7 Cash dividends of $45,000 were declared during the year. Cash dividends payable were $10,000 at the beginning of the year and $13,000 at the end of the year. The amount of cash for the payment of dividends during the year is a. $50,000 b. $40,000 C. $55,000 d. $35,000 8.On the statement of cash flows, a $7,500 gain on the sale of fixed assets would be a added to net income in converting the net income reported on the income statement to cash b. deducted from net income in converting the net income reported on the income statement c. added to dividends declared in converting the dividends declared to the cash flows from d. deducted from dividends declared in converting the dividends declared to the cash flows flows from operating activities to cash flows from operating activities financing activities related to dividends from financing activities related to dividends 9. Land costing $71,000 was sold for $$0,000 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land? a. $50,000 b. $71,000 c. $121,000 d. $21,000 10.To arrive at cash flows from operations, it is necessary to convert the income statement froman accrual basis to the cash basis of accounting. a. True b. False 11.The current period statement of cash flows includes the flowing: Cash balance at the beginning of the period Cash provided by operating activities Cash used in investing activities Cash used in financing activities S310,000 185,000 43,000 97,000 The cash balance at the end of the period is a. $45,000 b. $635,000 c. $355,000 d. $125,000