FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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**Question Completion Status:** **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* **Instructions:** Click Save and Submit to save and submit. Click Save All Answers to save all answers.
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Transcribed Image Text:**Question Completion Status:** **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* **Instructions:** Click Save and Submit to save and submit. Click Save All Answers to save all answers.
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