47. Land costing $300,000 was sold for $500,000 cash. On the Statement of Cash Flows,...
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47. Land costing $300,000 was sold for $500,000 cash. On the Statement of Cash Flows, what amount should be reported as a cash inflow from an investing activity from the sale of land? a. $300,000. b. $0. c. $500,000. d. $200,000. Basic Accounting Concepts: Chapters 1 through 5 48. Under the periodic inventory system, cost of goods sold is determined by the Company when: a. Merchandise is sold by the Company. b. The Company purchases more merchandise. c. Financial statements are prepared by the Company. d. The Company pays for merchandise. 49. On November 1, 2017, WKU Company, a calendar-year company, borrowed $300,000 on a long-term no payable. The principal part of the note is due in three annual installments of $100,000 each, with the fi payment to be made on November 1, 2018. In preparing the Balance Sheet as of December 31, 2017, note payable would be classified as follows: a. Current liabilities, $100,000; long-term liabilities, $200,000. b. Current liabilities, $200,00o; long-term liabilities, $100,000. Current liabilities, $300,000; long-term liabilities, $0. d. Current liabilities $0: long-term liabilities, $300,000. C
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