Question: Multiple Choice Questions (6 pts) Use the following to answer questions 5-7: Norris Company experienced the following transactions during 2011, its first year in operation.

Multiple Choice Questions (6 pts) Use the following to answer questions 5-7: Norris Company experienced the following transactions during 2011, its first year in operation. 1. Issued $6,000 of common stock to stockholders. 2. Provided $2,400 of services on account. 3. Paid $1,600 cash for operating expenses. 4. Collected $1,800 of cash from accounts receivable. 5. Paid a $100 cash dividend to stockholders. 5. The amount of net income recognized on Norris Company's 2011 income statement is: A. $500. B. $400. C. $800. D. $600. 6. The amount of net cash flow from operating activities shown on Norris Company's 2011 statement of cash flows is A. $200. B. $300. C. $800. D. $400. 7. The total amount of assets shown on Norris Company's 2011 balance sheet is A. $6,200. B. $6,800. C. $6,700. D. None of these

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