ACCT 557 Week 6 Quiz

ACCT 557 Intermediate Accounting III

(DeVry - Winter 2016)

Date Taken: ............2016

Question 1.Question : (TCO F) Which of the following would not be disclosed within a statement

of cash flow?

Question 2.Question : (TCO F) Which of the following is not true?

Question 3.Question : (TCO F) Glitter Girl, Inc. recognized net income of $205,000 including

$60,000 in depreciation expense. Additional changes from the balance sheet are as follows.

Accounts Receivable $2,000 decrease

Prepaid Expenses $15,000 decrease

Inventory $36,000 increase

Accrued Liabilities $10,000 decrease

Accounts Payable $40,000 increase

Question 4.Question : (TCO F) Pig Builder's, Inc. shows the following as of December 31,

2012.

   A -cquired 50% of Wolf Corp's common stock for $160,000 cash,

which was borrowed from Granny's Bank.

   Is-sued 5,000 shares of its preferred stock for land having a fair

value of $320,000

   Is-sued 500 of its 11% debenture bonds, due 2017, for $392,000

cash

   P -aid $120,000 toward bank loan.

   P -urchased a patent for $220,000 cash

   S -old available for sales securities for $796,000

   R -ecognized $88,000 net increase in returnable long term customer

deposits

Pig's net cash provided by investing activities for 2012 is

Question 5.Question : (TCO F) Pig Builder's, Inc. shows the following as of December 31,

2012.

   A -cquired 50% of Wolf Corp's common stock for $160,000 cash

which was borrowed from Granny's Bank.

   Is-sued 5,000 shares of its preferred stock for land having a fair

value of $320,000