4/23, 12:02 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 2 Correct Mark 1.00 out of 1.00 The shareholders’ equity category includes two subcategories, which are: Select one: a. Owner’s withdrawals and retained earnings b. Share capital and owner’s equity c. Share capital and retained earnings d. Owner’s equity and retained earnings Your answer is correct. Explanation: The shareholders’ equity category includes two subcategories, which are share capital and retained earnings. The correct answer is: Share capital and retained earnings
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10/4/23, 12:02 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479&page=1 2/2
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10/4/23, 12:01 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 2 - Analyzing Accounting Information / Chapter 2 Quiz Question 1 Correct Mark 1.00 out of 1.00 Started on Tuesday, 3 October 2023, 2:29 PM State Finished Completed on Tuesday, 3 October 2023, 2:31 PM Time taken 2 mins 12 secs Grade 10.00 out of 10.00 ( 100 %) If a restaurant has food sales of $160,000 and total sales of $200,000, what is the percentage of beverage sales to food sales? Select one: a. 25% b. 10% c. 60% d. 150% Your answer is correct. Explanation: Beverage sales as a percentage of food sales is calculated by dividing total beverage sales by total food sales. Total beverage sales is calculated by subtracting food sales from total sales ($200,000 – 160,000), ($40,000/$160,000). The correct answer is: 25%
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10/4/23, 12:01 AM Chapter 2 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571261&cmid=1260479 2/2
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10/4/23, 12:08 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=8 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 9 Correct Mark 1.00 out of 1.00 A cost object: Select one: a. is any activity that incurs cost b. is anything for which separate cost data is desired c. is sales revenue less cost of sales d. is a combination of direct and indirect costs Your answer is correct. Explanation: A cost object is anything for which separate cost measurement is desired. The correct answer is: is anything for which separate cost data is desired
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10/4/23, 12:08 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=8 2/2
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10/4/23, 12:08 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=9 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 10 Correct Mark 1.00 out of 1.00 A hotel is considering purchasing a new washing machine for the housekeeping department. The price of the machine would be considered a(an): Select one: a. indirect cost b. material cost c. labour cost d. direct cost Your answer is correct. Explanation: Costs that can be traced directly to a service or product are called direct costs. The correct answer is: direct cost
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10/4/23, 12:08 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=9 2/2
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10/4/23, 12:08 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 8 Correct Mark 1.00 out of 1.00 Computer software programs would be considered a(an): Select one: a. Food cost b. Fixed cost c. Overhead cost d. Labour cost Your answer is correct. Explanation: Computer software is considered overhead costs because it cannot be directly traced to a specific product or service. The correct answer is: Overhead cost
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10/4/23, 12:08 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=7 2/2
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10/4/23, 12:08 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 7 Correct Mark 1.00 out of 1.00 Which of the following statements is accurate? Select one: a. Both management accounting and financial accounting are intended primarily for internal users b. Both management accounting and financial accounting are intended primarily for external users c. Management accounting is primarily geared towards external users while financial accounting is primarily geared towards internal users d. Management accounting is primarily prepared for internal users while financial accounting is primarily prepared for external users Your answer is correct. Explanation: Management accounting is primarily prepared for internal users while financial accounting is primarily geared towards external users The correct answer is: Management accounting is primarily prepared for internal users while financial accounting is primarily prepared for external users
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10/4/23, 12:08 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=6 2/2
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10/4/23, 12:08 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 6 Correct Mark 1.00 out of 1.00 If a hotel is reporting room sales of $140,000, restaurant sales of $60,000 and indirect costs of $30,000, how much indirect costs would be allocated to the restaurant department based on sales: Select one: a. $9,000 b. $4,000 c. $10,000 d. $30,000 Your answer is correct. Explanation: Total sales = ($140,000 + $60,000) = $200,000, restaurant sales percentage is 30%. 30% x $30,000 = $9,000 The correct answer is: $9,000
