Essay
Classify each of the following transactions for the purpose of the statement of cash flow as operating activities (OA), investing activities (IA), financing activities (FA), or not reported on the statement of cash flows (NA).Sold land.Made adjusting entry to recognize interest revenue on investments.Borrowed funds from the bank.Paid rent in advance for the next six months.Paid cash to settle accrued salary expense.Purchased supplies on account.Collected accounts receivable.
Correct Answer:
Verified
1. IA, 2. NA, 3. FA, 4. OA, 5. OA, 6. NA...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q71: An increase in an expense may be
Q106: Why are adjusting entries necessary in an
Q126: Mize Company provided $45,500 of services on
Q127: Stannous Company earns $10,000 of revenue
Q128: Nelson Company experienced the following transactions during
Q132: Rushmore Company provided services for $45,000 cash
Q133: Allen Company received $12,000 cash from Gerry
Q134: Ash Company experienced a business event that
Q135: Which of the following events would not
Q136: Wyatt Company paid $57,000 in January of