We did not learn that in class yet. Can you just simply cancel this question if you can solve it?

E2.21 The preferred method The preferred method for presentation of operating activities in the Statement of Cash Flows is the a) direct method. b) indirect method. in accordance with US, generally accepted accounting principles, label each of the following items that have been recorded by the firm of Mechanical Engineers, Inc., as an operating activity, an investing activity, or a financing activity and also indicate whether the item represents cash provided or cash used. a) Interest expense paid on debt. b) Principal paid on long-term borrowing. c) Interest revenue on investments. d) Investments in stock. e) Dividends paid to shareholders of Mechanical Engineers, Inc. 1) Equipment purchase. g) Sale of land. h) Advertising payments. i) Revenue from clients. j) Salaries to employees. k) Building rental. 1) Proceeds of sale of stock to shareholders of Mechanical Engineers, Inc. 52.23 When a business carries land on its statement of financial position at original historical cost even though the market value is significantly higher, the business is most likely a) adhering to the cost principle. b) violating U.S. GAAP. c) adhering to the going concern assumption. d) adhering to the consistency principle. 62.24 When a business writes off the cost of a small capital expenditure immediately to expense rather than recording the expenditure as an asset such as equipment and subsequently depreciating it, the business is most likely a) adhering to the matching principle. b) adhering to the stable monetary unit assumption. c) adhering to the materiality principle. d) adhering to the principle of conservatism. e) adhering to the objectivity principle. 15 recorded when incurred to generate revenue. This is sing accrual accounting expenses are recorded when incurred to called the a) matching principle. b) realization principle. c) objectivity principle. d) conservatism concept. small consulting firm had the following transactions over a two 04 and lanuary 20X, and no other transactions. Client service during December 20X4 for totales SNAD Or this amount December 20X4 and the balance was collected in January 20 these clients during December 20X4 were $46,000, of which $200 20x4 and the remaining was paid in January 20X5 the following transactions over a two-month period, December the transactions. Client services were performed and billed of this amonL a s colected in collected in January 20X5. Expenses incurred to service 4 were 545.000, of which $20,000 was paid in December two income statements for the month of December 20X4, one using an based approach and one using a cash-based approach. Which approach is in accordance with generally accepted accounting principe O labeach of the following items as a capital expenditure or as a revenue exendid a) Salaries b) Equipment. c) Advertising d) Patents e) Repair and maintenance (routine). 1) Major building improvement or renovation 8) Land E2.18 On January 1, 20X1. Emily's Boutique purchased equipment for $50,000 which is expected to have a 6-year useful life and a $5,000 salvage value. Using straight-line depreciation, a) what is the annual depreciation expense on this equipment? b) what is the monthly depreciation expense on this equipment? c) what is the annual depreciation expense on this equipment that will appear in the income statement for year ended December 31, 20X3? d) what is the accumulated depreciation on this equipment through December 31, 20X3? e) Show how this equipment will be presented in the Statement of Financial Position as of December 31, 20X3, under U.S. generally accepted accounting principles. E2.19 An engineering firm acquired a patent on January 1, 20X1, for $220,000 which is expected to be of value to the firm's operations for the next 4 years, through December 31, 20X4. a) What is the annual patent amortization expense? b) What will be the book or carrying value of the intangible asset Patents on the firm's statement of financial position as of December 31, 20X3? E2.20 The Clothing Bam, Inc., a retailer, declared dividends of $2.00 per share on its 30,000 shares of outstanding common stock on December 20, 20X3, which was also the date of record, payable to shareholders on January 10, 20X4. The Clothing Barn, Inc. had a retained earnings balance of $500,000 on January 1, 20X3, and it had net income for the year ended December 31, 2023, of $120,000 a) What was the total amount of the declared dividend? b) Prepare a Statement of Retained Famnings for the year-ended December 31, 2015 c) What is the December 31, 20X3, retained earnings balance? d) will payment of the dividend on January 10, 20X4, affect retained earnings