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10/4/23, 12:08 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=5 2/2
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10/4/23, 12:07 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 5 Correct Mark 1.00 out of 1.00 If the amount of a restaurant’s rent does not change month-to-month it is an example of a: Select one: a. variable cost b. fixed cost c. labour cost d. sunk cost Your answer is correct. Explanation: costs that do not change in relation to sales volume are considered fixed costs. The correct answer is: fixed cost
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10/4/23, 12:07 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=4 2/2
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10/4/23, 12:07 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 4 Correct Mark 1.00 out of 1.00 Hospitality companies typically sell: Select one: a. None of the options b. Intangible products c. Tangible products d. Hard goods Your answer is correct. Explanation: Hospitality companies typically sell experiences which is an intangible product The correct answer is: Intangible products
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10/4/23, 12:07 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=3 2/2
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10/4/23, 12:07 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 3 Correct Mark 1.00 out of 1.00 In the hospitality industry, allocating indirect costs is commonly based on: Select one: a. Sales or assets b. Sales or room size c. None of the available choices d. Room size or fixed costs Your answer is correct. Explanation: In the hospitality industry, allocating indirect costs is commonly based on sales or room size The correct answer is: Sales or room size
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10/4/23, 12:07 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=2 2/2
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10/4/23, 12:07 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 2 Correct Mark 1.00 out of 1.00 Costs that can be traced directly to the service provided are called: Select one: a. cost objects b. separate cost data c. direct costs d. indirect costs Your answer is correct. Explanation: A cost that can be traced directly to the service provided is called a cost object. The correct answer is: direct costs
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10/4/23, 12:07 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487&page=1 2/2
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10/4/23, 12:07 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 1 Correct Mark 1.00 out of 1.00 Started on Tuesday, 3 October 2023, 2:35 PM State Finished Completed on Tuesday, 3 October 2023, 2:37 PM Time taken 1 min 56 secs Grade 10.00 out of 10.00 ( 100 %) The following are all examples of materials costs except: Select one: a. Wine b. Electricity c. Steaks d. Coffee Your answer is correct. Explanation: Electricity is considered overhead costs because it is not processed to produce a final product. The correct answer is: Electricity
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10/4/23, 12:07 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571275&cmid=1260487 2/2
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=11# 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=11# 2/4 Question 12 Correct Mark 18.00 out of 18.00 Take me to the text The balance sheet and income statement for Mary Hotels are presented below. Mary Hotels Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $147,585 $79,100 Accounts Receivable $45,900 $29,600 Inventory $70,400 $44,700 Total Current Assets $263,885 $153,400 Land $100,000 $106,000 Equipment $100,000 $133,000 Accumulated Depreciation $-51,000 $-65,000 Total Assets $412,885 $327,400 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $35,700 $65,200 Taxes Payable $20,100 $20,100 Total Current Liabilities $55,800 $85,300 Notes Payable $128,100 $87,500 Total Liabilities $183,900 $172,800 Shareholders' Equity Common Shares $77,900 $64,900 Retained Earnings $151,085 $89,700 Total Shareholders' Equity $228,985 $154,600 Total Liabilities and Equity $412,885 $327,400 Notes: The company paid cash dividends during 2020. The company did not make a notes payable payment during 2020. The company did not purchase any equipment during 2020. The company did not purchase any land during 2020. Mary Hotels Income Statement For the Year Ended December 31, 2020 Revenue $427,000 Cost of Sales $277,550 Gross Profit $149,450 Operating Expenses Depreciation Expense $5,000 Other Operating Expenses $26,700 Total Operating Expenses $31,700 Income from Operations $117,750 Other Income and Expenses Interest Expense $-5,000 Loss on Sale of Equipment $-5,200 Gain on Sale of Land $5,000 Operating Income before Tax $112,550 Income Tax $33,765 Net Income (Loss) $78,785 Prepare the cash flow statement for December 31, 2020 using the indirect method.
