(Appendix) The purchases discounts lost account is only used with the gross-price method of recording purchases.
a. True
b. False
Indicate whether the statement is true or false
Question 2
On January 1, 2011, Ace Electronics borrowed 40,000 on a five-year, 7 note. Ace will pay ONLY THE INTEREST on the loan on December 31 each year. The entire principal will be repaid on December 31, 2015, the last interest payment date.
On its statement of cash flows for the year ended December 31, 2011, Ace will show cash paid for interest as ________ activity.
A) (9,756), an operating
B) (2,800), a financing
C) (9,756), a financing
D) (2,800), an operating
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