13) The following information relates to California Company: Accounts receivable Accounts payable Net income for the year Dec. 31 $ 41,000 52,000 210,000 Jan. 1 $ 32,000 57,000 What amount should be reported for net cash from operating activities on California's statement of cash flows? A) $196,000. B) $224,000. C) $214,000. D) $206,000. Select one: A B D 14) The following information relates to California Corporation for their fiscal year end: Sales on account = $1,900,000 Accounts receivable beginning balance = $600,000 Accounts receivable beginning balance = $850,000 Assuming there were no cash sales, what is the amount of cash collected from customers? A) $1,632,000 C) $2,132,000 B) $1,642,000 D) $1,650,000 Select one: A B D 15) When an error is discovered in previously issued financial statements, the company is required to restate all affected prior year financial statements that will be reported in the current comparative financial statements. A) True B) False Select one: A B 16) For the year ended December 31, 2020, California Corporation overstated prepaid advertising by $66,000 and understated cost of goods sold by $108,000. The applicable tax rate is 40%. As a result of these errors, net income is: A) Overstated by$104,400. B) Understated by $25,200. C) Understated by $104,400. D) Overstated by $25,200. Select one: B O D