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=11# 3/4 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Mary Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income 78785 Adjustments for Non-Cash Items Depreciation Expense 5000 Loss on Sale of Equipment 5200 Gain on Sale of Land -5000 Changes in Current Assets and Current Liabilities Increase in Accounts Receivable -16300 Increase in Inventory -25700 Decrease in Accounts Payable -29500 Change in Cash Due to Operating Activities 12485 Cash Flow from Investing Activities Sale of Equipment 8800 Sale of Land 11000 Net Cash Provided (Used) by Investing Activities 19800 Cash Flow from Financing Activities Issuance of Common Shares 13000 Proceeds from Notes Payable 40600 Payment of Dividends -17400 Net Cash Provided (Used) by Financing Activities 36200 Net increase (decrease) in cash 68485 Cash at the Beginning of the Year 79100 Cash at the End of the Year 147585 Explanation Prepare the cash flow statement for December 31, 2020 using the indirect method. Mary Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income $78,785 Adjustments for Non-Cash Items Depreciation Expense $5,000 Loss on Sale of Equipment $5,200 Gain on Sale of Land $-5,000 Changes in Current Assets and Current Liabilities Increase in Accounts Receivable $-16,300 Increase in Inventory $-25,700 Decrease in Accounts Payable $-29,500 Change in Cash Due to Operating Activities $12,485 Cash Flow from Investing Activities Sale of Equipment $8,800 Sale of Land $11,000
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=11# 4/4 Net Cash Provided (Used) by Investing Activities $19,800 Cash Flow from Financing Activities Issuance of Common Shares $13,000 Proceeds from Notes Payable $40,600 Payment of Dividends $-17,400 Net Cash Provided (Used) by Financing Activities $36,200 Net increase (decrease) in cash $68,485 Cash at the Beginning of the Year $79,100 Cash at the End of the Year $147,585 Correct Marks for this submission: 18.00/18.00.
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=10 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=10 2/4 Question 11 Correct Mark 15.00 out of 15.00 Take me to the text Breakwater Hotels has completed its financial statements for 2020. The income statement and comparative balance sheet were prepared as shown below. Breakwater Hotels Balance Sheet As at September 30 2020 2019 Assets Current Assets Cash $157,805 $57,400 Accounts Receivable $85,700 $79,700 Inventory $215,000 $195,000 Prepaid Expenses $12,000 $12,000 Total Current Assets $470,505 $344,100 Long-Term Assets Land $0 $43,000 Equipment $339,000 $339,000 Accumulated Depreciation $-26,800 $-22,300 Total Long-Term Assets $312,200 $359,700 Total Assets $782,705 $703,800 Liabilities Current Liabilities Accounts Payable $50,700 $42,600 Notes Payable, Current Portion $9,600 $9,600 Total Current Liabilities $60,300 $52,200 Notes Payable, Long-Term Portion $55,400 $65,000 Total Liabilities $115,700 $117,200 Shareholders' Equity Common Shares $150,000 $150,000 Retained Earnings $517,005 $436,600 Total Shareholders' Equity $667,005 $586,600 Total Liabilities and Equity $782,705 $703,800 Additional Information: During 2020, land was sold for a gain of $6,700. There was no purchase of equipment throughout the year. Breakwater Hotels Income Statement For the Year Ended September 30, 2020 Revenue $563,000 Cost of Sales $337,800 Gross Profit $225,200 Operating Expenses Depreciation Expense $4,500 Other Operating Expenses $63,700 Total Operating Expenses $68,200 Income from Operations $157,000 Other Income and Expenses Gain on Sale of Land $6,700 Income before Income Tax $163,700 Income Tax $57,295 Net Income $106,405 Prepare the statement of cash flows using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash.
