Kimmel, Financial Accounting, 7e FINANCIAL ACCOUNTING 111 (ACCT of comparative b

Question

Kimmel, Financial Accounting, 7e FINANCIAL ACCOUNTING 111 (ACCT of comparative balance sheets, the current year's income statement, and the general ledger accounts of udd Corg BACK is An analysis of comparative balance year's income statement, and the general ledger accounts of Judd Corp. uncovered the etowing tems. Assume .1 tems meve eat, vie" information to the contrary Indicate how each item should be classfied in the statement of cash fiows using these four major cassfications: operating using these four major classifications: operating activity (indrect method), investing activity, financing activity, and significant noncash investing and financing activity (a) Payment of interest on notes peyable. (b) Exchange of land for patent (c) Sale of building at book value. (a) Payment of dividends Conversion of bonds into common stock. (o) Receipt of interest on notes receivable (9) Receipt of interest on notes receivable (h) Issuance of capital stock () Amortization of patent U) Issuance of bonds for land. (k) Purchase of land 0) Receipt of dividends on investment in stock. 0 O

Explanation / Answer

Particulars Heading Under Cash Flows Payment of Interest on Note Payable Operating and Financing activity Exchange of land for patent Significant Noncash Financing and Investing Sale of Buiding at Book Value Investing Payment Of Dividend Operating, Financing Depreciation Operating Conversion of Bonds into common stock Significant Noncash Financing and Investing Receipt of interest on notes receiveable Operating, Investing Issuance of capital stock Financing Amortization of patents Operating Issuance of Bond for Land Significant Noncash Financing and Investing Purchase of Land Investing Receipt of dividends on investment in stock Operating, Investing Loss on disposal of plant assets Operating Retirement of bonds Financing

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