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Question 2: Supreme Corporation had the following transactions: 1. Paid salaries...

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Accounting

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Question 2: Supreme Corporation had the following transactions: 1. Paid salaries of $4,000. 2. Issued 1,000 shares of $1 par value common stock for equipment worth $16,000. 3. Sold equipment for $3,000. 4. Sold land (cost $12,000) for $16,000. 5. Borrowed $10,000 from creditors 6. Cost of goods sold for the month is worth $780 a) Use cash flow activity categories, determine which activity each of the above transactions belongs to. (2 marks each * 6 = 12 marks) b) Predict how each of the transactions would affect the statement of cash flow. (2 marks each * 6 = 12 marks) c) Prepare a statement of cash flow for the above transactions (10 marks)

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