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=10 3/4 Breakwater Hotels Cash Flow Statement For the Year Ended September 30, 2020 Cash Flow from Operating Activities Net Income 106405 Adjustments for Non-Cash Items Depreciation Expense 4500 Gain on Sale of Land -6700 Changes in Current Assets and Current Liabilities Change in Accounts Receivable -6000 Change in Inventory -20000 Change in Accounts Payable 8100 Net Cash Provided (Used) by Operating Activities 86305 Cash Flow from Investing Activities Sale of Land 49700 Net Cash Provided (Used) by Investing Activities 49700 Cash Flow from Financing Activities Payment of Notes Payable -9600 Payment of Cash Dividend -26000 Net Cash Provided (Used) by Financing Activities -35600 Net increase (decrease) in cash 100405 Cash at the Beginning of the Year 57400 Cash at the End of the Year 157805 Explanation Breakwater Hotels Cash Flow Statement For the Year Ended September 30, 2020 Cash Flow from Operating Activities Net Income $106,405 Adjustments for Non-Cash Items Depreciation Expense $4,500 Gain on Sale of Land $-6,700 Changes in Current Assets and Current Liabilities Change in Accounts Receivable $-6,000 Change in Inventory $-20,000 Change in Accounts Payable $8,100 Net Cash Provided (Used) by Operating Activities $86,305 Cash Flow from Investing Activities Sale of Land $49,700 Net Cash Provided (Used) by Investing Activities $49,700 Cash Flow from Financing Activities Payment of Notes Payable $-9,600 Payment of Cash Dividend $-26,000 Net Cash Provided (Used) by Financing Activities $-35,600 Net increase (decrease) in cash $100,405 Cash at the Beginning of the Year $57,400 Cash at the End of the Year $157,805
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=10 4/4 Correct Marks for this submission: 15.00/15.00.
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=9 1/4 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=9 2/4 Question 10 Correct Mark 16.00 out of 16.00 Take me to the text Rancho Foods International provides food and beverage services to institutional facilities like school and hospitals. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below. Rancho Foods International Balance Sheet As at January 31 2020 2019 Assets Current Assets Cash $230,250 $126,400 Accounts Receivable $236,800 $265,900 Food & Beverage Inventory $517,400 $450,600 Prepaid Expenses $23,300 $23,300 Total Current Assets $1,007,750 $866,200 Long-Term Assets Land $0 $20,600 Equipment $351,800 $351,800 Accumulated Depreciation $-108,700 $-99,600 Total Long-Term Assets $243,100 $272,800 Total Assets $1,250,850 $1,139,000 Liabilities Current Liabilities Accounts Payable $307,900 $325,500 Notes Payable, Current Portion $32,300 $29,000 Total Current Liabilities $340,200 $354,500 Notes Payable, Long-Term Portion $206,400 $184,600 Total Liabilities $546,600 $539,100 Shareholders' Equity Common Shares $282,000 $260,000 Retained Earnings $422,250 $339,900 Total Shareholders' Equity $704,250 $599,900 Total Liabilities and Equity $1,250,850 $1,139,000 Additional Information: During 2020, land was sold for a loss of $5,700. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. Rancho Foods International Income Statement For the Year Ended January 31, 2020 Revenue $2,371,000 Cost of Sales $1,422,600 Gross Profit $948,400 Operating Expenses Depreciation Expense $9,100 Other Operating Expenses $734,600 Total Operating Expenses $743,700 Income from Operations $204,700 Other Income and Expenses Loss on Sale of Land $-5,700 Income before Income Tax $199,000 Income Tax $69,650 Net Income $129,350 Create the cash flow statement using the indirect method.
