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The appropriate section in the statement of cash flows for reporting the purchase of a building is O Operating activities. O Financing activities. Investing activities. O Schedule of noncash investing or financing activity Which is a way plant assets can be disposed of legally? O Destroyed in a fire. O Stolen by one of the company's owners. O sold O Hidden in a remote location. QUESTION 3 Which of the following is not a permitted way to estimate bad debts? O Roll the dice and multiply the number on the dice by 1,000. O Use the percentage of credit sales. O Use the aging method O Use the percentage of accounts receivable. Thomas Enterprises purchased a depreciable asset on January 1, 2016 at a cost of $100,000. The asset the asset's book value on December 31, 2016 will be: is expected to have a salvage value of $10,000 at the end of its five-year useful life. If the asset is depreciated using the straight line method, O $82,000 O s80,000 O $60,000 O $64,000 A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts Receivable $355,000 debit Allowance for Uncollectible Accounts $500 credit Net Sales $800,000 credit All sales are made on credit. Based on past experience, the company estimates 5% of cr should be debited to Bad Debts Expense when the year-end adjusting entry is prepared? edit sales to be uncollectible. What amount $4,000 $40,000 O $400,000 O $3.950 Define the following equity elements: 1) common stock, 2) preferred stock, 3) treasury stock, and retained earnings: Rubric 1) One or more correct statements about common stock-85 points 2) One or more correct statements about preferred stock-85 points; 3) One or more correct statements about treasury stock-85 points; 4) One or more correct statements about retained earnings-85 points. Use the following data to prepare the Indirect Cash Flow Statement for December 31, 2014: Cash at End of the Year 2013-$50,000; 2014-$40,000 Net Income for 2014-$130,000 Purchase of Equipment with Cash- $30,000 cash Adjustments to Current Assets and Current Liabilities (590,000) Note: This isnegative Declared and paid $20,000 in Cash Dividends A bond that sells for more than face value: O Pays a below market rate of interest. O Sells at a premium. O sells at a discount. O Is called a preferred bond