Multiple Choice
A gain on the sale of a fixed asset is reported on the statement of cash flows ________.
A) as a deduction to net income under operating activities for the indirect method
B) as a deduction to the cash proceeds received from the sale of fixed assets under investing activities
C) as a noncash transaction
D) as a cash inflow under financing activities
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Preferred stock has priority over common stock
Q3: Accounts receivable is a current asset.
Q4: Gross profit equals sales minus cost of
Q5: Treasury stock is a deduction from total
Q6: A nonoperating item on a multiple-step income
Q7: The cash paid for dividends is included
Q8: Benson Company's income statement showed rent expense
Q9: LIFO uses the _ costs to measure
Q10: Which of the following is NOT a
Q11: The direct method of preparing the operating