Question 1 2..5 pts
West Company issued common stock for cash. With respect to this
event, indicate whether the following statement is true or false.
Total assets would increase.
True
False
Question 2 2..5 pts
West Company issued common stock for cash. With respect to this
event, indicate whether the following statement is true or false.
Total equity would not change.
True
False
Question 3 2..5 pts
West Company paid cash to purchased land. With respect to this
event, indicate whether the following statement is true or false.
The investing activities section of the statement of cash flows would
show a cash outflow.
True
False
,Question 4 2..5 pts
XYZ received cash for accounts receivable. With respect to this
event, indicate whether the following statement is true or false.
Total assets would decrease.
True
False
Question 5 2..5 pts
XYZ incurred accrued rent expense. With respect to this event,
indicate whether the following statement is true or false.
Net income would decrease.
True
False
Question 6 2..5 pts
XYZ received cash for accounts receivable. With respect to this
event, indicate whether the following statement is true or false.
Liabilities would increase
True
False
, Question 7 2..5 pts
XYZ incurred accrued salary expense. With respect to this event,
indicate whether following statement is true or false.
Cash flow from operating activities would show a cash outflow
True
False
Question 8 2..5 pts
On January 1, 2012, East Company had assets of $500, liabilities of $200,
and common stock of $100. During 2012 the company experienced the
following events.
Earned cash revenue of $400.
Incurred cash expenses of $250.
Paid cash dividends of $100.
The amount of net cash flow from operating activities reported on East
Company’s December 31, 2012 statement of cash flows would be
$500
$150
$250
none of the above
Question 9 2..5 pts
ABC Company recognized $500 of revenue on account and realized $400
of cash collections. The company had accrued salary expense of $300 and
West Company issued common stock for cash. With respect to this
event, indicate whether the following statement is true or false.
Total assets would increase.
True
False
Question 2 2..5 pts
West Company issued common stock for cash. With respect to this
event, indicate whether the following statement is true or false.
Total equity would not change.
True
False
Question 3 2..5 pts
West Company paid cash to purchased land. With respect to this
event, indicate whether the following statement is true or false.
The investing activities section of the statement of cash flows would
show a cash outflow.
True
False
,Question 4 2..5 pts
XYZ received cash for accounts receivable. With respect to this
event, indicate whether the following statement is true or false.
Total assets would decrease.
True
False
Question 5 2..5 pts
XYZ incurred accrued rent expense. With respect to this event,
indicate whether the following statement is true or false.
Net income would decrease.
True
False
Question 6 2..5 pts
XYZ received cash for accounts receivable. With respect to this
event, indicate whether the following statement is true or false.
Liabilities would increase
True
False
, Question 7 2..5 pts
XYZ incurred accrued salary expense. With respect to this event,
indicate whether following statement is true or false.
Cash flow from operating activities would show a cash outflow
True
False
Question 8 2..5 pts
On January 1, 2012, East Company had assets of $500, liabilities of $200,
and common stock of $100. During 2012 the company experienced the
following events.
Earned cash revenue of $400.
Incurred cash expenses of $250.
Paid cash dividends of $100.
The amount of net cash flow from operating activities reported on East
Company’s December 31, 2012 statement of cash flows would be
$500
$150
$250
none of the above
Question 9 2..5 pts
ABC Company recognized $500 of revenue on account and realized $400
of cash collections. The company had accrued salary expense of $300 and
