1. The net income for Cypress Inc. was $3 million for the current year. Additional information for the year is as follows: Depreciation on fixed assets Gain from cash sale of land Increase in accounts payable Paid cash to purchase building $1,500,000 200,000 300,000 400,000 10 Using the indirect method, the net cash provided by operating activities in the statement of cash flows for the current year should be: a. $ 4,200,000 b. $ 4,600,000 c. $ 4,500,000 d. $ 4,800,000 2. A generally accepted method of valuation is 1. trading securities at market value. 2. accounts receivable at net realizable value. 3. inventories at current cost. a. 1 and 2 b. 2 C. 3 d. 1 and 3 2 d 3. Broken Arrow Corp's trial balance reflected the following account balances at December 31, 2022: Accounts receivable (net) Trading securities Accumulated depreciation on equipment and furniture Cash Inventory Equipment Patent Prepaid expenses Land held for future business site In the company's December 31, 2022 balance sheet, the current assets total is $21,000 8,000 12,000 18,000 40,000 33,000 12,000 6,000 20,000 a. $85,000 b. $105,000 c. $79,000 d. $93,000. 4. Four Leaf Clover Company designated Ryan O'Malley as petty cash custodian and established a petty cash fund of $300. The cash box contains cash in the amount of $25 and receipts for office supplies and postage of $166 and staff lunches paid for by the company of $123. The journal entry to replenish the fund would include a credit(s) of: a. Petty Cash, $264, Cash $275 b. Petty Cash, $275 c. Cash, $275 d. Cash, $264, Cash short/over, $11 5. What would you pay for an investment that pays you $25,000 at the end of each year for the next ten years and then returns a maturity value of $300,000 after ten years? Assume that the relevant interest rate for this type of investment is 8%.