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12.6-11Please refer to the equity section of the balance sheet, below: Preferred stock, $50 par, 4%, cumulative $5,000      1,000 shares authorized, 100 shares outstanding Common stock, $0.01 par 120       1,000,000 shares authorized, 12,000 shares outstanding Paid-in capital in excess of par 359,600 Retained earnings 153,280     Total stockholders' equity $518,000 Assume there are $600 of preferred.
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13.2-4Preferred Products started business on March 1, 2012, and issued 100,000 shares of $2 par value common                             stock at a market price of $50 per share.  One year later, the share price had soared to $120.  If                                                         Preferred Products does a 3-fo-1 stock split,.
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14.6-11Avatar Company uses the direct method to prepare its statement of cash flows.  Please refer to the                                           following information reported for the year 2014: Sales revenue:$240,000 Accounts receivable beginning balance:$  35,000 Accounts receivable ending balance:$  31,000 In the operating activity section of the statement of cash flows, what amount would be.
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14.4-1Which of the following sections from the statement of cash flows would include the purchase of a                                           building totally financed by a mortgage?  A) The investing section  B) The operating section  C) The financing section  D) The noncash investing and financing section 14.4-2Which of the following sections from.
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14.1-11The term cash as used on the statement of cash flows includes all of the following EXCEPT: A) cash due from customers within 30 days. B) cash on hand. C) cash equivalents. D) cash in bank. 14.2-1Operating activities include activities that affect long-term liabilities and stockholders' equity.  14.2-2The financing activities section of the statement of.
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13.1-21Landess Corporation currently has 120,000 shares outstanding of $1 par value common stock.  The stock                                           was originally issued for $12 per share.  On March 15, the board of directors declares a 10% stock                                           dividend when the stock is selling for $16 per share.  Which.
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14.3-28Which of the following sections from the statement of cash flows includes activities that affect net income                             on the income statement?  A) The financing section  B) The operating section  C) The investing section  D) The noncash investing and financing section  14.3-29Which of the following sections from the statement.
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14.6-1Qtopia Company uses the direct method to prepare its statement of cash flows. It has reported sales                                           revenues of $100,000 on its income statement for the year 2012.   If the balance in accounts receivable                                           has gone up by $4,000 during the year, then $4,000.
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13.4-6Which of the following statements is TRUE?  A) Restrictions on retained earnings require adjusting journal entries.  B) Restrictions on retained earnings are usually reported in the notes to the financial statements.  C) Restrictions on retained earnings are disclosed on the income statement.  D) Restrictions on retained earnings are designed to.
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12.6-1The book value of common stock is equal to the total equity less the book value of preferred stock,                                           divided by the number or common shares outstanding. 12.6-2Which of the following is the price for which a person can buy or sell a share of stock?  A) Book.
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14.3-58Avatar Company uses the indirect method to prepare its statement of cash flows. Please refer to the                                           following portion of the comparative balance sheet: 2014 2013 Increase/decrease Accounts payable $  4,000 $  6,000 $(2,000) Accrued liabilities 2,000 1,000 1,000 Long-term notes payable 84,000 90,000 (6,000)     Total liabilities $90,000 $97,000 $(7,000) Additional information provided: During 2014, the company repaid.
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13.1-31Landess Corporation currently has 120,000 shares outstanding of $1 par value common stock.  The stock                                           was originally issued for $12 per share.  On March 15, the board of directors declares a 10% stock                                           dividend when the stock is selling for $16 per share.  Prepare.
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13.2-34On July 31, 2013, the Archer Company reported the following information in the equity section of their                                           balance sheet: Stockholders' equity   Common stock, $1.00 par, 500,000 shares authorized, 20,000 shares issued $20,000   Paid-in capital in excess of par 1,180,000   Retained earnings 3,200,000       Total stockholder's equity $4,400,000 Assume that Archer.
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13.3-41Please refer to the following information for Peartree Company: Common stock, $1.00 par, 100,000 issued, 95,000 outstanding Paid-in capital in excess of par: $2,150,000 Retained earnings:  $910,000 Treasury stock: 5,000 shares purchased at $20 per share If Peartree resold 800 shares of treasury stock for $15 per share, which of the following statements would be.
