_____ 7. The net cash provided by operating activities was

a. $52,000.

b. $66,000.

c. $56,000.

d. $48,000.

_____ 8. (54) The net cash provided (used) by investing activities was

a. $26,000.

b. $(40,000).

c. $(136,000).

d. $(36,000).

_____ 9. The net cash provided (used) by financing activities was

a. $ -0-.

b. $(20,000).

c. $(40,000).

d. $60,000.

The balance sheet data of Kohler Company at the end of 2011 and 2010 follow: 2010 2011 50,000 70,000 Cash Accounts receivable (net) 120,000 90,000 Merchandise inventory 140,000 90,000 50,000 Prepaid expenses 20,000 150,000 Buildings and equipment 180,000 (36,000) (16,000) Accumulated depreciation-buildings and equipment 180,000 Land 80,000 Totals 654,000 514,000 $136,000 $110,000 Accounts payable Accrued expenses 36,000 24,000 Notes payable-bank, long-term 80,00 Mortgage payable 60,000 Common stock, $10 par 418,000 318,000 16.000 30,000 Retained earnings (deficit) 654,000 514.000 Land was acquired for $100,000 in exchange for common stock, par $100,000, during the year; all equipment purchased was for cash. Equipment costing $10,000 was sold for $4,000; book value of the equipment was $8,000 and the loss was reported as an ordinary item in net income. Cash dividends of $20,000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In the statement of cash flows for the year ended December 31, 2011, for Naley Company