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1) Four main accounting issues for plant assets are: ________________________,
____________________________, ________________________,
____________________________.
2) Use the following information about the calendar-year cash flows of MacArthur
Company to prepare a statement of cash flows (direct method) and a schedule of
noncash investing and financing activities.
3) Barnes Company has 20 employees who are each paid $80 per day for a 5-day
workweek. The employees are paid each Friday. This year the accounting period ends
on Tuesday. Prepare the December 31 year-end adjusting journal entry Barnes
Company should make to accrue wages.
4) When preparing the operating section of the statement of cash flows using the
indirect method, noncash expenses are _____________ net income.
5) Neutron uses a periodic inventory system. Prepare general journal entries to record
the following transactions for Neutron:
6) The first three steps in preparing a departmental income statement are: (1)
accumulate __________________ of the department, (2) allocate
__________________ to the department, and (3) allocate _____________________ to
the operating departments.
7) Briefly describe a master budget and the sequence in which the individual budgets
within the master budget are prepared.