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13.1-11Which of the following will happen to a stockholder's percentage ownership in the stock of a corporation                                           when the corporation declares a stock dividend?  A) The stockholder's percentage ownership decreases.  B) The stockholder's percentage ownership can increase or decrease.  C) The stockholder's percentage ownership increases.  D) The.
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13.3-48At March 31, 2014, the Park Place Company shows the following data on their balance sheet: Stockholders' equity   Common stock, $1 par, 1,000,000 shares authorized, $120,000                           120,000 shares issued, 110,000 shares outstanding   Paid-in capital in excess of par 2,470,000   Retained earnings 5,440,000   Treasury stock, 10,000 shares at $25 (250,000)       Total stockholder's.
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13.1-1Stock dividends have no effect on assets or liabilities.  13.1-2Cash dividends affect only stockholders' equity accounts.  13.1-3Stock dividends are distributed to stockholders in proportion to the number of shares each stockholder                                           already owns.  13.1-4The declaration of a stock dividend creates a liability for the corporation.  13.1-5On June.
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13.5-15For the year 2013, Foxmore Company reports the following items as part of their financial results: Sales revenues from regular business operations $3,000,000 Cost of goods sold    900,000 Operating expenses from their regular business operations     600,000 Gain on disposal of several items of property, plant & equipment                15,000 Income tax expense on continuing operations     330,000 Loss.
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14.2-10Which of the following statements about the statement of cash flows is TRUE? A)    The indirect method and the direct method will both show the same end results. B)     The direct method begins with net income and adjusts to calculate operating cash flows. C)     The indirect method shows three types of cash flows,.
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14.3-89Avatar Company uses the indirect method to prepare its statement of cash flows.  Please refer to the                                           following information for the year 2014. Comparative Balance Sheet 2014 2013 Increase/decrease Cash $  21,000 $  18,000 $  3,000 Accounts receivable 31,000 35,000 (4,000) Inventory 53,000 25,000 28,000 PP&E, net 120,000 90,000 30,000     Total assets $225,000 $168,000 $57,000 Accounts payable $ .
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13.3-11Please refer to the following information for Peartree Company: Common stock, $1.00 par, 100,000 issued, 95,000 outstanding Paid-in capital in excess of par: $2,150,000 Retained earnings:  $910,000 Treasury stock: 5,000 shares purchased at $20 per share If Peartree resold 1,000 shares of treasury stock for $24 per share, the company would record a gain on.
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13.3-50At March 31, 2014, the Park Place Company shows the following data on their balance sheet: Stockholders' equity   Common stock, $1 par, 1,000,000 shares authorized, $120,000                           120,000 shares issued, 110,000 shares outstanding   Paid-in capital in excess of par 2,470,000   Retained earnings 5,440,000   Treasury stock, 10,000 shares at $25 (250,000)       Total stockholder's.
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14.6-29Avatar Company uses the direct method to prepare its statement of cash flows.  Please refer to the                                           following financial statement information for the year 2014: Comparative Balance Sheet 2014 2013 Increase/decrease Cash $  21,000 $  18,000 $  3,000 Accounts receivable 31,000 35,000 (4,000) Inventory 53,000 25,000 28,000 PP&E, net 120,000 90,000 30,000     Total assets $225,000 $168,000 $57,000.
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14.3-68Avatar Company uses the indirect method to prepare its statement of cash flows.  Please refer to the                                           following information for the year 2014. Net cash flows from operating activities:$32,000 positive Net cash flows from investing activities:$38,000 negative Net cash flows from financing activities: $  9,000 positive Which of the following statements.
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14.1-1Cash equivalents are assets that can be converted to cash within one year. 14.1-2The statement of cash flows explains the difference between net income and the change in cash balance. 14.1-3Investors and management use the statement of cash flows to evaluate a firm's profitability.  14.1-4For purposes of the statement of cash flows,.
