Please answer these questions and give an explanation as to the answer:

Question 1

Information related to the sale of a building for cash is below:

Original cost	$200,000
Accumulated Depreciation at the time of the sale	$150,000
Sale price	$70,000

How would the sale of the building be reported in the Statement of Cash Flows using the indirect method?

Question 2

At the end of the year, Littleton reports the following receivables:

Due	Amount	Est. Uncollectible
Not yet due	$40,000	5%
Past due 1-30 days	$10,000	20%
Past due > 30 days	$4,000	50%

In addition, the balance of Allowance for Uncollectible Accounts (before any adjustment) is $500 credit. Calculate the ending balance of the Allowance account after any necessary adjustment.

Question 3

Gaston Co. reports the following amounts:

Total interest expense in 2012	$100,000
Interest Payable at the end of 2012	$20,000
Interest Payable at the end of 2011	$30,000

Calculate the amount of cash paid for interest in 2012?

Question 4

Hayes Corporation issues 100 shares of its $1 par value common stock for $15 per share. The entry to record the issuance will include:

Answer rating: 100% (QA)

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