Accounting Overview Of Direct And Indirect Methods Homework Help
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1.Develop an amortization schedule in Excel for a 5-year auto loan of $30,000 with APR 3%.
2.Action Quest Games Inc. owns the following long-lived assets
|Asset||Date Purchased||Cost||Estimated Useful Life|
|Equipment||July 1, 2010||$12,000||3 years|
|Vehicles||Jan. 1, 2009||28,000||7 years|
|Furniture||Jan. 1, 2012||10,000||5 years|
(a) Prepare depreciation adjusting entries for Action Quest Games for the year ended December 31, 2012, assuming the company adjusts its accounts annually.
(b) For each asset, calculate its accumulated depreciation and carrying amount at December 31, 2012.
3.Why are noncash transactions, such as the exchange of common stock for a building for example, included on a statement of cash flows? How are these noncash transactions disclosed?
4.Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.
a. ________ Received $80,000 from the sale of land.
b. ________ Received $3,200 from cash sales.
c. ________ Paid a $5,000 dividend.
d. ________ Purchased $8,800 of merchandise for cash.
e. ________ Received $100,000 from the issuance of common stock.
f. ________ Paid $1,200 of interest on a note payable.
g. ________ Acquired a new laser printer by paying $650.
h. ________ Acquired a $400,000 building by signing a $400,000 mortgage note.
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5.Overview of direct and indirect methods
Evaluate the comments that follow as being True or False. If the comment is false, briefly explain why.
a. Both the direct and indirect methods will produce the same cash flow from operating activities.
b. Depreciation expense is added back to net income when the indirect method is used.
c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
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