inancial statements of New World, Inc., provide the following information for the current year Dec. 31 Jan.1 $273,000 $241,500 Accounts receivable Inventory Prepaid expenses Accounts payable (for merchandise) Accrued expenses payable Net sales Cost of goods sold Operating expenses (including depreciation of $94,500) $367,500 $262,500 $252,000 $67,200 $63,000 S237,300 $221550 S66,150 $72,450 S3,097,500 $1,627,500 34) Refer to the information above. Compute the amount of cash received from customers during the current year. A) $3,612,000. ) 53,129.000 C) $3,066,000 8) $3,097,500 35) The purchase or sale of marketable securities is reported in the statement of cash flows as a financing activity A) True B) False 36) Whether one uses the direct or the indirect method of presentation of the statement of totals from each of the three sections (activities) will be the same cash flows, the regardless of the method used A) True B) False 37) In a limited liability partnership, a partner has unlimited liability for his own actions and limited liability for the actions of his partners. A) True B) False 38) Double Taxation means: A) A corporation pays taxes to the federal government and to the state government. corporation pays tax on its income and the officers of the corporation pay tax on their salaries. O A corporation must pay double the amount of tax that an unincorporated business pays D) The corporation pays tax on its income and the stockholders pay tax on their dividends. 39) Stockholders of whether they receive it or not. A) True B) False an S corporation pay taxes on their share of the corporate net income