Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a. classify each activity below by writing o for o

a. Classify each activity below by writing O for operating, I for investing, F for...

80.2K

Verified Solution

Question

Accounting

a. Classify each activity below by writing O for operating, I for investing, F for financing or NA not applicable/noncash transaction. (Hint: write answers as i - O or ii - I etc.) (4 marks)

i. Cash repurchase of shares. ii. Borrowing cash from the bank. iii. Purchase of operational assets for cash. iv. Collections of dividends on long term investments.

b. McIntire Company reported net earnings of $40,000 which included depreciation expense and depletion expense of $21,000 and $18,000, respectively. The following changes also occurred during the year.

Inventory - $10,000 decrease Trade payables - 5,000 increase Notes payable (long-term) - 15,000 decrease Income tax payable - 7,000 increase Trade receivables - 10,000 increase

Prepare the operating activities section of the statement of cash flows using the indirect method. (6 marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

Biopsychology/ Behavioral Neuroscience: A) The Biological Basis of Behavior Anatomy of a neuron – explain what each...

Biology
1.2K views

Which plate boundary builds mountain fold belts, has few to no volcanoes and experiences shallow...

Biology
1.2K views

Read the following sentences and answer the question that follows.After lunch, Juliet sat with Jane...

Biology
1.2K views

Choose the correct answer Taxes imposed on nearly all self employed persons employers and their...

Geometry
1.2K views

o represents the standard deviation area mean population

Basic Math
1.2K views

Write 2055 six in expanded notation and then convert it to base ten www Write...

Basic Math
1.2K views

Find the exact value of the sine function of the given angle.570sin 570 =_____

Algebra
1.2K views

15 cos x sin x 9 0 Separate multiple solutions with a comma If there...

Accounting
1.2K views

just need b Blue Spruce Company...

Accounting
1.2K views

29. MC.21-093.ALGO (Algorithmic) Mandy Corporation sells a single product. Budgeted sales for the year are...

Accounting
1.2K views

1. 2. Kayak Co. budgeted the following cash receipts (excluding cash receipts...

Accounting
1.2K views

On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts....