Question 1 of 7 10.71 points QS 16-1 Transaction classification by activity LO C

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Question 1 of 7 10.71 points QS 16-1 Transaction classification by activity LO C1 Classify the following cash flows as ether operating, nvesting, or financing activities (essume indirect method) 1. Paid accounts payable with cash. 2. Paid cash for utilities 3. Paid long-term debt with cash. 4. Paid cash for wages and salaries 5. Paid interest on the debt 6. Issued preferred stock for cash. 7. Paid cash for salaries. 8. Paid cash for rent 9. Received cash from the sale of property at a loss. 10. Paid cash for a building References eBook & Resources Difficulty Eosy Worksheet QS 16-1 TransactionLearning Objective: 16-C1 classification by activity LO C1 Distinguish between operating, investing, and financing activities, and describe how noncash

Explanation / Answer

A) Cash flows from operating activities Adjustments for: 9 Loss on sale of property Adjustement for increase and decrease in Assets & Liabilities 1 Paid accounts payable with Cash 2 Paid Cash For utilities 4 Paid Cash for wages and salaries 7 Paid for cash for Salaries 8 Paid cash for rent B) Cash flows from investing activities 9 Received cash from the sale of property at loss 10 Paid cash for building C) Cash flows from Financing activities 3 Paid long term Debt with cash 5 Paid interest on debt 6 Issued preferred stock for Cash

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