Using All Financial Statements
Medium Test
Medium Test
Click the “Check Your Answer” box below each question to reveal the correct answer and explanation.
1. Which of the following is reported in the operating section of the direct method cash flow statement?
a. cash paid for investments
b. cash received from borrowing
c. cash paid for salaries
d. net income
Answer
2. Which of the following is reported with a separate line item in the operating section of the indirect method cash flow statement?
a. depreciation expense
b. cash received from selling equipment
c. the ending balance of accounts receivable
d. the beginning balance of accounts payable
Answer
3. The purchase of equipment for a cost of $100,000 where cash of $32,000 is paid and $68,000 is financed with the seller will be reported on the cash flow statement as
a. $32,000
b. $68,000
c. $100,000
d. nothing is reported until the financing is repaid
Answer
a. income statement
b. balance sheet
c. statement of cash flows
d. statement of stockholder’s equity
Answer
D. Dividends declared (promised to owners) is a transaction with owners that is reported on the statement of stockholder’s equity during the period it is declared. Dividends are not reported on the income statement because it is not an expense. The dividend is not reported on the cash flow statement until the dividend is paid. Dividends are included in retained earnings (and not a separate line item) on the balance sheet. The question does not say if dividends are paid or not. Unpaid dividends are reported on the balance sheet.
5. Interest expense is reported with a separate line item on the indirect method cash flow statement in
a. the investing section
b. the financing section
c. the operating section
d. interest expense is not reported with a separate line item
Answer
6. Depreciation is a reconciling item on the indirect cash flow statement because
a. the company really has more cash than is reported on the balance sheet
b. the company really has more cash than is reported on the income statement
c. no cash was paid for the expense in the current period and therefore cash generated is higher than net income
d. cash was paid when the company purchased the asset and cash generated is less than net income for the current period
Answer
7. Most companies in the United States use the indirect cash flow statement because
a. it is easier to read and understand for most investors
b. most other countries require the indirect cash flow statement
c. it is easy to tell how much cash was paid for major expenses from the accounting records
d. most companies keep accounting records under the accrual basis and it is easier to prepare the reconciliation
Answer
8. A company that pays a large dividend to shareholders and purchases property, plant, and equipment about equal to depreciation expense is a company
a. that is mature with slow stable growth
b. that is most likely growing fast
c. that keeps all profits in the company and for reinvestment
d. gives no return to shareholders
Answer
9. The balance sheet is different from the other three statements because
a. it reports what causes the change in the balances presented
b. it reports how earnings and dividends change retained earnings
c. it reports cumulative amounts for each account
d. it reports more than one year
Answer
10. The amounts stated in the investing section of the cash flow statement represent
a. the gain or loss on the sale of the asset
b. the total cost of the asset purchased
c. the fair market value of the asset at the end of the period
d. the cash paid for the asset
Answer
11. State what the cash flow statement indicates about the company’s strategy for growth and how the company finances operations and growth.
| Net income | $200,000 |
| Depreciation expense | 38,000 |
| Change in current assets and liabilities | |
| Accounts receivable | (4,000) |
| Inventory | 6,000 |
| Accounts payable | (8,000) |
| Income tax payable | 2,000 |
| Cash generated from operating activities | 234,000 |
| Purchase of patents | (50,000) |
| Purchases of equipment | (75,000) |
| Cash generated from investing activities | (125,000) |
| Proceeds from borrowing from banks | 100,000 |
| Repayment of loans to banks | ( 25,000) |
| Cash generated from financing activities | 75,000 |
| Total change in cash | $184,000 |
Answer
The company is purchasing more equipment and intangibles ($125,000) than it is using up (depreciation expense $38,000). This is an indication that the company is growing.
The growth is being financed with cash from operations and with borrowing from banks.
The company is borrowing more than it is repaying. Banks are comfortable with lending because of the strong total cash flow from operations.
The company has no cash to or from owners. Owners are not contributing more funds and are not receiving a cash return on their investment (dividend).
Companies that do not pay dividends should use cash from operations for growth.
12. Using the following statement of stockholder’s equity:
A. State the transactions that occurred with owners at this company.
B. State what will be reported on the statement of cash flows.
| Common Shares |
Stock $ |
Paid in Capital |
Treasury Stock |
Retained Earnings |
|
| Balance, December 31, | |||||
| 2020 | 10,000 | $1,000 | $100,000 | ($25,000) | $30,000 |
| 1) | ($15,000) | ||||
| 2) | ($64,000) | ||||
| 3) | 20,000 | $2,000 | $48,000 | ||
| 4) | $12,000 | ||||
| Balance, December 31, | |||||
| 2021 | 30,000 | $3,000 | $148,000 | ($28,000) | ($34,000) |
Answer
A. Transactions with owners:
1) Purchase of the company’s common stock from owners (treasury stock); increase treasury stock
2) The company incurred a net loss for the period. Profits and losses change retained earnings
3) The company issued common stock to investors
4) The company sold its own common stock held as treasury shares to outside owners.
