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Can you please do 28 to 31 ? Thank you so much. No explanation needed. 28 In converting income statement amounts to statement of cash
Can you please do 28 to 31 ? Thank you so much. No explanation needed.
28 In converting income statement amounts to statement of cash flow amounts, which of the following is true? A A increase in taxes payable would be subtracted from net income. B Amortization of an intangible asset would be subtracted from net income. C A increase in accounts payable would be added to net income. D An increase in prepaid expense would be added to net income. 29 The following data was taken from Ace department store financial statements. Cost of Goods Sold Beginning Inventory Ending Inventory Beginning Account Payable Ending Accounts Payable $1,000,000 300,000 250,000 130,000 100,000 What were the total cash payments for the period? A $980,000 B $920,000 C $1,020,000 D $1,080,000 30 The purchase of land would be classified in the statement of cash flows as a(n): A note to the statement. B operating outflow activity. C investing outflow activity. D financing outflow activity. 31 Which of the following statements about personal financial statements is true? A Estimated sales commissions should not be considered in determining current values. B In arriving at valuations for equity securities, the size of the holdings should not be considered in arriving at current values. C Tax liability is estimated on the difference between the stated amounts and tax basis amounts of reported assets and liabilities. D Current values can be used for assets and liabilities only when historical cost cannot be determinedStep by Step Solution
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