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14.3-48Avatar Company uses the indirect method to prepare the statement of cash flows.  Please refer to the                                           following section of the comparative balance sheet: 2014 2013 Increase/decrease Accounts payable $  4,000 $  6,000 $(2,000) Accrued liabilities 2,000 1,000 1,000 Long-term notes payable 84,000 90,000 (6,000)     Total liabilities $90,000 $97,000 $(7,000) How will the change in Accrued liabilities.
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14.6-32The income statement and a partial balance sheet for Jefferson Company is presented below. Prepare the operating activities section of the statement of cash flows using the direct method.                  Jefferson Company                   Income Statement For the Year Ended December 31, 2013 Sales $500,000 Cost of goods sold   390,000 Gross profit $110,000 Operating expenses: Salaries $70,000 Depreciation expense 20,000 Miscellaneous 10,000 100,000 Net income $ 10,000                                                                                              .
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14.3-84Avatar Company uses the indirect method to prepare its statement of cash flows. Please refer to the                                           following portion of the comparative balance sheet: 2014 2013 Increase/decrease Cash $  21,000 $  18,000 $  3,000 Accounts receivable 31,000 35,000 (4,000) Inventory 53,000 25,000 28,000 PP&E, net 120,000 90,000 30,000     Total assets $225,000 $168,000 $57,000 Additional information provided: Equipment.
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14.3-38An outflow of cash from an investing activity would be: A)  purchasing treasury stock. B)  issuing notes payable. C)  paying cash dividends to stockholders. D)  making loans to third parties. 14.3-39Cash borrowed on a mortgage note would be a(n) __________ activity. A)  operating B)  investing C)  financing D)  non-cash 14.3-40Which of the following is NOT a cash outflow from.
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14.3-88Avatar Company uses the indirect method to prepare its statement of cash flows.  Please refer to the                                           following information for the year 2014. Comparative Balance Sheet 2014 2013 Increase/decrease Cash $   21,000 $   18,000 $    3,000 Accounts receivable 31,000 35,000 (4,000) Inventory 53,000 25,000 28,000 PP&E, net 120,000 90,000 30,000     Total assets $225,000 $168,000 $57,000 Accounts payable $   .
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14.3-82Starfire Company uses the indirect method to prepare the statement of cash flows.  Please refer to the                                           following income statement: Sales revenue $140,000 Interest revenue 5,000 Loss on sale of plant assets (4,000)   Total revenues and (losses) $141,000 Cost of goods sold 100,000 Salary expense 23,000 Depreciation expense 8,000 Other operating expenses 9,000 Interest expense 2,000.
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13.3-1Treasury stock is a corporation's own stock that it has issued and later reacquired.  13.3-2The purchase of treasury stock requires a credit to the Common stock account.  13.3-3A corporation must record a gain on sale for the sale of treasury stock at an amount greater than its                                          .
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14.3-86Avatar Company uses the indirect method to prepare its statement of cash flows.  Please refer to the                                           following sections of the comparative balance sheet: 2014 2013 Increase/decrease Accounts payable $   4,000 $   6,000 $ (2,000) Accrued liabilities 2,000 1,000 1,000 Long-term notes payable 84,000 90,000 (6,000)     Total liabilities $ 90,000 $ 97,000 $ (7,000) Common stock 30,000.
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12.7-10Sheffield Company had $42,000 of net income in 2013.  Equity at the beginning of the year was                                           $1,200,000 and at the end of the year was $1,600,000.  Sheffield has no preferred stock.  Please calculate                                           the rate of return on common stockholders’ equity.  (Round to.
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14.6-31Avatar Company uses the direct method to prepare its statement of cash flows.  Please refer to the                                           following financial statement information for the year 2014: Comparative Balance Sheet 2014 2013 Increase/decrease Cash $  21,000 $  18,000 $  3,000 Accounts receivable 31,000 35,000 (4,000) Inventory 53,000 25,000 28,000 PP&E, net 120,000 90,000 30,000     Total assets $225,000 $168,000 $57,000.
