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Wilma's Vegetable Market had the following transactions during the year; i. Issued $25,000 of par value common stock for cash ii. Recorded and paid wages
Wilma's Vegetable Market had the following transactions during the year; i. Issued $25,000 of par value common stock for cash ii. Recorded and paid wages expense of $10,000. iii. Acquired land by issuing common stock of par value $50,000. iv. Declared and paid a cash dividend of $1,000 v. Sold a long-term investment (cost $3,000) for cash of $3,000. vi. Recorded cash sales of $20,000. vii. Bought inventory for cash of $2,000. viii. Acquired an investment IBM stock for cash of $6,000. ix. Converted bonds payable to common stock in amount of $11,000. x. Repaid a 6 year note payable in the amount of $11,000. What is the net cash provided by (used for) investing activities? a. ($50,000) b. $3,000 c. ($3,000) d. ($6,000) e. None of the above Which of the following is a cash flow from financing activities? a. Purchase of merchandise for resale. b. Sale of a piece of land no longer used in operations. c. Sale of long-term investments in common stock. d. Payment of a long-term note payable. e. None of the above. Bonds which are backed only by the good faith of the borrower ore referred to as: a. Junk bonds. b. Insecure bonds. c. Unregistered bonds. d. Debenture bonds e. None of the above. The information to prepare the statement of cash flows comes from all of the following sources except: a. Adjusted trial balance. b. Comparative balance sheets. c. Current income statement. d. Additional transaction data about cash provided or used during the period. e. All of these items are required in the preparation of the statement of cash flows
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