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答案和详解如下：

Q28. An analyst has gathered the following information about a company:

Income Statement for the Year
Sales							$1,500
Expenses
	COGS					$1,300
	Depreciation					20
	Goodwill					10
	Int. Expenses					40
					Total expenses		1,370
Income from cont. op.							130
				Gain on sale			30
Income before tax							160
Income tax							64
Net Income							$96

 

Additional Information:
Dividends paid	$30
Common stock sold	20
Equipment purchased	50
Bonds issued	80
Fixed asset sold for (original cost of $100 with accumulated depreciation of $70)	60
Accounts receivable decreased by	30
Inventory decreased by	20
Accounts payable increased by	20
Wages payable decreased by	10

What is the cash flow from financing?

A)   $110.

B)   $130.

C)   $70.

Correct answer is C)

Dividends paid -$30

Sale of stock     20

Bonds issued   80

    CFF                $70

Q29. The Red Company’s balance sheet as of December 31, 2004 was as follows:

	Dec. 31, 2003	Dec. 31, 2004
Cash	$1,500,000	$1,900,000
Accounts Receivable	3,000,000	3,400,000
Inventory	2,300,000	2,500,000
Property, Plant & Equipment	16,700,000	19,700,000
Less Accumulated Depreciation	(5,300,000)	(8,200,000)
Total Assets	$18,200,000	$19,300,000
Accounts Payable	$2,100,000	$1,900,000
Interest Payable	800,000	1,200,000
Income Taxes Payable	1,000,000	800,000
Notes Payable	2,700,000	2,900,000
Deferred Income Taxes	2,600,000	2,900,000
Common Stock	1,000,000	1,000,000
Retained Earnings	8,000,000	8,600,000
	$18,200,000	$19,300,000

Red’s interest expense was $900,000 and income tax expense was $1,000,000 in 2004. Red prepares its Statements of Cash Flows using the direct method.

The other cash outflows section of Cash Flow from Operations (CFO) for 2004 would total:

A)   $1,400,000.

B)   $2,100,000.

C)   $1,700,000.

Correct answer is A)

Other cash outflows is the third step in calculating CFO using the direct method. It consists of Cash taxes paid + Cash interest paid.

Cash interest paid = interest expense less increase in interest payable: ($900,000 – (1,200,000 - $800,000) =) $500,000.

Cash taxes paid =		tax expense of $1,000,000
	+	decrease in income taxes payable (1,000,000-800,000) = 200,000
	-	increase in deferred income taxes (2,600,000-2,900,000) = 300,000
		$900,000

Other cash outflows = $500,000 + 900,000 = $1,400,000

Q30. Financial information for Jefferson Corp. for the year ended December 31^st, was as follows:

Sales	$3,000,000
Purchases	1,800,000
Inventory at Beginning	500,000
Inventory at Ending	800,000
Accounts Receivable at Beginning	300,000
Accounts Receivable at Ending	200,000
Other Operating Expenses Paid	400,000

Based upon this data and using the direct method, what was Jefferson Corp.’s cash flow from operations (CFO) for the year ended December 31^st?

A)   $1,200,000.

B)   $800,000.

C)   $900,000.

Correct answer is C)

Cost of goods sold was (beginning inventory plus purchases less ending inventory) ($500,000 + $1,800,000 − $800,000 =) $1,500,000.  Cash flow from operations under the direct method is calculated by:

§   Cash collections:  $3,100,000 (net sales plus decrease in accounts receivable) of ($3,000,000 + ($300,000 − $200,000))

§   Less direct cash inputs:  $1,800,000 (cost of goods sold plus increase in inventory) of ($1,500,000 + $300,000)

§   Less other cash outflows of $400,000

CFO = ($3,100,000 – 1,800,000 – 400,000) = $900,000