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mig ead i 14. If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is? a. Lifo Fifo c. average d. periodic 15. which of the following statements about issued and outstanding stock is correct? A. Outstanding stock includes all stock issued by a corporation B. Issued stock equals the sum of outstanding stock and treasury stock. C. Issued stock is equal to authorized stock. D. Outstanding stock includes stock in the hands of investors, as well as treasury stock in the hands of the corporation. 16. Which of the following transactions would not create a eash flovw A. The company purchased some of its own stock from a stockholder B. Payment of a dividend. C. The company purchased land by issuing common stock. D. Sale of equipment at book value. During 2016, Victoria Group: (1) received cash of S5,000 billed to a customer in 2015; (2) earned $20,000 of net income; (3) paid interest of $6,000 on a corporate bond issued; (4) paid dividends of $8,000 to its stockholders; (5) borrowed S40,000 from a local bank; and (6) purchased its own shares of common stock for $10,000. What is Victoria Group's cash flow from financing activities in 2016? 17. A. $40,000. B. S30,000 C. $22,000. D. S16,000

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