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=9 3/4 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Rancho Foods International Cash Flow Statement For the Year Ended January 31, 2020 Cash Flow from Operating Activities Net Income 129350 Adjustments for Non-Cash Items Depreciation 9100 Loss on Sale of Land 5700 Change in Current Assets and Current Liabilities Decrease in Accounts Receivable 29100 Increase in Food & Beverage Inventory -66800 Decrease in Accounts Payable -17600 Net Cash Provided (Used) by Operating Activities 88850 Cash Flow from Investing Activities Sale of Land 14900 Net Cash Provided (Used) by Investing Activities 14900 Cash Flow from Financing Activities Proceeds from Notes Payable 25100 Payment of Cash Dividend -47000 Issue of Common Shares 22000 Net Cash Provided (Used) by Financing Activities 100 Net Increase (Decrease) in Cash 103850 Cash at the Beginning of the Year 126400 Cash at the End of the Year 230250 Explanation Rancho Foods International Cash Flow Statement For the Year Ended January 31, 2020 Cash Flow from Operating Activities Net Income $129,350 Adjustments for Non-Cash Items Depreciation $9,100 Loss on Sale of Land $5,700 Change in Current Assets and Current Liabilities Decrease in Accounts Receivable $29,100 Increase in Food & Beverage Inventory $-66,800 Decrease in Accounts Payable $-17,600 Net Cash Provided (Used) by Operating Activities $88,850 Cash Flow from Investing Activities Sale of Land $14,900 Net Cash Provided (Used) by Investing Activities $14,900 Cash Flow from Financing Activities Proceeds from Notes Payable $25,100 Payment of Cash Dividend $-47,000 Issue of Common Shares $22,000
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=9 4/4 Net Cash Provided (Used) by Financing Activities $100 Net Increase (Decrease) in Cash $103,850 Cash at the Beginning of the Year $126,400 Cash at the End of the Year $230,250 Correct Marks for this submission: 16.00/16.00.
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=8 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=8 2/3 Question 9 Correct Mark 14.00 out of 14.00 Take me to the text A simplified balance sheet for Supernova Cafe Inc. contain the following amounts at the end of 2019 and 2020. Supernova Cafe Inc. Balance Sheet As at August 31 2020 2019 Assets Current Assets Cash $15,000 $8,500 Accounts Receivable $18,500 $7,500 Prepaid Insurance $3,000 $1,800 Food & Beverage Inventory $23,700 $15,400 Total Current Assets $60,200 $33,200 Long-Term Assets Equipment $186,000 $164,000 Accumulated Depreciation $-25,200 $-21,200 Total Long-Term Assets $160,800 $142,800 Total Assets $221,000 $176,000 Liabilities Current Liabilities $21,900 $21,900 Long-Term Liabilities $28,000 $37,000 Total Liabilities $49,900 $58,900 Shareholders' Equity Common Shares $77,000 $54,000 Retained Earnings $94,100 $63,100 Total Shareholders' Equity $171,100 $117,100 Total Liabilities and Equity $221,000 $176,000 Assume current liabilities include only items from operations (e.g., accounts payable, taxes payable). Long-term liabilities include items from financing (e.g. bonds and other long-term liabilities). Note that the company did not sell any equipment and did not borrow any additional long-term liabilities throughout the year. Prepare the cash flow statement for 2020 using the indirect method. Assume no dividends were declared or paid in 2020. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Supernova Cafe Inc. Cash Flow Statement For the Year Ended August 31, 2020 Cash Flow from Operations Net Income 31000 Adjustments for Non-Cash Items Depreciation Expense 4000 Change in Current Assets and Current Liabilities Increase in Accounts Receivable -11000 Increase in Prepaid Insurance -1200 Increase in Food & Beverage Inventory -8300 Net Cash Provided (Used) by Operating Activities 14500
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=8 3/3 Cash Flow from Investing Activities Purchase of Equipment -22000 Net Cash Provided (Used) by Investing Activities -22000 Cash Flow from Financing Activities Issuance of Common Shares 23000 Repayment of Long-Term Liabilities -9000 Net Cash Provided (Used) by Financing Activities 14000 Net Increase (Decrease) in Cash 6500 Cash at the Beginning of the Year 8500 Cash at the End of the Year 15000 Explanation Supernova Cafe Inc. Cash Flow Statement For the Year Ended August 31, 2020 Cash Flow from Operations Net Income $31,000 Adjustments for Non-Cash Items Depreciation Expense $4,000 Change in Current Assets and Current Liabilities Increase in Accounts Receivable $-11,000 Increase in Prepaid Insurance $-1,200 Increase in Food & Beverage Inventory $-8,300 Net Cash Provided (Used) by Operating Activities $14,500 Cash Flow from Investing Activities Purchase of Equipment $-22,000 Net Cash Provided (Used) by Investing Activities $-22,000 Cash Flow from Financing Activities Issuance of Common Shares $23,000 Repayment of Long-Term Liabilities $-9,000 Net Cash Provided (Used) by Financing Activities $14,000 Net Increase (Decrease) in Cash $6,500 Cash at the Beginning of the Year $8,500 Cash at the End of the Year $15,000 Correct Marks for this submission: 14.00/14.00.
