1. Jacob Company's accounting period ends on December 31. The amount of an adjusting entry to accrue interest for $20,000, 4%, US Treasury bills, purchased on October 1 would be

a. $133.33. b. $200.00. c. $2,000.00. d. None of these choices are correct.

2. Russell Corporation had the following activities:

Recorded depreciation of $5,000.

Purchased $10,000 of equipment with cash.

Paid $4,000 in interest payments.

Received $8,000 cash for the sale of an asset.

What is the amount of net cash flows from (used for) investing activities?

a. $(2,000) b. $2,000 c. $(11,000) d. None of these choices are correct.

3. Russell Corporation had the following activities:

Recorded depreciation of $5,000.

Received cash from the sale of common stock, $20,000.

Purchased $10,000 of equipment with cash.

Paid $4,000 income tax.

Received $8,000 cash for the sale of an asset.

Paid cash dividends, $10,000.

What is the amount of net cash flows from (used for) financing activities?

a. $25,000 b. $10,000 c. $(14,000) d. None of these choices are correct.