Simply answer each one A through D

Operating activities include: O interest paid on a bank loan. O the buying or selling of land, buildings, equipment, and other long-term investments. O the repayment of loan proceeds to the bank. O obtaining a bank loan to cover the payment of wages, rent and other operating costs. Which of the following statements about organizational forms of a business is not correct? In a sole proprietorship form of business or in a partnership form the owners are personally responsible for the debts of the business O The partnership agreement states how profits are to be shared between partners and what happens when a new partner is to be admitted or an existing partner is retiring O A corporation is a separate entity from both a legal and accounting perspective O The owners of a corporation are legally responsible for the corporation's debts and taxes Ace Electronics sold $5,000 of goods to customers of which $3,000 has been collected. Ace Electronics should report revenues of O $5,000 $3,000. $2000 Oso Which of the following a characteristic of a sole proprietorship? The owner is personally responsible for the debts of the business even if the debts are more than the owner has invested in the business. It is a legal entity separate from its owner. Its income is taxed twice - once on the company's income tax return and again on the owner's individual income tax returns It is the only organizational form appropriate for service businesses Mauricio invested $30,000 in Pizza Aroma in exchange for its stock. Pizza Aroma now has: O a liability O retained earnings. O common stock O net income. Financing that individuals or institutions have provided to a corporation is: O always classified as a liability classified as a liability when provided by creditors and as stockholders' equity when provided by owners. O always classified as equity. O classified as a stockholders' equity when provided by creditors and a liability when provided by owners. Every transaction: O increases one account and decreases another account. O has at least two effects on the basic accounting equation. O affects only balance sheet accounts or only income statement accounts. O is analyzed from the standpoint of the business owners