Previous Page Next Page Page 7 of 50 Question 7 (1 point) Kate's Fashions Ltd. produces and sells high fashion merchandise. For the year ended June 30, 2018, the company reported $85,000 cash provided by operating activities, $18,000 by investing activities, and $49,000 by financing activities. Kate's Fashions paid $22,000 in dividends and spent $35,000 for new equipment. Its free cash flow for 2018 was $28,000. $50,000. $95,000. $63,000. ENG e to search Ote - Question 8 (1 point) Saved Angus Corp. acquires land for $105,000 cash. Additional costs are as follows: Removal of shed $ 500 Filling and grading $3,200 Residual value of lumber from shed $150 Paving of parking lot $16,000 Closing costs $1,350 Angus will record the cost of the land as $109,900. $126,200. $109,400. $105,000 o search o e - 11 FNE Which of the following statements is true? A non-current liability is an obligation that is expected to be paid within one year. O "Current maturities of non-current debt" refers to the amount of interest on notes payable that must be paid in the current year. If any portion of a non-current liability is to be paid in the next year, the entire debt should be classified as a current liability. Even though current and non-current debt must be shown separately on the statement of financial position, it is not necessary to prepare a journal entry to recognize this. Previous Page Next Page Page 3 of 50