5. Indicate where the event for the purchase of land for cash would appear, if a

Question

5. Indicate where the event for the purchase of land for cash would appear, if at all, on the indirect statement of cash flows? a. Operating activities section b. Investing activities section c. Financing activities section d. Does not represent a cash flow 6. The adjusted trial balance is prepared a. After the financial statements is prepared b. After adjusting entries have been journalized and posted c. After the closing entries have been made and posted d. To prove the equality of total assets to total liabilities The balance sheet reports the a. Results of operations for a specific period b. Financial position for a specific period c. The financial position on a specific date d. Results of operations for a specific date 7. At the end of a recent year, Davis Company had total liabilities of $ 24,000, and total owner's equity of $ 19,000. How much were Davis' total assets? a. $ 5,000 b. $43,000 c. 24,000 d. Could not be determined 8.

Explanation / Answer

5 Investing activities section 6 The adjusted trial balance is prepared after adjusting entries have been journalized and posted 7 The balance sheet reports the financial position on a specific date 8 Total assets = 24000+19000 = $43000

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