11. During 2008, Bakery Company paid out $50,000 of common dividends. It ended the year with $200,000 of retained earnings versus the prior years retained earnings of $150,000. How much net income did the firm earn during the year? *

$ 250,000

$ 500,000

$ 400,000

$ 100,000

None of the above

12. For the year ended December 31, 2008, a corporation had cash flow from operating activities of $10,000, cash flow from investing activities of $10,000, and cash flow from financing activities of $10,000. What is the net cash flow during the year ? *

$10,000

$15,000

$30,000

$0

None of the above

13. Increase in accruals is classified in the cash flow statements as: *

Cash flow from operating activities

Cash flow from financing activities

Cash flow from investing activities

All of the above

None of the above