This is one question. PLEASE answer them all.

1. Cash proceeds from a stock issuance are reflected in the cash flows from financing activities. (3 points) A) True B) False 2. Sales returns and allowances is a contra-revenue account. (3 points) A) True B) False 3. An understatement of ending inventory results in an overstatement of net income. (3 points) A) True B) False 4. Ordinary repairs and maintenance costs are incurred to maintain a long-lived productive asset and are expensed as incurred. (3 points) A) True B) False 5. The depreciation method chosen for financial reporting purposes (US GAAP) must also be utilized for income tax reporting (IRS). (3 points) A) True B) False 6. If sales revenue was $1,800,000 and accounts receivable decreased $40,000 during the year, then cash collected from customers equals $1,760,000 in that year. (3 points) A) True B) False