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1. Mary Company collected cash from an account receivable. The recognition of the cash collection will...

1. Mary Company collected cash from an account receivable. The recognition of the cash collection will affect which of the following financial statements?

a) Balance sheet and the statement of cash flows

b) Statement of changes in stockholders’ equity

c) Income statement and the statement of cash flows

d) Income statement and the balance sheet

2. Paying cash to settle a salaries payable obligation will affect which section of the statement of cash flows?

a) Financing activities

b) Investing activities

c) Noncash activities

d) Operating activities

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