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 |
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|
| 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 31st, 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 31st?
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 |
发表于 2009-1-17 13:28
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