2. A company reports the following information for Year 1: Sale of Equipment $20,000 Issuance of the companys bonds $10,000 Dividends paid $5,000 Purchase of stock of another company $2,000 Purchase of U.S. Treasury note $2,000 Income taxes paid $2,000 Interest income received $500 What is the companys net cash flow from financing activities? a. ($9,000) b. $5,000 c. $5,500 d. $15,000

3. Shiplett Co. had the following first-year amounts for a $8,000,000 construction contract: Actual costs $3,000,000 Estimated costs to complete: $7,000,000 Progress billings: $1,800,000 Cash collected: $1,500,000 What amount should Howard recognize as gross profit (loss) using the percentage-of-completion method? a. ($1,000,000) b. ($2,000,000) c. $800,000 d. $1,750,000