Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 21, Problem 7GI
To determine
Determine the difference of
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Consistent with U.S GAAP, we classify cash flows as operating, investing, or financing activities under IFRS. However, with regard to interest and dividend inflows and outflows, IFRS a. permits companies to report cash outflows from interest payments as either operating or investing cash flows. b. permits companies to report cash inflows from interest and dividends as either operating or financing cash flows. c. permits companies to report dividends paid as either financing or operating cash flows. d. requires companies to report cash outflows for interest payments and cash inflows from interest and dividends received as operating cash flows.
Which of the following is not included in the operating activities section of a statement of cash flows prepared according to U.S. GAAP?
A) Dividend revenue (or dividend income)
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Cutler Company has a cash account with a balance of $250,000 with Wright Bank and a cash account with an overdraft of $5,000 at Lowe Bank. What would the current assets section of Cutler’s balance sheet include for “cash” under IFRS? Under U.S. GAAP?
Chapter 21 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 21 - What information does the statement of cash flows...Ch. 21 - Briefly describe the three types of activities a...Ch. 21 - Thompson Company sold a piece of equipment that...Ch. 21 - Give two examples of a companys (a) cash inflows...Ch. 21 - Prob. 5GICh. 21 - Prob. 6GICh. 21 - Prob. 7GICh. 21 - Prob. 8GICh. 21 - Prob. 9GICh. 21 - List the three operating cash inflows that a...
Ch. 21 - Prob. 11GICh. 21 - Prob. 12GICh. 21 - Prob. 13GICh. 21 - Dunn Company recognized a 5,000 unrealized holding...Ch. 21 - Jordan Company recognized a 5,000 unrealized...Ch. 21 - Indicate how a company computes the amount of...Ch. 21 - Prob. 17GICh. 21 - Prob. 18GICh. 21 - Prob. 19GICh. 21 - Which of the following would be considered a cash...Ch. 21 - In a statement of cash flows (indirect method),...Ch. 21 - The net cash provided by operating activities in...Ch. 21 - The retirement of long-term debt by the issuance...Ch. 21 - Prob. 5MCCh. 21 - Selected information from Brook Corporations...Ch. 21 - Prob. 7MCCh. 21 - Prob. 8MCCh. 21 - Which of the following need not be disclosed in a...Ch. 21 - The following information was taken from Oregon...Ch. 21 - Prob. 1RECh. 21 - Prob. 2RECh. 21 - Given the following information, convert Cardinal...Ch. 21 - Given the following information, convert Robin...Ch. 21 - In the current year, Harrisburg Corporation had...Ch. 21 - Tifton Co. had the following cash transactions...Ch. 21 - Tifton Co. had the following cash transactions...Ch. 21 - Trenton Corporation has the following items....Ch. 21 - Prob. 9RECh. 21 - In the current year, Harrisburg Corporation...Ch. 21 - Providence Company sold equipment for 25,000 cash....Ch. 21 - Annapolis Corporation paid 270,000 to retire bonds...Ch. 21 - Given the following information, compute Lemon...Ch. 21 - Prob. 14RECh. 21 - Prob. 1ECh. 21 - Prob. 2ECh. 21 - Visual Inspection Noble Companys accounting...Ch. 21 - Prob. 4ECh. 21 - Prob. 5ECh. 21 - Prob. 6ECh. 21 - Prob. 7ECh. 21 - Prob. 8ECh. 21 - Partially Completed Spreadsheet Hanks Company has...Ch. 21 - Spreadsheet The following 2019 information is...Ch. 21 - Spreadsheet and Statement The following 2019...Ch. 21 - Fixed Asset Transactions The following is an...Ch. 21 - Retirement of Debt Moore Company is preparing its...Ch. 21 - Interest and Income Taxes Staggs Company has...Ch. 21 - Investments On October 4, 2019, Collins Company...Ch. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Investing Activities and Depreciable Assets...Ch. 21 - Spreadsheet and Statement The following 2019...Ch. 21 - (Appendix 21.1) Operating Cash Flows The following...Ch. 21 - (Appendix 21.1) Statement of Cash Flows The...Ch. 21 - (Appendix 21.1) Visual Inspection The following...Ch. 21 - Prob. 22ECh. 21 - Classification of Cash Flows A company's statement...Ch. 21 - Prob. 2PCh. