Question: 13) When using the indirect method to prepare the operating section of a statement of cash flows, a gain on the sale of equipment and

13) When using the indirect method to prepare the operating section of a statement of cash flows, a gain on the sale of equipment and the amortization of bond discount would both be added back as an adjustment to net income. (answer True or False)

14) The following information on selected cash transactions for 2021 has been provided by York Company:

Proceeds from sale of land $290,000

Proceeds from long-term borrowings 480,000

Purchases of inventories 1,020,000

Proceeds from sale of Yorks common stock 385,000

What is the cash provided (used) by investing activities for the year ended December 31, 2021, as a result of the above information?

15) Interest collected and principal collected on a note receivable are examples of an investing activity. (answer True or False)

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