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 8 Correct Mark 1.00 out of 1.00 Take me to the text Mark's Restaurant’s cash account decreased by $12,000. Net cash provided by operating activities was $22,000. Net cash used by investing activities was $20,000. Based on this information, calculate the net cash provided (used) by financing activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from financing activities = $ -14000 Explanation Net change in cash balance = $22,000 - $20,000 - $14,000 = -$12,000 Correct Marks for this submission: 1.00/1.00.
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10/3/23, 11:53 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 7 Correct Mark 1.00 out of 1.00 Take me to the text The following information pertains to Bush Brew Pub for the fiscal year 2020. Purchase of equipment $34,000 Purchase of long-term investment $13,000 Increase in notes payable $5,500 Repayment of loans payable $18,000 Depreciation of equipment $5,500 Calculate the net cash provided (used) by investing activities. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from investing activities = $ -47000 Explanation A purchase of plant and equipment is a decrease in cash. A purchase of investments is a decrease in cash. Cash from investing activities is $-47,000. Correct Marks for this submission: 1.00/1.00.
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10/3/23, 11:52 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 6 Correct Mark 1.00 out of 1.00 Take me to the text Norway Hotel had net income for 2020 of $131,300. Included in net income was depreciation of $2,500, a gain on sale of land of $5,200, loss on sale of equipment of $10,600 and income taxes of $34,900. Using the information given, calculate the net cash provided (used) by operating activities using the indirect method. Assume that the balances of current assets (except cash) and current liabilities remain the same as last year. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Net cash provided (used) by operating activities = $ 139200 Explanation Begin with net income. Depreciation is added to net income. A loss is added to net income A gain is subtracted from net income Net cash provided (used) by operating activities = $139,200. Correct Marks for this submission: 1.00/1.00.
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10/3/23, 11:52 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 5 Correct Mark 7.00 out of 7.00 Take me to the text Use the following information to prepare the operating activities section of a statement of cash flows for Max's Catering Company for 2020 using the indirect method. Net Income $300,000 Decrease in food and beverage inventory $28,300 Decrease in accounts payable $16,000 Depreciation expense $47,000 Increase in accounts receivable $20,000 Loss on sale of land $23,900 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Max's Catering Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income 300000 Adjustments for Non-Cash Items Depreciation expense 47000 Loss on sale of land 23900 Change in Current Assets and Current Liabilities Increase in accounts receivable -20000 Decrease in food and beverage inventory 28300 Decrease in accounts payable -16000 Net Cash Provided (Used) by Operating Activities 363200 Explanation Max's Catering Company Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income $300,000 Adjustments for Non-Cash Items Depreciation expense $47,000 Loss on sale of land $23,900 Change in Current Assets and Current Liabilities Increase in accounts receivable $-20,000 Decrease in food and beverage inventory $28,300 Decrease in accounts payable $-16,000 Net Cash Provided (Used) by Operating Activities $363,200 Correct Marks for this submission: 7.00/7.00.
