Use the following information to answer questions 26 through 34: (Answer each question independently, These are end-of-the-year amounts.) 2016 2017 2016 2017 Cash $100 $400 Accounts payable $2,600 $2,500 Accounts receivable $2,200 $2,600 Utilities payable $1,400 $1,700 Inventory $4,500 $5,800 Salaries payable $200 $700 Prepaid insurance $1,300 $1,800 Notes payable $11,000 $10,000 Equipment $22,000 $22,000 Interest payable $200 $500 Accum depreciation ($14,000) ($15,600) Common stock $12,000 $12,000 Land $18,000 $17,600 Retained earnings $6,700 $7,200 $34,100 $34,600 $34,100 $34,600 26 How much was paid for land during 2017 ifland that had been purchased in a prior year for $12,000 was sold this year for a $500 gain? a $11,100 b $12,000 c $11,600 d $12,100 e None of the 27 How much was paid for inventory if cost of goods sold was $58,000? a $59,400 b $59,300 c $57,900 d $58,100 e None of the 28 How much were financing cash flows if net income during 2017 was $21,000? a $20,000 b ($1,000) c ($20,500) d ($21,500) e None of the 29 How much was paid for utilities if utilities expense was $22,000 during 2017? a $23,400 b $21,700 c $22,300 d $23,700 e None of the 30 How much were operating cash flows if investing cash flows were ($6,000) and financing cash flows were ($1,000) during 2017? a $7,000 b $6,900 c $7,300 d $7,400 e None of the 31 How much was insurance expense if $14,000 was paid for insurance during 2017? a $13,500 b $15,800 c $14,000 d $14,500 e None of the 32 What was the company's return on equity during 2017 if $10,000 was paid in dividends? a 55.4% b 52.8% c 151.1% d 54.7% e 56.1% 33 How much were investing cash flows if land that had been purchased in a prior year was sold this year for $8,000, which was a $2,000 loss? a $400 b ($1,600) c ($9,600) d $2,400 e None of the 34 How much inventory was purchased if $49,000 was paid for inventory during 2017? a $47,600 b $50,300 c $48,900 d $50,200 e None of the