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Partially Completed Spreadsheet The following...Ch. 21 - Spreadsheet and Statement of Cash Flows The...Ch. 21 - Prob. 7PCh. 21 - Spreadsheet from Trial Balance Heinz Companys post...Ch. 21 - Prepare Ending Balance Sheet On December 31, 2019,...Ch. 21 - Infrequent Transactions The following transactions...Ch. 21 - Prob. 11PCh. 21 - Comprehensive Angel Company has prepared its...Ch. 21 - Comprehensive The following are Farrell...Ch. 21 - (Appendix 21.1) Operating Cash Flows Refer to the...Ch. 21 - (Appendix 21.1) Statement of Cash Flows The...Ch. 21 - Comprehensive The following are Farrell...Ch. 21 - (Appendix 21.1) Comprehensive The following are...Ch. 21 - Prob. 18PCh. 21 - Financial Statement Interrelationships Prepare an...Ch. 21 - Statement of Cash Flows A friend of yours is...Ch. 21 - Prob. 3CCh. 21 - Operating, Investing, and Financing Activities The...Ch. 21 - Prob. 5CCh. 21 - Spreadsheet Method The spreadsheet method is...Ch. 21 - Prob. 7CCh. 21 - Inflows and Outflows Alfred Engineering Company is...Ch. 21 - Ethics and Cash Flows You are the accountant for...
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- A company from China has cash of CNY 15,000; Outstanding expense CNY 7,000. Total amount of CNY 5,000 is shown as accounts payable. The current spot rate is CNY 16.81/OMR; CNY 6.47/USD (Direct). On the basis of this information, answer the following questions. of a) Determine the net exposed assets in terms of CNY: CNY 10,000 b) Determine the net exposed assets in terms of OMR: c) Determine net exposed assets in terms of USD: P T4arrow_forwardPlease see attached image. Thanks, jenarrow_forwardA company from China has cash of CNY 15,000; Outstanding expense CNY 7,000. Total amount of CNY 5,000 is shown as accounts payable. The current spot rate is CNY 16.81/OMR: CNY 6.47/USD (Direct). On the basis of this information, answer the following questions. a) Determine the net exposed assets in terms of CNY: CNY 10,000 b) Determine the net exposed assets in terms of OMR: 수 c) Determine net exposed assets in terms of USD:arrow_forward
- Assume the company purchases land for $1,000,000, paying $ 400,000 cash and borrowing the remainder with long-term notes payable. How should this transaction be reported on a statement of cash flows?arrow_forwardA long-term investment in bonds with a cost of $500,000 was sold for $600,000 cash. (a) What was the gain or loss on the sale? (b) What was the effect of the transaction on cash flows? (c) How would the transaction be reported on the statement of cash flows if cash flows from operating activitiesare reported by the indirect method?arrow_forwardWhich of the following statements concerning the statement of cash flows is true? Group of answer choices IFRS requires companies to classify all income taxes paid as operating cash outflows. When pension expense exceeds cash funding, the difference is deducted from investing activities on the statement of cash flows. Under IFRS, the purchase of land by issuing common shares will be shown as a cash outflow under investing activities and a cash inflow under financing activities. Companies may report the cash flows from purchases and sales of trading investments as cash flows from operating activities.arrow_forward
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- Kutcher Systems sold land, investments, and issued their own common stock for $10 million, $16 million, and $21 million, respectively. Kutcher also purchased treasury stock, equipment, and a patent for $2 million, $3 million, and $4 million, respectively. Required: 1. What amount should the company report as net cash flows from investing activities? 2. What amount should the company report as net cash flows from financing activities? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What amount should the company report as net cash flows from investing activities? (Negative value should be indicated by a minus sign. Enter your answer in millions.) Net cash flow from investing activities million Required 1 23 of 34 *** Telp Nextarrow_forwardVikrambhaiarrow_forwardAn analyst has calculated a ratio using as the numerator the sum of operating cash fl ow, interest, and taxes and as the denominator the amount of interest. What is this ratio, what does it measure, and what does it indication? B . Th is ratio is an eff ective tax ratio, measuring the amount of a company’s operating cash fl ow used for taxes and indicating a company’s effi ciency in tax management.arrow_forward
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