Home / Questions / For each of the following items, indicate (by placing an X) whether the item would be foun
For each of the following items, indicate (by placing an X) whether the item would be found on the statement of cash flows in - column 1 the direct approach for determining the cash flows from operating activities, column 2 the indirect approach for determining the cash flows from operating activities, column 3 cash flows from investing activities, column 4 cash flows from financing activities. If you identify that an item affects the cash flows from operation, indirect method, also indicate whether it will be increasing (+) or decreasing (-) the cash flows.
13) Col 1Col 2Col 3Col 4
OperatingInvestingFinancing
DirectIndirect
Cash paid for merchandise inventory____________________
14) Col 1Col 2Col 3Col 4
OperatingInvestingFinancing
DirectIndirect
Sale of land____________________
15) Col 1Col 2Col 3Col 4
OperatingInvestingFinancing
DirectIndirect
Cash paid for rent____________________
16) Col 1Col 2Col 3Col 4
OperatingInvestingFinancing
DirectIndirect
Increase in prepaid expenses____________________
17) Col 1Col 2Col 3Col 4
OperatingInvestingFinancing
DirectIndirect
Net loss____________________
18) Col 1Col 2Col 3Col 4
OperatingInvestingFinancing
DirectIndirect
Increase in accounts payable____________________
19) Col 1Col 2Col 3Col 4
OperatingInvestingFinancing
DirectIndirect
Cash received from customers____________________
20) Col 1Col 2Col 3Col 4
OperatingInvestingFinancing
DirectIndirect
Increase in inventory____________________
21) Col 1Col 2Col 3Col 4
OperatingInvestingFinancing
DirectIndirect
Cash paid for salaries or wages____________________
22) Col 1Col 2Col 3Col 4
OperatingInvestingFinancing
DirectIndirect
Net income____________________
23) Col 1Col 2Col 3Col 4
OperatingInvestingFinancing
DirectIndirect
Decrease in prepaid expenses____________________
24) The cash flows from operating activities are reported by the direct method on the statement of cash flow. Determine the following:
a) If sales for the current year were $600,000 and accounts receivable decreased $25,500 during the year, what was the amount of cash received from customers?
b) If sales salaries expense for the current years was $80,000 and sales salaries payable increased $25,000 during the year, what was the amount of cash payments for sales salaries?
25) The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:
a) If accrued expenses showed $50,000 on the income statement and payables increased from $15,000 to $18,500 on the balance sheet, what was the amount of cash paid?
b) If insurance expense showed $10,000 on the income statement and Prepaid Insurance increased from $10,000 to $12,000 on the balance sheet, what was the amount of cash paid for insurance?
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