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Answer the following problems: 

1. Why are non-cash transactions, like the exchange of common stock for a building for instance, comprised on a statement of cash flows? How are such noncash transactions disclosed?

2. Classification of activities

Categorize each of the given transactions as arising from an operating (O), investing (I), financing (F) or noncash investing/financing (N) activity.

a. ________ Received $80,000 from the sale of land.

b. ________ Received $3,200 from cash sales.

c. ________ paid a $5,000 dividend.

d. ________ Purchased $8,800 of merchandise for cash.

e. ________ Received $100,000 from the issuance of common stock.

f. ________ Paid $1,200 of interest on a note payable.

g. ________ acquired a new laser printer by paying $650.

h. ________ acquired a $400,000 building by signing a $400,000 mortgage note.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916305

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