1. a. Identify the following liabilities as Current (C) or Non-Current (N): a.__

Question

1. a. Identify the following liabilities as Current (C) or Non-Current (N):

a.____ Note payable due in 18 months

b.____ Wages payable

c.____ Legal Liability

d.____ Portion of long-term debt note due in 10 months

e.____ FUTA taxes payable

f._____Current portion of long-term debt

Classify the following cash flows as either operating (O), investing (I), or financing (F) activities. Assume indirect method. received cash from long-term debt issuance. (Assume indirect method)

a. ____ Received cash from long-term debt issuance

b._____ Paid cash for a building

c._____ Paid short-term debt with cash

d._____Received cash from the sale of equipment

e._____Paid cash for utilities

f._____ Received payment on Accounts Receivable

g._____Cash Paid to purchase investments in securities

h._____ Paid long-term debt with cash

Explanation / Answer

1) a) Non-current liability (because due after 12 months) b) current liability (payable within 12 months) c) current liability if it is (payable within 12 months, otherwise Non-current laibility) d) current liability (payable within 12 months) e) current liability (payable within 12 months) f) current liability (payable within 12 months) 2) a) Financing activities b) Investing activities c) Operating activities d) Investing activities e) Operating activities f) Operating activities g) Investing activities h) Financing activities

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