B. Reported on the cash flow statement in the financing section:
1) Cash paid to purchase common stock; $15,000
2) Cash received from issuing common stock: $50,000
3) Cash received from reissuing treasury stock (or common stock). Cash paid is the fair market value of the stock on the date of purchases. Fair market value is not given in this problem. The statement shows the original cost of $12,000 and this is not the same thing as the current fair market value.
Indirect method:
Net loss will be reported at the top of the operating section
13. Read the Statement of Stockholder’s Equity for Caterpillar, Inc. and state the transactions that were discussed in this section. Ignore the “Accumulated other comprehensive income (loss) items and the “Non-controlling interest “columns.
|
|
|
Common |
|
Treasury |
|
Profit |
|
Accumulated |
|
Non-controlling |
|
Total |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Balance at January 1, 2010 |
|
$ |
3,439 |
|
$ |
(10,646 |
) |
$ |
19,705 |
|
$ |
(3,761 |
) |
$ |
83 |
|
$ |
8,820 |
|
Profit of consolidated and affiliated companies |
|
— |
|
— |
|
2,700 |
|
— |
|
58 |
|
2,758 |
||||||
|
Foreign currency translation, net of tax of $73 |
|
— |
|
— |
|
— |
|
(52 |
) |
18 |
|
(34) |
||||||
|
Pension and other postretirement benefits |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Current year actuarial gain (loss), net of tax of $214 |
|
— |
|
— |
|
— |
|
(539 |
) |
(1 |
) |
(540 |
||||||
|
Amortization of actuarial (gain) loss, net of tax of $173 |
|
— |
|
— |
|
— |
|
307 |
|
3 |
|
310 |
||||||
|
Current year prior service cost, net of tax of $3 |
|
— |
|
— |
|
— |
|
(8 |
) |
— |
|
(8 |
||||||
|
Amortization of prior service cost, net of tax of $12 |
|
— |
|
— |
|
— |
|
(17 |
) |
— |
|
(17 |
||||||
|
Amortization of transition (asset) obligation, net of tax of $1 |
|
— |
|
— |
|
— |
|
1 |
|
— |
|
1 |
||||||
|
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Gains (losses) deferred, net of tax of $29 |
|
— |
|
— |
|
— |
|
(50 |
) |
— |
|
(50 |
||||||
|
(Gains) losses reclassified to earnings, net of tax of $18 |
|
— |
|
— |
|
— |
|
35 |
|
— |
|
35 |
||||||
|
Available-for-sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Gains (losses) deferred, net of tax of $25 |
|
— |
|
— |
|
— |
|
37 |
|
— |
|
37 |
||||||
|
(Gains) losses reclassified to earnings, net of tax of $2 |
|
— |
|
— |
|
— |
|
(4 |
) |
— |
|
(4 |
||||||
|
Dividends declared |
|
— |
|
— |
|
(1,103 |
) |
— |
|
— |
|
(1,103 |
||||||
|
Change in ownership for noncontrolling interests |
|
(69 |
) |
— |
|
— |
|
— |
|
(66 |
) |
(135 |
||||||
|
Common shares issued from treasury stock |
|
74 |
|
222 |
|
— |
|
— |
|
— |
|
296 |
||||||
|
Common shares issued from treasury stock |
|
67 |
|
27 |
|
— |
|
— |
|
— |
|
94 |
||||||
|
Stock-based compensation expense |
|
226 |
|
— |
|
— |
|
— |
|
— |
|
226 |
||||||
|
Net excess tax benefits from stock-based compensation |
|
151 |
|
— |
|
— |
|
— |
|
— |
|
151 |
||||||
|
Cat Japan share redemption 4 |
|
— |
|
— |
|
82 |
|
— |
|
(55 |
) |
27 |
||||||
|
Balance at December 31, 2010 |
|
$ |
3,888 |
|
$ |
(10,397 |
) |
$ |
21,384 |
|
$ |
(4,051 |
) |
$ |
40 |
|
$ |
10,864 |
Answer
|
Profit of consolidated and affiliated companies |
|
— |
|
— |
|
2,700 |
|
— |
|
58 |
|
2,758 |
|
|
2,758 |
|
|
Dividends declared |
|
— |
|
— |
|
(1,103 |
) |
— |
|
— |
|
(1,103 |
) |
|
— |
|
|
Common shares issued from treasury stock |
|
74 |
|
222 |
|
— |
|
— |
|
— |
|
296 |
|
|
— |
|
|
Common shares issued from treasury stock |
|
67 |
|
27 |
|
— |
|
— |
|
— |
|
94 |
|
|
— |
14. Read the following cash flow statement presented by Caterpillar, Inc. and answer the following questions:
a. Is the company attempting to grow and increase sales?