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10/3/23, 11:52 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 4 Correct Mark 1.00 out of 1.00 Take me to the text Kelsy Diner's net income for the year ended November 30, 2020 was $94,000. Additional information is shown below. Interest expense on borrowing $7,600 Decrease in accounts receivable $13,400 Increase in food inventory $2,600 Increase in accounts payable $3,400 Dividends paid to common shareholders $17,700 Calculate the net cash provided (used) by operating activities using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $ 108200 Explanation Begin with net income. A decrease in accounts receivable is added to net income. An increase in food inventory is subtracted from net income. An increase in accounts payable is added to net income. Cash from operating activities is $108,200. Correct Marks for this submission: 1.00/1.00.
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10/3/23, 11:52 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 3 Correct Mark 1.00 out of 1.00 Take me to the text DC Hotel's net income for the year ended April 30, 2020 was $112,000. Additional data for the year is provided below. Purchase of property and equipment $296,000 Depreciation of property and equipment $14,300 Dividends declared $46,000 Increase in accounts receivable $38,000 Loss on sale of equipment $12,000 Issue of common shares $19,100 Calculate the net cash provided (used) by operating activities using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Increase or decrease in cash from operating activities = $ 100300 Explanation Begin with net income. Depreciation is added to net income. An increase in accounts receivable is subtracted from net income. A loss on sale of equipment is added to net income. Cash from operating activities is $100,300. Correct Marks for this submission: 1.00/1.00.
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10/3/23, 11:52 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 2 Correct Mark 9.00 out of 9.00 Take me to the text Indicate the section of the statement of cash flow where each item would be located (operating, investing, or financing activities) using the indirect method. Item Section Change in Accounts Payable Change in Beverage Inventory Change in Long-Term Assets Change in Long-Term Portion of Notes Payable Change in Current Portion of Notes Payable Change in Prepaid Rent Change in Accounts Receivable Change in Common Shares Gain on Sale of Property and Equipment Operating Operating Investing Financing Financing Operating Operating Financing Operating Explanation Item Section Change in Accounts Payable Operating Change in Beverage Inventory Operating Change in Long-Term Assets Investing Change in Long-Term Portion of Notes Payable Financing Change in Current Portion of Notes Payable Financing Change in Prepaid Rent Operating Change in Accounts Receivable Operating Change in Common Shares Financing Gain on Sale of Property and Equipment Operating Correct Marks for this submission: 9.00/9.00.
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10/3/23, 11:52 PM Chapter 1 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4558541&cmid=1260470 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 1 - Financial Information and Cash Flows / Chapter 1 Post-Class Homework Question 1 Correct Mark 9.00 out of 9.00 Started on Thursday, 28 September 2023, 3:13 PM State Finished Completed on Tuesday, 3 October 2023, 2:21 PM Time taken 4 days 23 hours Grade 93.00 out of 93.00 ( 100 %) Take me to the text For each item listed, indicate how the item will impact cash flow (increase, decrease, or no change) using the indirect method. Item Effect on Cash Net Income Increase in Accounts Payable Decrease in Accounts Receivable Purchase of Long-Term Assets Payment of Notes Payable Increase in Food Inventory Pay Dividends Increase in Loans Increase in Prepaid Insurance Increase Increase Increase Decrease Decrease Decrease Decrease Increase Decrease Explanation Item Effect on Cash Net Income Increase Increase in Accounts Payable Increase Decrease in Accounts Receivable Increase Purchase of Long-Term Assets Decrease Payment of Notes Payable Decrease Increase in Food Inventory Decrease Pay Dividends Decrease Increase in Loans Increase Increase in Prepaid Insurance Decrease Correct Marks for this submission: 9.00/9.00.
