4. Stage paid dividends of $10,000. 5. Excess acquisition-date fair value over book value amortization was $6,000. 6. Consolidated accounts receivable decreased by $8,000. 7. Consolidated accounts payable decreased by $7,000. Using the indirect method, where does the decrease in accounts payable appear in a consolidated statement of cash flows? Multiple Choice The following information has been taken from the consolidation worksheet of Graham Company and its 80% owned subsidiary, Stage Company. 1. Graham reports a loss on sale of land (to an outside party) of $5,000. The land cost Graham $20,000. 2. Noncontrolling interest in Stage's net income was $30,000. 3. Graham paid dividends of $15,000. $7,000 decrease to net income as an operating activity Saved $5,600 increase to net income as an operating activity < Prev 11 of 20 activity/question-g... Next > Help Save & Exit

4. Stage paid dividends of $10,000. 5. Excess acquisition-date fair value over book value amortization was $6,000. 6. Consolidated accounts receivable decreased by $8,000. 7. Consolidated accounts payable decreased by $7,000. Using the indirect method, where does the decrease in accounts payable appear in a consolidated statement of cash flows? Multiple Choice The following information has been taken from the consolidation worksheet of Graham Company and its 80% owned subsidiary, Stage Company. 1. Graham reports a loss on sale of land (to an outside party) of $5,000. The land cost Graham $20,000. 2. Noncontrolling interest in Stage's net income was $30,000. 3. Graham paid dividends of $15,000. $7,000 decrease to net income as an operating activity Saved $5,600 increase to net income as an operating activity < Prev 11 of 20 activity/question-g... Next > Help Save & Exit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Review the Statement of Cash Flows. What is the largest item impacting reconciliation of net income to net cash for the most recent period?
Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) Twix $ 7,200 54,000 72,000 (36,000) 43,200 (79,200) Dots $ 180,000 14,400 36,000 (18,000) (39,600) 21,600 Cash Flows from Operating Activities (Indirect) Twix Adjustments to reconcile net income to net cash provided by operating activities: Income statement items not affecting cash Changes in current operating assets and liabilities Skor $ 129,600 43,200 (7,200) 18,000 For each separate company, compute cash flows from operations using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. 25, 200 (14,400) Dots Skor
Please provide short answers or by saying YES / NO to the following questions: a) All inter-company sales, purchases, AR, AP and profits are eliminated upon consolidation. b) The entity which has control need to consolidate the financials c) To have control over other business, 49% of the voting rights in the other business are sufficient d) What are the three sections under which cash flow statements are analyzed e) Goodwill can be categorized as a liability.
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education.com/ext/map/index.html?_con=con&external_browser=0&launch Multiple Choice What would differ between a statement of cash flows for a consolidated company and an unconsolidated company using the indirect method? Loss on sale of equipment would be added to net income. Saved Parent's dividends would be subtracted as a financing activity. Noncontrolling interest in net income of subsidiary would be added to net income. Proceeds from the sale of long-term investments would be added to investing activities. M Save & Exit S Sep 16
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Ambrose Corporation reports the following information: In liquidation, what amount of cash should each class of liabilities expect to collect?
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Consolidated Cash from Operations Consider the following data reported in the accounts of a parent company and its 80-percent-owned subsidiary. Net income Depreciation expense Amortization expense Dividends paid in cash Income from equity method investments Cash dividends received from equity investments items appearing in eliminating entries: Revaluation write-offs: Depreciation expense. Amortization expense $3,000 15,000 40,000 Parent Subsidiary $1,000,000 (1) $240.000 175,000 38.000 50,000 250,000 75.000 60,000 35,000 Goodwill impairment loss (1) Parent's separate income only; does not include equity in net income of subsidiary. Required a. Calculate consolidated net income. b. Prepare the cash from operating activities section of the consolidated statement of cash flows, starting with consolidated net income, using the indirect method. Assume no adjustment is required for changes in consolidated current asset and current liability accounts. Use a negative sign with answers to…
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