ANSWER THE FOLLOWING MULTIPLE-CHOICE QUESTIONS (30 x 3.33 points) (Please, show your work in quantitative questions) 1. A primary objective of the statement of cash flows is to show the income or loss on investing and financing transactions. a True b. False a c. 2. In Shannon Company, there was an increase in the land account during the year of $48.000. Analysis reveals that the change resulted from a cash sale of land at a cost $150.000, and a cash purchase of land for $198.000. In the statement of cash flows, the change in the land account should be reported in the investing section: as a net purchase of land, $48.000 b. only as a purchase of land $198.000. as a purchase of land $198.000 and a sale of land $150.000 d. only as a sale of land $150.000. 3. In the Roswell Corporation, cash receipts from customers were $255.000, cash payments for operating expenses were $170.000, and one-third (1/3) of the company's $10.500 income taxes were paid during the year. Net cash provided by operating activities is: $85.000 b. $74.500. c. $81.500. d $78.000. a 4. Financing activities involve a. lending money to other entities and collecting on those loans. b. cash receipts from sales of goods and services, C. acquiring and disposing of productive long-lived assets. d non-current liability and equity items