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1、Chapter14StatementofCashFlowsAnswerKeyMultipleChoiceQuestions1.PierceCorporationreporteda$3,600balanceinAccountsReceivableonJanuary1,Year2.Duringtheyear,salesonaccountintheamountof$24,800weremade.IftheendingbalanceofAccountsReceivableis$3,700,whatistheamountofc
2、ashreceivedfromcustomers?A.$21,200B.$21,500C.$28,400D.$24,700Answer:DLearningObjective:14-01Preparetheoperatingactivitiessectionofastatementofcashflowsusingtheindirectmethod.LearningObjective:14-02Preparetheoperatingactivitiessectionofastatementofcashflowsusing
3、thedirectmethod.Topic:IndirectMethod—ReconciliationApproachTopic:PreparingtheOperatingActivitiesSectionofaStatementofCashFlowsUsingtheDirectMethodBlooms:ApplyAACSB:KnowledgeApplicationAICPA:BBIndustryAICPA:FNMeasurementDifficulty:3HardFeedback:Beginningbalance+
4、Revenuerecognizedonaccount–Cashcollectionsfromcustomers=Endingbalance$4,600+$23,700–Cashinflowfromcustomers=$3,700Cashinflowfromcustomers=$4,600+$23,700–$3,700=$24,70014-1Copyright©2017McGraw-HillEducation.Allrightsreserved.Noreproductionordistributionwithoutth
5、epriorwrittenconsentofMcGraw-HillEducation.2.BatesCompanypayscashforallinventorypurchases.Batesreportsthatithadabeginninginventoryof$2,500andanendinginventoryof$900.Itscostofgoodssoldequaled$5,500.Basedonthisinformation,theamountofcashpaidforinventorypurchasesw
6、as:A.$3,900B.$7,100C.$1,400D.$9,100Answer:ALearningObjective:14-01Preparetheoperatingactivitiessectionofastatementofcashflowsusingtheindirectmethod.LearningObjective:14-02Preparetheoperatingactivitiessectionofastatementofcashflowsusingthedirectmethod.Topic:Indi
7、rectMethod—ReconciliationApproachTopic:PreparingtheOperatingActivitiesSectionofaStatementofCashFlowsUsingtheDirectMethodBlooms:ApplyAACSB:KnowledgeApplicationAICPA:BBIndustryAICPA:FNMeasurementDifficulty:3HardFeedback:Beginningbalance+Cashoutflowtopurchaseinven
8、tory–Costofgoodssold=Endingbalance$2,500+Cashoutflowtopurchaseinventory–$5,500=$900Cashoutflowtopurchaseinventory=$900–$2,500+$5,500=$3,90014-2Copyright©2017McGraw-HillEduca
