Practice 10 questions on ACCOUNTING - Accounting at Shanghai University of Finance and Economics. Free AI-generated quiz on uNotes — track your score, retake anytime.
1Based on Rite Aid's Consolidated Statement of Cash Flows for fiscal year 2020, which method is used to prepare the statement, and what is the primary characteristic that indicates this method?
2What were Rite Aid's cash flows from operating, investing, and financing activities for fiscal year 2020, excluding discontinued operations?
3Identify the largest provider of cash and the largest use of cash for Rite Aid's investing activities in fiscal year 2020, excluding discontinued operations.
4In Rite Aid's cash flow statement for fiscal year 2020, the 'Inventories' line item shows an addition of $177,263 thousand. Under the indirect method, what does this adjustment imply about the change in Rite Aid's inventory levels?
5Using the provided formula and data (Cost of Goods Sold for 2021 = $19,338,918 thousand, change in Inventory in 2020 = $177,263 thousand), calculate the amount Rite Aid paid to purchase inventory in 2020.
6Rite Aid's Notes on Property, Plant, and Equipment (PP&E) provide the following data for fiscal year 2020: Gross PP&E beginning balance $3,962,537 thousand, Accumulated Depreciation beginning balance $2,841,491 thousand, Gross PP&E ending balance $4,057,329 thousand, Accumulated Depreciation ending balance $2,882,038 thousand, and Depreciation Expense $238,104 thousand. How much cash did Rite Aid spend buying new PP&E in fiscal 2020?
7In fiscal year 2020, Rite Aid removed $243,844 thousand in accumulated depreciation related to a disposal of PP&E for $0 cash proceeds. Given the beginning and ending balances of accumulated depreciation and the depreciation expense for the year, what was the amount of impairment charges made by Rite Aid during fiscal 2020? (Note: Assume no other disposals or impairments affected accumulated depreciation).
8A gain on the sale of PP&E is typically an adjustment made in the operating section of the cash flow statement when using the indirect method. Should a $500 thousand gain on sale of PP&E be added back or subtracted from net income to reconcile to cash flow from operations?
9According to Rite Aid's Consolidated Statement of Cash Flows for fiscal year 2020, what were the net proceeds from the issuance of common stock?
10Which of the following are considered 'adjustments to reconcile to net cash provided by (used in) operating activities of continuing operations' on Rite Aid's cash flow statement?