b. How does the company finance operations?
c. What types of assets is the company purchasing?
d. Does the company pay a return to owners?
e. Why is depreciation and amortization added back in the operating section?
f. Did the company sell any long-term assets?
g. Did the company purchase another company in 2010?
h. Did the company borrow or repay amounts during 2010?
|
|
|
2010 |
|
2009 |
||
|
Cash flow from operating activities: |
|
|
|
|
||
|
Profit of consolidated and affiliated companies |
|
$ |
2,758 |
|
$ |
827 |
|
Adjustments for non-cash items: |
|
|
|
|
||
|
Depreciation and amortization |
|
2,296 |
|
2,336 |
||
|
Other |
|
469 |
|
137 |
||
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
||
|
Receivables – trade and other |
|
(2,320 |
) |
4,014 |
||
|
Inventories |
|
(2,667 |
) |
2,501 |
||
|
Accounts payable |
|
2,570 |
|
(1,878 |
||
|
Accrued expenses |
|
117 |
|
(505 |
||
|
Accrued wages, salaries and employee benefits |
|
847 |
|
(534 |
||
|
Customer advances |
|
604 |
|
(646 |
||
|
Other assets – net |
|
358 |
|
235 |
||
|
Other liabilities – net |
|
(23 |
) |
12 |
||
|
Net cash provided by (used for) operating activities |
|
5,009 |
|
6,499 |
||
|
|
|
|
|
|
||
|
Cash flow from investing activities: |
|
|
|
|
||
|
Capital expenditures – excluding equipment leased to others |
|
(1,575 |
) |
(1,504 |
||
|
Expenditures for equipment leased to others |
|
(1,011 |
) |
(968 |
||
|
Proceeds from disposals of leased assets and property, plant and equipment |
|
1,469 |
|
1,242 |
||
|
Additions to xxxxxxxxxxxxxx |
|
(8,498 |
) |
(7,107 |
||
|
Collections of xxxxxxxxxxxxxx |
|
8,987 |
|
9,288 |
||
|
Proceeds from xxxxxxxxxxxxxxxx |
|
16 |
|
100 |
||
|
Investments and acquisitions (net of cash acquired) |
|
(1,126 |
) |
(19 |
||
|
Proceeds from sale of marketable securities |
|
228 |
|
291 |
||
|
Investments in marketable securities |
|
(217 |
) |
(349 |
||
|
Other –net |
|
132 |
|
(128 |
||
|
Net cash provided by (used for) investing activities |
|
(1,595 |
) |
846 |
||
|
|
|
|
|
|
||
|
Cash flow from financing activities: |
|
|
|
|
||
|
Dividends paid |
|
(1,084 |
) |
(1,029 |
||
|
Xxxxxxxxxxxxxxxxxxxxxxx |
|
— |
|
(10 |
||
|
Common stock issued, including treasury shares reissued |
|
296 |
|
89 |
||
|
Xxxxxxxxxxxxxxxxxxxxxxxxxx |
|
153 |
|
21 |
||
|
Xxxxxxxxxxxxxxxxxxxxxxxxxxxx |
|
(132 |
) |
(6 |
||
|
Proceeds from debt issued for: |
|
|
|
|
||
|
– Machinery and Engines |
|
216 |
|
458 |
||
|
– Financial Products |
|
8,108 |
|
11,833 |
||
|
Payments on debt for: |
|
|
|
|
||
|
– Machinery and Engines |
|
(1,298 |
||||
|
– Financial Products |
|
(11,163 |
) |
(11,769 |
||
|
Short-term borrowings (original maturities three months or less) – net |
|
291 |
|
(3,884 |
||
|
Net cash provided by (used for) financing activities |
|
(4,613 |
) |
(5,215 |
||
|
Effect of exchange rate changes on cash |
|
(76 |
) |
1 |
||
|
Increase (decrease) in cash |
|
(1,275 |
) |
2,131 |
||
Answer
Depreciation and amortization expense is 2,296; not much change from prior year.
