Question 1 (1 point) Which one of the following is false? A) The statement of cash flows can be prepared using cash and cash equivalents rather than just cash, as its base. B) The statement of cash flows reports the sources and uses of cash during a specific period. C) The statement of cash flows, prepared using the indirect method, explains the difference between net income, as shown on the statement of income, and the net cash flows generated from operating activities. D) The statement of cash flows shows the effects on net income of a company's operating, investing, and financing activities for an accounting period. Question 2 (1 point) If a loss of $25,000 is reported when selling (for cash) office equipment that cost $110,000 and had accumulated depreciation of 22,500, then the actual cash proceeds must have been A) $62,500. B) $112,500. C) $87,500. D) $85,000. Question 4 (1 point) If accounts payable have increased during a period, A) expenses on an accrual basis are greater than expenses on a cash basis. B) expenses on an accrual basis are less than expenses on a cash basis. expenses on an accrual basis are the same as expenses on a cash basis. D) revenues on an accrual basis are less than revenues on a cash basis. Question 5 (1 point) During the year, Rinks Corp. reported $510,000 in cash sales and $2,350,000 in credit sales. Beginning Accounts Receivable was $360,000 and ending Accounts Receivable was $475,000. What was the total cash collected from all customers during the year? A) $2,745,000 B) $3,695,000 C) $2,975,000 D) $2,675,000