QUESTION 1 To determine cash payments for operating expenses for the statement of cash flows using the direct method, a decrease in accrued expenses is added to operating expenses payable other than depreciation. O True False QUESTION 2 Land costing $71,000 was sold for $50,000 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash fows, what amount should be reported as an investing activity from the sale of land? O a. $121,000 b.$21,000 c.$50,000 d.$71,000 QUESTION 3 Equipment with an original cost of $75,000 and accumulated depreciation of $20,000 was sold at a loss of $7,000. As a result of this transaction, cash would a. decrease by $27,000 b, increase by $55,000 a. increase by $48,000 d.decrease by $7,000 QUESTION 4 Net income was $51,000 for the year. The accumulated depreciation balance increased by $14,000 over the year. There were no sales of fixed assets or changes in noncash current assets or liabilities. Under the indirect method, the cash flow from operations is $37,000 True False