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8) Beck Company had the following accounts and balances at the end of the year. What is net income or loss for the year? Cash $74,000 Accounts Payable $12,000 Common Stock $21,000 Cost of Goods Sold $88,000 Dividends Declared and Pad $12,000 Operating Expenses $16,000 Accounts Receivable $0 Inventory $0 Long-term Notes Payable $33,000 Revenues $91,000 Salaries Payable $26,000 A) net loss of $13,000 C) net income of $91,000 B) net income of $3000 D) net income of $75,000 9) Which of the three types of activities reported on the statement of cash flows is the MOST critical for a company's long-term survival? A) noncash investing and financing activities B) financing activities C) operating activities D) investing activities 10) The Allowance for Uncollectible Accounts is classified as: A) a contra-expense account B) a contra-revenue account. C) a contra-asset account. D) an asset account. 120 10) A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Accounts Est. Percent Days Outstanding Receivable Uncollectible 1-30 days $62,000 2% 31-60 days $40,000 4% 61-90 days $23,000 11% Over 90 days $9000 50% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1000. Under the aging-of-receivables method, the Uncollectible- Account Expense at year-end is: A) $8870 B) $1240 C) $9870 D) $10,870 11) Kolonas, Inc., sold equipment for $5400 cash. The equipment cost $73,400 and had accumulated depreciation through the date of sale of $72,000. At the date of sale, the journal entry to record the sale will have: A) a Gain on Sale of Equipment for $1400. B) a Loss on Sale of Equipment for $1400. C) a Gain on Sale of Equipment for $4000. D) a Loss on Sale of Equipment for $4000