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On the statement of cash flows, the ____________ is reconciled with the net cash provided by operating activities.
Multiple Choice
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other income
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net sales
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gross profit
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net income
SweetBerry Ice-creams uses a standard cost system. The following data is available for June:
| Actual output | 6,000 | gallons |
| Standard material cost | $ 8 | per gallon |
| Material price variance | $ 630 | Unfavorable |
| Material usage variance | $ 2,400 | Unfavorable |
The actual material cost for June was:
Multiple Choice
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$48,000.
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$50,400.
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$49,770.
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$51,030.
A firm had retained earnings of $130,000 in 20X1 and $168,000 in 20X2. The increase in retained earnings from 20X1 to 20X2 is:
Multiple Choice
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29.2 percent.
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22.6 percent.
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38 percent.
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129 percent.
Costmore Manufacturing has provided the following operating results for its first year operations:
| Beginning inventory of finished goods | 0 | |
| Units produced (no work in process) | 22,000 | |
| Units sold | 18,000 | |
| Units in ending inventory of finished goods | 4,000 | |
| Sales price | $ 55 | per unit |
| Variable manufacturing costs | $ 25 | per unit manufactured |
| Variable selling and administrative expenses | $ 7 | per unit sold |
| Fixed manufacturing costs for the year | $ 110,000 | |
| Fixed selling and administrative expenses for the year | $ 124,000 | |
Using direct costing, the manufacturing margin is:
Multiple Choice
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$550,000
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$540,000
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$480,000
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$450,000
An increase in accounts payable is:
Multiple Choice
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added to the cash flows from investing activities.
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subtracted from the net income when determining the net cash provided by operating activities.
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added to the net income when determining the net cash provided by operating activities.
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not used to calculate the net cash provided by operating activities
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