7 Cash provided by operating activities a may be larger than net income b equals the change in cash for the year o. summarizes cash flows relating to the purchase and sale of long lived assets d decreases when long-term debt is repaid 8 Billy's Cookie Shop reported equipment at S 120 000 and $24,000 accumulated depreciation on its December 31, 1098, balance sheet During 1999 they purchased equipment costing 120,000 and sold equipment costing $5,000 (book value $3,600) for 1,000 On December 31, 1990, n equipment was $87,400 Using the indirect method. Billys would report depreciation expense on its statement of cash flows for 1999 of a $47,600 b $27,200 C. $23,600 d $25,000 _ Short-term liquidity ratios include the a profit margin ratio b payout ratio c debt to total assets ratio d acid-test ratio 9 10. Parker Paint reported sales of $300,000, total assets of $150,000, total owners' equity of $80,000, current assets of $50,000, current liabilities of $20,000, and cash of $12,000. In a common size balance sheet, cash would be shown as a 60%. b. 896. c. 24% 4%