Fall 2014 1. Issued $25,000 of par value common stock for cash. 3. Acquired land by issuing common stock of par value $50,000. 5. Sold a long-term investment (cost $3,000) for cash of $3,000. and paid wages expense of $10,000 and paid a cash dividend of $1,000. cash sales of $20,000. 7. Bought inventory for cash of $2,000. 8. Acquired an investment in 1BM stock for cash of $6,000. 9. Converted bonds payable to common stock in the amount of $10,000 10. Repaid a 6 year note payable in the amount of $11,000. 22. What is the net cash provided by operating activities? a) $18,000. b) $10,000. c) $8,000. d) $20,000. 23. What is the net cash provided by financing activities? a) $25,000. b) $9,000. c) $13,0o0. d) $14,000. 24. What is the net cash provided by investing activities? a) $3,000. b) $16,000 c) $6,000 d) ($3,000) 25. Which of the following is the best definition of sustainable income? income is a measure of solvency that does not include capital expenditure b) Sustainable income is the same as net income. income is income that is unusual in nature and infrequent in occurrence d) Sustainable income is the most likely level of income to be obtained in the future 26. An extraordinary item must meet which of the following two criteria? a) Foreseeable and material. b) Infrequent and unusual c) Substantial and measurable. d) Unusual and measurable. Page 6