A company has a piece of land that cost $40,000. It was sold during the year for $50,000. How will this impact the Statement of Cash Flows prepared on the INDIRECT approach: The operating Section will decrease 40,000; The Financing section will increase $50,000. The operating section will show a PLUS adjustment for $10,000; The Investing section will show a $50,000 INFLOW. The operating section will show a MINUS adjustment for $10,000; The Investing section will show an INFLOW of $50,000. The operating section will show a MINUS adjustment for $10,000; The Financing section will show an INFLOW OF $50,000. NONE OF THESE Question 49 (2 points) On a Statement of Cash Flows prepared on the INDIRECT format, an increase in inventories during the year would be presented as: A PLUS adjustment in the operating section A MINUS adjustment in the operating section O A PLUS inflow in the investing section O A PLUS inflow in the financing section None of the above Question 50 (2 points) On a statement of cash flows issued for the year ending June 30, Prince Company reported NET CASH FLOWS FROM OPERATING ACTIVITIES OF $123,000. Assuming the following adjustments appear on the statement ... the NET INCOME must have been what? Adjustments: Depreciation $38,000 Incr in Accounts Receivable 31,000 Decr in Inventory 27,000 Incr in Accounts Payable 48,000 Incr in Interest Payable 12,000 Incr=Increase; Decr= Decrease Question 51 (2 points) The correct order of steps in the accounting cycle is to Journalize, Post, Do the Worksheet, Close, Adjust, Reverse Journalize, Post, Adjust, Close, Reverse Journalize, Do the Worksheet, Post, Reverse, Adjust, Close Post, Adjust, Close, Journalize, Reverse