6 The cash flow from operating activities Arrow would report on the 2014 and 2015 statements of cash flows would be a. $2,800/$500 b. $2,500/ $800. c. $2,800/ $(100). d. $3,400/$(100). 7. Which of the following illustrates the recognition of sales tax collected at the point of sale? Balance Sheet Income Statement Statement of Assets Liab. + Equity Rev. - Exp. rMetine-Cash Flow n/a n/a n/a n/a n/a n/a n/a n/a OA n/a n/a c. n/a n/a n/a +OA Issuance of a note payable with a six month term to maturity is what type of transaction? a. Asset source. b. Asset use. c. Claims exchange. d. Claims decrease. 8. A contingent liability that is remote is a. shown in the balance sheet and disclosed in the footnotes. b. not shown in the balance sheet but is disclosed in the footnotes. c. shown in the balance sheet but not in the footnotes. d. not shown in the balance sheet and is not disclosed in the footnotes. 9. Select the true statement. a. 10. If the likelihood of a contingent liability is probable and the amount can be estimated, it must be shown in the balance sheet. If the likelihood of a contingent liability is reasonably possible it does not have to be shown in the balance sheet but must be disclosed in the footnotes If the likelihood of a contingent liability is remote it does not have to be shown in the balance sheet nor disclosed in the footnotes. All of the above are true b. c. d