47. Indicate where the event purchased land for cash would appear, if at all, on the indirect statement of cash flows. A) Operating activities section B) Investing activities section C) Financing activities section D) Does not represent a cash flow 48. Horizontal analysis evaluates a series of financial statement data over a period of time A) that has been arranged from the highest number to the lowest number B) that has been arranged from the lowest number to the highest number. C) to determine which items are in error D) to determine the amount and/or percentage increase or decrease that has taken place. 20-- 49. The following financial statement information is available for Jones Corporation: Net sales $784,000 Cost of goods sold 406,000 Net income 112,000 Interest expense 14,000 The gross profit ratio for 20 - is A) 14.3% B) 16.1% C) 48.2% D) 11.7%