75) Rarely would the cash flows from operating activities as reported on the s

75) Rarely would the cash flows from operating activities as reported on the statement of cash flows be the same as the net income reported on the income
statement.
a. true
b. false 76) Using the indirect method if land costing $85000 was sold for $145000 the amount reported in the financing activities section of the statement of cash
flows would be $85000.
a. true
b. false 77) Ruben Company purchased $100000 of Evans Company bonds at 100. Ruben later sold the bonds at $104500 plus $500 in accrued interest. The journal entry to
record the sale of the bonds would be:
a. Debit: Cash $105000; Credit: Investment in Bonds $100000; Gain on Sale of Investments $4500 and Interest Revenue $500
b. Debit: Cash $105000; Credit: Investment in Bonds $100000 and Gain on Sale of Investments $5000
c. Debit: Cash $105000; Credit: Investment in Bonds $104500 and Interest Revenue $500
d. Debit: Cash $104500 and Interest Receivable $500; Credit: Investment in Bonds $100000 Gain on Sale of Investments $4500 and Interest Revenue $500
78) If land costing $145000 was sold for $205000 the $60000 gain on the sale would be added to net income in of the operating activities section of the
statement of cash flows (prepared by the indirect method).
a. true
b. false