ACC 291 Week 5 Wiley Questions Latest 2016 Version

*Problem E 12-1

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a ­ sign e.g. ­15,000 or in parenthesis e.g. (15,000).)

*Problem  IFRS 13-1

Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.

*Problem 

The following control procedures are used at Sandwich Company for over-the-counter cash receipts.

1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.

2. All over-the-counter receipts are registered by three clerks who use a cash register with a single cash drawer.

3. The company accountant makes the bank deposit and then records the day’s receipts.

4. At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register total.

5. Cashiers are experienced; they are not bonded.

*Problem 12-­9A

Condensed financial data of Odgers Inc. follow.

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a ­ sign e.g. ­15,000 or in parenthesis e.g. (15,000).)

*Problem 12­-10A

Condensed financial data of Odgers Inc. follow.

ODGERS INC.

Prepare a statement of cash flows for Odgers Inc. using the direct method. (Show amounts that decrease cash flow with either a ­ sign e.g. ­15,000 or in parenthesis e.g.

*Problem 13­-2 A

The comparative statements of Osborne Company are presented here.

All sales were on account. Net cash provided by operating activities for 2014 was $234,640. Capital expenditures were $135,980, and cash dividends were $65,339.

Compute the following ratios for 2014. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.)

Earning Per Share

Return on Common Shareholder Equity

Return on Assets

Current Ratio

Account Receivable Turnover