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13.3-31Please refer to the following information for Peartree Company: Common stock, $1.00 par, 100,000 issued, 95,000 outstanding Paid-in capital in excess of par: $2,150,000 Retained earnings:  $910,000 Treasury stock: 5,000 shares purchased at $20 per share If Peartree purchases an additional 1,000 shares of treasury stock at $18 per share, what amounts will be shown.
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14.6-21Which of the following would NOT appear on a statement of cash flows prepared using the direct method?  A) Collections from customers  B) Payments to suppliers  C) Interest received  D) Increase/decrease in current liabilities  14.6-22The only part that differs in a statement of cash flows using the direct method from.
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13.5-5Comprehensive income is the company’s change in total stockholders’ equity from all sources other than                                           its owners, and sometimes includes items not found on the income statement. 13.5-6Certain types of transactions, other than dividend payments, that are NOT included in the income statement, but have an effect.
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14.3-18In creating a statement of cash flows using the indirect method, we consider that an increase in current                                           assets causes a decrease in cash. 14.3-19Selling property, plant and equipment would be considered a cash inflow from investing. 14.3-20Avatar Company uses the indirect method to prepare the statement of cash.
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13.3-21Ross Corporation reported the following equity section on its current balance sheet: Common stock, $5 par, 140,000 shares authorized, 50,000 shares issued $250,000 Paid in capital in excess of par–common 200,000 Retained earnings 207,000 Total stockholders' equity $657,000 The corporation purchases 15,000 shares of its common stock at $9.50 per share.  Which of the following                                          .
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14.6-30Avatar Company uses the direct method to prepare its statement of cash flows.  Please refer to the                                           following financial statement information for the year 2014: Comparative Balance Sheet 2014 2013 Increase/decrease Cash $  21,000 $  18,000 $  3,000 Accounts receivable 31,000 35,000 (4,000) Inventory 53,000 25,000 28,000 PP&E, net 120,000 90,000 30,000     Total assets $225,000 $168,000 $57,000.
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12.5-21On November 1, 2014, Oster Company declared a dividend of $3.00 per share.  Oster Company has                                           20,000 shares of common stock outstanding and no preferred stock.  The date of record is November 15,                                           and the payment date is November 30, 2014.  Which of the.
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14.3-78Avatar Company uses the indirect method to prepare the statement of cash flows.  Please refer to the                                           following comparative balance sheet for Avatar Company and complete the third column for increases                                           and decreases. 2014 2013 Increase/decrease Cash $  33,000 $  18,000 Accounts receivable 22,000 35,000 Inventory 170,000 115,000     Total assets $225,000.
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13.5-33At January 1, 2013, Foxmore Company had 80,000 shares of common stock outstanding and no preferred                                           stock.  During the year, they issued 40,000 additional shares of common stock.  At December 31, 2013,                                           Foxmore had 120,000 shares of common stock outstanding, and no preferred stock. .
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13.2-24A 3-for-1 stock split will: A)  triple the par value and drop the number of outstanding shares by one-third. B)  have no effect on the par value, but will affect the number of outstanding shares. C)  have no effect on the number of outstanding shares, but will affect par value. D)  cut the par.
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14.3-80Avatar Company uses the indirect method to prepare the statement of cash flows.  Please refer to the                                           following income statement: Sales revenue $240,000 Interest revenue 1,000 Gain on sale of plant assets 4,000    Total revenues and gains $245,000 Cost of goods sold 110,000 Salary expense 45,000 Depreciation expense 12,000 Other operating expenses 23,000 Interest expense 1,000.
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14.3-8Arturo Sales purchased some equipment for $12,000 by issuing a 6-month note payable.  Because this                                           was a noncash transaction, it would not be shown in the main body of the statement of cash flows, but                                           in a separate section for noncash investing and financing.
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2.5-31A corporation has 15,000 shares of 10%, $50 par cumulative preferred stock outstanding and 25,000                                           shares of no-par common stock outstanding.  Dividends of $37,500 are in arrears.  At the end of the                                           current               year, the corporation declares a dividend of $120,000. How is.
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