This is the cost of using assets to operate the business.
Purchase of P/P/E was 2,586 (1,575 + 1,011 in the investing section)
The company purchases slightly more than they used up in 2010 (and in 2009).
The company is not attempting to grow very much. If it were attempting to grow purchases would be more than used up by a larger amount.
b. How does the company finance operations?
Cash from operating activities. The company repaid more debt (1,298 and 11,163) than was borrowed (216 and 8,108) during 2010.
Cash from investing and financing are both negative indicating cash from operations is being used for long-term assets and long-term liabilities.
c. What types of assets is the company purchasing?
Property, Plant, & Equipment (capital expenditures)
Marketable Securities
Other Companies (acquisitions)
d. Does the company pay a return to owners?
Yes; dividends paid was $1,084
e. Why is depreciation and amortization added back in the operating section?
The operating section reconciles net income (which is not cash) to cash from operations. Depreciation is an expense that reduced net income and it is not paid in the current period.
Therefore, the company has more cash than net income because depreciation expense reduces net income and is not paid in cash in the current period.
f. Did the company sell any long-term assets?
Yes, “proceeds from sale” in the investing section means that long-term assets were sold.
Proceeds from disposal of leased … 1,469
Proceeds from Marketable Securities 228
Proceeds from xxxxxxxxxxxx 16
g. Did the company purchase another company in 2010?
Yes, see the investing section
Investments and acquisitions (1,126)
h. Did the company borrow or repay amounts during 2010?
See the financing section. “Proceeds from debt issued” are borrowings.
“Payments for debt” are repayments
|
Proceeds from debt issued for: |
|
|
|
|
|
– Machinery and Engines |
|
216 |
|
458 |
|
– Financial Products |
|
8,108 |
|
11,833 |
|
Payments on debt for: |
|
|
|
|
|
– Machinery and Engines |
|
(1,298 |
) |
(918 |
|
– Financial Products |
|
(11,163 |
) |
(11,769 |
|
Short-term borrowings (original maturities three months or less) – net |
|
291 |
|
(3,884 |
15. Read the statement of shareholder’s equity for Walt Disney Company and state the
transactions that were discussed in this section that occurred with owners.
Ignore the accumulated other comprehensive income and non-controlling interest columns.
Walt Disney Company
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions, except per share data)
|
|
|
Equity Attributable to Disney |
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
Shares |
|
|
Common |
|
|
Retained |
|
|
Accumulated |
|
|
Treasury |
|
|
Total |
|
|
Non-controlling |
|
|
Total |
|
||||||||
|
BALANCE AT SEPTEMBER 29, 2007 |
|
|
1,917 |
|
|
$ |
24,207 |
|
|
$ |
24,805 |
|
|
$ |
(157 |
) |
|
$ |
(18,102 |
) |
|
$ |
30,753 |
|
|
$ |
1,295 |
|
|
$ |
32,048 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
4,427 |
|
|
|
— |
|
|
|
— |
|
|
|
4,427 |
|
|
|
302 |
|
|
|
4,729 |
|
|
Market value adjustments for investments and hedges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
120 |
|
|
|
— |
|
|
|
120 |
|
|
|
— |
|
|
|
120 |
|
|
Foreign currency translation and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27 |
) |
|
|
— |
|
|
|
(27 |
) |
|
|
5 |
|
|
|
(22 |
) |
|
Pension and postretirement medical plan adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Reclassification of prior losses to net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
25 |
|
|
Net actuarial loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42 |
) |
|
|
— |
|
|
|
(42 |
) |
|
|
— |
|
|
|
(42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Comprehensive income |
|
|
|
|
|
|
|
4,503 |
|
|
|
307 |
|
|
|
4,810 |
|
|||||||||||||||
|
Equity compensation activity |
|
|
31 |
|
|
|
1,012 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,012 |
|
|
|
— |
|
|
|
1,012 |
|
|
Redemption of convertible senior notes |
|
|
45 |
|
|
|
1,320 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,320 |
|
|
|
— |
|
|
|
1,320 |
|
|
Common stock repurchases |
|
|
(139 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,453 |
) |
|
|
(4,453 |
) |
|
|
— |
|
|
|
(4,453 |
) |
|
Dividends |
|
|
— |
|
|
|
7 |
|
|
|
(671 |
) |
|
|
— |
|
|
|
— |
|
|
|
(664 |
) |
|
|
— |
|
|
|
(664 |
) |
|
Distributions and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(243 |
) |
|
|
(243 |
) |
|
Adoption of new income tax guidance |
|
|
— |
|
|
|
— |
|
|
|
(148 |
) |
|
|
— |
|
|
|
— |
|
|
|
(148 |
) |
|
|
(15 |
) |
|
|
(163 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AT SEPTEMBER 27, 2008 |
|
|
1,854 |
|
|
$ |
26,546 |
|
|
$ |
28,413 |
|
|
$ |
(81 |
) |
|
$ |
(22,555 |
) |
|
$ |
32,323 |
|
|
$ |
1,344 |
|
|
$ |
33,667 |
|
Answer
Net income:
4,427 increase to retained earnings
Common stock repurchases (treasury stock):
4,453
Dividends declared:
