QUESTION 1 Which of the following should be shown on a statement of cash flows under the financing activities section? O a. the issuance of a long-term note to acquire land b. the proceeds from the sale of a building O c. the purchase of a long-term investment in the common stock of another company O d. the payment of cash to retire a long-term note
QUESTION 1 Which of the following should be shown on a statement of cash flows under the financing activities section? O a. the issuance of a long-term note to acquire land b. the proceeds from the sale of a building O c. the purchase of a long-term investment in the common stock of another company O d. the payment of cash to retire a long-term note
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question #1 need help please
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**Question 1:**
Which of the following should be shown on a statement of cash flows under the financing activities section?
- a. the issuance of a long-term note to acquire land
- b. the proceeds from the sale of a building
- c. the purchase of a long-term investment in the common stock of another company
- d. the payment of cash to retire a long-term note
*Correct Answer: d. the payment of cash to retire a long-term note*
**Question 2:**
If a gain of $11,000 is realized in selling (for cash) office equipment having a book value of $55,000, the total amount reported is
- a. $55,000
- b. $66,000
- c. $44,000
- d. $11,000
*Correct Answer: b. $66,000*
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