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=7 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 8 Correct Mark 1.00 out of 1.00 Cost of sales reported on the _______ and inventory is reported on the _______: Select one: a. Income statement, balance sheet b. Income statement, statement of cash flows c. Balance sheet, income statement d. Balance sheet, Statement of owners’ equity Your answer is correct. Explanation: Cost of sales reported on the income statement and inventory is reported on the balance sheet. The correct answer is: Income statement, balance sheet
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=8 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 9 Correct Mark 1.00 out of 1.00 Management accounting information can include: Select one: a. Tabulated results of customer satisfaction surveys b. The cost of producing a product or service c. Forecasted sales d. All of the available choices Your answer is correct. Explanation: Each of these types of information can be used by managers to make informed business decisions. The correct answer is: All of the available choices
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10/4/23, 12:20 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=9 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 10 Correct Mark 1.00 out of 1.00 The following are all examples of materials costs except: Select one: a. Steaks b. Coffee c. Wine d. Electricity Your answer is correct. Explanation: Electricity is considered overhead costs because it is not processed to produce a final product. The correct answer is: Electricity
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=6 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 7 Correct Mark 1.00 out of 1.00 Computer software programs would be considered a(an): Select one: a. Labour cost b. Fixed cost c. Food cost d. Overhead cost Your answer is correct. Explanation: Computer software is considered overhead costs because it cannot be directly traced to a specific product or service. The correct answer is: Overhead cost
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=5 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 6 Correct Mark 1.00 out of 1.00 Which of the following statements is accurate? Select one: a. Both management accounting and financial accounting are intended primarily for internal users b. Management accounting is primarily geared towards external users while financial accounting is primarily geared towards internal users c. Both management accounting and financial accounting are intended primarily for external users d. Management accounting is primarily prepared for internal users while financial accounting is primarily prepared for external users Your answer is correct. Explanation: Management accounting is primarily prepared for internal users while financial accounting is primarily geared towards external users The correct answer is: Management accounting is primarily prepared for internal users while financial accounting is primarily prepared for external users
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=4 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 5 Correct Mark 1.00 out of 1.00 If the amount of a restaurant’s rent does not change month-to-month it is an example of a: Select one: a. sunk cost b. fixed cost c. variable cost d. labour cost Your answer is correct. Explanation: costs that do not change in relation to sales volume are considered fixed costs. The correct answer is: fixed cost
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=4 2/2
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=3 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 4 Correct Mark 1.00 out of 1.00 If a hotel is reporting room sales of $140,000, restaurant sales of $60,000 and indirect costs of $30,000, how much indirect costs would be allocated to the restaurant department based on sales: Select one: a. $30,000 b. $4,000 c. $10,000 d. $9,000 Your answer is correct. Explanation: Total sales = ($140,000 + $60,000) = $200,000, restaurant sales percentage is 30%. 30% x $30,000 = $9,000 The correct answer is: $9,000
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=3 2/2
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=2 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 3 Correct Mark 1.00 out of 1.00 Costs that can be traced directly to the service provided are called: Select one: a. direct costs b. cost objects c. separate cost data d. indirect costs Your answer is correct. Explanation: A cost that can be traced directly to the service provided is called a cost object. The correct answer is: direct costs
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=2 2/2
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=1 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 2 Correct Mark 1.00 out of 1.00 Hospitality companies typically sell: Select one: a. Hard goods b. None of the options c. Tangible products d. Intangible products Your answer is correct. Explanation: Hospitality companies typically sell experiences which is an intangible product The correct answer is: Intangible products
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591&page=1 2/2
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591 1/2 Dashboard / My courses / [Seneca 09/2023] HTM440NHB - Nardi / CHAPTER 3 - Introduction to Costs / Chapter 3 Quiz Question 1 Correct Mark 1.00 out of 1.00 Started on Tuesday, 3 October 2023, 2:45 PM State Finished Completed on Tuesday, 3 October 2023, 2:49 PM Time taken 3 mins 21 secs Grade 10.00 out of 10.00 ( 100 %) A cost object: Select one: a. is any activity that incurs cost b. is a combination of direct and indirect costs c. is sales revenue less cost of sales d. is anything for which separate cost data is desired Your answer is correct. Explanation: A cost object is anything for which separate cost measurement is desired. The correct answer is: is anything for which separate cost data is desired
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10/4/23, 12:19 AM Chapter 3 Quiz https://www.ameengage.com/mod/quiz/review.php?attempt=4571303&cmid=1260591 2/2
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