Llabilities and Stockholders' Equity Accounts Payable $3,500 income Taxes Payable $1,150 Bonds Payable 54400 Common Stock 51,000 Pald-in-Capital 15800 Retained Earnings 54,800 Treasury Stock (5200) Total Liabilities and SHE 515,450 51,600 $1,640 $4,000 5800 5600 $4,560 (5100) 513,100 $1,900 (5490) 5400 5200 5200 5240 (5100 Below is the information related to Max's and Cody's Shop. Create a statement of cash flows and then advance to the following pages to answer the cultiple choice questions using your SCE, Additional information related to Max and Cody's Shop 1. Net Income for 2021 was $400. 2. Dividends paid during 2021 were $160. 3. Vehicles costing $200 with accumulated depreciation of 560 was sold for $150 4. No land was purchased, 5.51,000 worth of old bonds were paid off during 2021. 6. $1,400 of new bonds were issued during 2021 7. New shares of stock were sold for 5400. 8. Treasury shares of 5150 were acquired and 550 of treasury shares were reissued 12/31/21 12/31/20 Difference ASSETS Cash 51,200 $1,000 5200 Accounts Receivable $5,800 54400 51.400 Allowance for Doubtful (5300) (5200) (5100) Accounts inventory $3,100 $1,600 $1,500 Supplies 5150 5300 05150) Vehicles 56,000 54,000 $1,200 Accumulated Depreciation $2.200) 052,000 (5200) $1,700 53,200 051,500) Total Assets $15.450 $13,100 Land What is the gain or loss on the sale of the vehicles? Select one: a. Gain of $10 O b. Gain of $150 O c. Loss of $150 O d. Loss of $60 O e. None of the above Which of the following is false about the statement of cash flows? Select one: O a. Net Income is added in the operating section O b. Depreciation Expense is added in the operating section O c. Loss on Sale of Equipment is subtracted in the operating section O d. Increases in current liabilities are added in the operating section O e. Decreases in current assets are added in the operating section What is the Depreciation Expense for this problem? Select one: O a. $200 O b. $60 O c. $320 O d. $260 O e. None of the above What is net cash flows from financing activities? Select one: O a. $440 O b. $1,500 O c. ($540) O d. $540 O e. None of the above What is net cash flows from investing activities? Select one: O a. $250 O b. ($250) O c. $1,300 O d. ($1,300) O e. None of the above What is net cash flows from operating activities? Select one: a. ($580) O b. ($590) C. $990 O d. $850 O e. None of the above