Test Information Description Instructions I have posted test 1. Please read chap

Question

Test Information Description Instructions I have posted test 1. Please read chapter 14-18 before you take the test. This test will be availai Please also review the computations from chapter 14 and 15 provided on the blackbo This test has a time limit of 1 hour and 4 minutes.This test will save and submit automatically when the tin minutes to finish this test. Timed Test Warnings appear when half the time, 5 minutes, 1 minute, and 30 seconds remain. Not allowed. This test can only be taken once. Multiple Attempts Force Once started, this test must be completed in one sitting. Do not leave the test before clicking Save and Su ites, 29 seconds. atus: 5 Moving to another question will save this response Question 1 Royer 1. Corporation engaged in this transaction Paid income taxes Indicate which section, if any, the abovg transaction would appear in, or relate to, on a statement of cash flows. OA Financing activities section ( B. Schedule ofnoncash investing and financing transactions ° C. Investing activities section O D. Operating activities section Moving to another question will save this response

Explanation / Answer

PAID INCOME TAXES (FOR THE YEAR) WOULD APPEAR IN OPERATING ACTIVITIES SECTION ON STATEMENT OF CASH FLOWS . WHEREAS, TAXES FOR THE YEAR WOULD ALSO APPEAR IN OPERATING ACTIVITIES SECTION ON STATEMENT OF CASH FLOWS.

INCOME TAX A/C

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NOTE : (1) ANY AMOUNT OF TAX PAID RELATED TO INVESTMENT IN FIXED ASSETS MADE IS CLASSIFIED UNDER THE INVESTING ACTIVITIES AND TREATED ACCORDINGLY IN STATEMENT OF CASH FLOWS.

(2) WHEREAS, ANY AMOUNT OF TAX PAID IN RELATION TO INVESTMENT IN SHARES , DEBENTURES, BONDS OR RELATED FINANCIAL INSTRUMENTS IS CLASSIFIED UNDER THE FINANCING ACTIVITIES AND TREATED ACCORDINGLY IN STATEMENT OF CASH FLOWS.

PARTICULARS AMOUNT ( IN $ ) PARTICULARS AMOUNT ( IN $ ) TO CASH A/C (TAXES PAID) BY BAL B/D ( OPENING ) TO BAL C/D ( CLOSING ) BY INCOME STATEMENT (TAX FOR THE YEAR )

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