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Question 32 The acquisition of treasury stock by a corporation Increases its total assets and total stockholders' equity Decreases its total assets and total stockholders' equity Has no effect on total assets and total stockholders' equity Requires that a gain or loss be recognized on the income statement Question 33 The number of shares of issued stock equals Unissued shares minus authorized shares Outstanding shares plus treasury shares Authorized shares minus treasury shares Outstanding shares plus authorized Shares Question 34 ELF Company showed the following information at the end of the first year. $175 Cash received from customers Expenses incurred, excluding depreciation 40 $150 Revenue earned 24 Proceeds from a bank loan to purchase computer 50 Cash paid for expenses 8 Cash paid for computer to be used for 5 years (Straight line depreciation, no salvage value) S10 deprecation a year What is the net cash provided by operating activities (direct method)? $65 540 O 5(50) 5141