asap You are preparing a cash flow statement. Cash flows from investing activities include...
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You are preparing a cash flow statement. Cash flows from investing activities include all of the following except: A proceeds from sale of stock of another company. B) purchase of computer equipment. C) cash received from the sale of a building. D) Paying cash to bondholders upon maturity of the bonds. 2) Sweetwood Inc, uses the percentage of receivables method in determining bad debts. It estimates 3% of receivables will become uncollectible. At the end of the year, the unadjusted trial balance shows the following: -- the balance of Accounts Receivable is a debit of $500,000 -- the balance of Allowance for Doubtful Accounts is a credit of 10,000. -- the balance in Bad Debt Expense is $0. -- the balance in Sales Revenue is a credit of $800,000 (assume all credit sales) Sweetwood will have to make an adjusting journal entry by debiting bad debt expense in the amount of: A) $25,000 B) $35,000 C) $40,000 D) $30,000 E) $15,000
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