Kevin Woodworking Company is preparing its statement of cash flows using the indirect method. During the year, Kevin sold equipment for $5,990 cash. The net book value of the asset was $4,970. Which of the following statements is true?
A) The gain on sale of $1,020 is added back to net income in the operating activities section.
B) The book value of the assets sold is shown as a negative cash flow in the investing activities section.
C) The cash receipt of $5,990 is shown as a positive cash flow in the investing activities section.
D) The gain on sale of $1,020 is shown as a positive cash flow in the financing activities section.
C
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Which of the following is true about freestanding retailers?
A) They benefit from the close proximity of stores selling similar merchandise. B) They are typically small entrepreneurial operations. C) They rely on spillover from other stores to attract customer traffic. D) They are located by themselves in a separate building. E) They anchor large shopping centers.
A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing
A) the Income Statement. B) the Balance Sheet. C) the Statement of Cash Flows. D) cannot be determined.
The ________ holds that a foreign state is not immune when the cause of action for a suit is based on conduct unrelated to the state's governmental activities
A. most significant relationship doctrine B. doctrine of sovereign or state immunity C. rule of absolute sovereign immunity D. theory of restrictive sovereign immunity
For purposes of the dependency exemption, a qualifying child must be under age 19, a full-time student under age 24, or a permanently and totally disabled child.
Answer the following statement true (T) or false (F)