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ore The basis for classifying assets as current or noncurrent is conversion to cash with a. the accounting cycle or one year, whichever is shorter. 17. D. the operating cycle or one year, whichever is longer. the accounting cycle or one year, whichever is longer. d. the operating cycle or one year, whichever is shorter. C. Which of the following should be excluded from long-term liabilities? a. Obligations payable at some date beyond the operating cycle b. Most pension obligations c. Long-term liabilities that mature within the operating cycle d. None of these answer choices are correct. 18. In preparing a statement of cash flows, which of the following transaction considered an investing activity? a. Sale of equipment at book value b. Sale of merchandise on credit c. Declaration of a cash dividend d. Issuance of bonds payable at a discount 19 2912 S16 20. During 2014 the DLD Company had a net income of $75,000. In ad accounts showed the following changes: Accounts Receivable Accounts Payable Buildings Depreciation Expense Bonds Payable What was the amount of cash provided by operating activities? a. $74,500 b. $75,000 C. $76,500 d. $84,500 $3,000 increase 1,000 increase 4,000 decrease 1,500 increase 8,000 increase 7,00 Financing cash flows would include: co