671 reduction to retained earnings
16. Read cash flow statement for Amazon.com, Inc. and answer the following questions.
a. Is the company attempting to grow and increase sales?
b. How does the company finance operations and growth?
c. What types of long-term assets did the company purchase?
d. Does the company pay a return to owners?
e. Did the company sell any long-term assets?
f. Did the company purchase another company in 2010?
g. Did the company borrow or repay amounts during 2010?
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
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Year Ended December 31, |
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2010 |
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2009 |
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OPERATING ACTIVITIES: |
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Net income |
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1,152 |
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902 |
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Adjustments to reconcile net income to net cash from operating activities: |
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Depreciation and amortization |
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568 |
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378 |
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Stock-based compensation |
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424 |
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341 |
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Other operating expense (income), net |
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106 |
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103 |
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Losses (gains) on sales of marketable securities, net |
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(2 |
) |
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(4 |
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Other expense (income), net |
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(79 |
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(15 |
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Deferred income taxes |
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4 |
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81 |
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Excess tax benefits from stock-based compensation |
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(259 |
) |
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(105 |
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Changes in operating assets and liabilities: |
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Inventories |
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(1,019 |
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(531 |
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Accounts receivable, net and other |
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(295 |
) |
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(481 |
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Accounts payable |
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2,373 |
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1,859 |
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Accrued expenses and other |
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740 |
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300 |
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Additions |
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687 |
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1,054 |
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Amortization of Unearned revenue |
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(905 |
) |
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(589 |
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Net cash provided by (used in) operating activities |
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3,495 |
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3,293 |
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INVESTIN G ACTIVITIES: |
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Purchases of fixed assets, including internal-use software and website development |
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(979 |
) |
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(373 |
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Acquisitions, net of cash acquired, and other |
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(352 |
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(40 |
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Sales and maturities of marketable securities and other investments |
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4,250 |
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1,966 |
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Purchases of marketable securities and other investments |
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(6,279 |
) |
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(3,890 |
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Net cash provided by (used in) investing activities |
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(3,360 |
) |
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(2,337 |
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FINANCING ACTIVITIES: |
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Excess tax benefits from stock-based compensation |
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259 |
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105 |
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Common stock repurchased |
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— |
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— |
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Proceeds from long-term debt and other |
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143 |
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87 |
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Repayments of long-term debt and of capital and financing leases |
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(221 |
) |
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(472 |
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Net cash provided by (used in) financing activities |
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181 |
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(280 |
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Foreign-currency effect on cash and cash equivalents |
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17 |
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(1 |
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Net increase in cash and cash equivalents |
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333 |
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675 |
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CASH AND CASH EQUIVALENTS, END OF PERIOD |
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$ |
3,777 |
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$ |
3,444 |
Answer
a. Is the company attempting to grow and increase sales?
Depreciation and amortization expense is 568. This is the cost of using assets to operate the business.
Purchase of fixed assets (P/P/E) was 979.
The company purchased almost twice the amount that was used up.
Acquisitions of other companies: 352
The company appears to be attempting to grow.
b. How does the company finance operations and growth?
The company finances the business with cash from operations.
Repayment of long-term debt was more than additional borrowings
The company is repaying debt. (financing section)
c. What types of long-term assets did the company purchase?
Fixed assets (P/P/E), software and website development
Marketable securities; purchases are greater than sales
Acquisitions: other companies
d. Does the company pay a return to owners?
No; Dividends paid is not reported in the financing section
e. Did the company sell any long-term assets?
Yes, Sales and maturities of marketable securities and other investments: 4,250
The proceeds were reinvested in other marketable securities: 6,279
f. Did the company purchase another company in 2010?
Yes, Acquisitions, net of cash acquired (352)
g. Did the company borrow or repay amounts during 2010?
Yes, proceeds from long-term debt and other: 143
Repayments of long-term debt … (221)