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Unformatted text preview: income statement of the current time period? A) $280,000 B) $520,000 C) $400,000 D) $120,000 #5 Answer - A 5 The beginning balance of retained earnings was $7,500. The dividends paid to stockholders' were $1,500. The ending balance of retained earnings is $5,000. What was the net income or net loss for the accounting period? A) net loss of $1,000 B) net income of $1,000 C) net loss of $2,000 D) net income of $2,500 #6 Answer - C 6 Which cash flow activity is related to borrowing money on a long-term basis? A) operating activities B) investing activities C) financing activities D) investing and financing activities #7 Answer -A 7 Which of the following transactions would be considered an investing activity on a Statement of Cash Flows? Transaction A Purchased equipment for cash...
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This note was uploaded on 01/19/2012 for the course ACC 211 taught by Professor Sicre during the Spring '07 term at University of Miami.
- Spring '07