Classify each transaction whether it is a non-cash, operating, investing or financing activity.Cash paid for insuranceCash paid for interestCash paid to employeesCash paid to ownersCash paid to purchase equipment (company does not sellequipment)Cash paid to suppliersCash received from customersCash received from getting a loan from a bankCash received from investment of ownerCash received from sale of furniture (company's main lineof business is not related to furniture)Depreciation expensePurchase of goods on creditSale of goods on credit: Non-cash Activity:: Operating Activity:: Investing Activity: Financing Activity

Operating Activity-It refers to those activities directly related to the normal course of business…

Answered: Classify each transaction whether it is…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 1EA: Identify whether each of the following transactions, which are related to revenue recognition, are...

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Instructions: Classify each transaction whether they are operating, financing or investing. After which, indicate the reason for classification. Finally indicate the effect of the transactions to cash flows. Transactions Activity Reason Effect Affects profit Payment to supplier of goods Operating Decrease Cash and loss Payment to supplier of services Receipt from goods sold Receipt from service rendered Payment to employees Purchase of equipment Purchase of fixtures Purchase of patents Purchase of copyrights Purchase trademarks Payment of interest Proceeds from interests Payment to owners Receipts from owners Pay Proceeds from long-term debt ent of income taxes Payment of long-term Proceeds from sale of vehicle Proceeds from sale of patent Proceeds from sale of trademarks CS Scanned with CamScanner
APPLICATION investing. After which, indicate the reason for classification. Finally indicate the effect of the transactions to cash flows. Transactions Activity Reason Effect Affects profit Payment to supplier of goods Operating Decrease Cash and loss Payment to supplier of services Receipt from goods sold Receipt from service rendered Payment to employees Purchase of equipment Purchase of fixtures Purchase of patents Purchase of copyrights Purchase trademarks Payment of interest Proceeds from interests Payment to owners Receipts from owners Payment of income taxes Proceeds from long-term debt Payment of long-term Proceeds from sale of vehicle Proceeds from sale of patent Proceeds from sale of trademarks
Direction: Classify each transaction whether they operating, financing or investing. After which, indicate the reason for such classification. are
Give typing answer with explanation and conclusion Which one of the following is a source of cash? issuance of debt payment to a supplier purchase of inventory granting credit to a customer repurchase of common stock
Determine the classification accounts as to asset, liability and equity. If asset or liability determine if it is current or non current Account title SFP classification 1.Accrued rent 2. Marketable securities 3. Deferred income 4. Notes due to suppliers 5. Precollected rent 6. Investment in real estate 7. Notes due from customers 8. Franchise 9. Bad debts 10. Amortization- franchise 11. Patents
what the effect to asset, liability and owner's equity if the company purchases office equipment by cash
identify which of the following transactions fall under operating,investing, and financing activities 1. Cash received from customers2. Cash paid to suppliers3. Cash paid to employees4. Cash paid to purchase equipment (the company does not sell equipment)5. Cash received from the sale of furniture (company’s main line of business is not related to furniture)6. Depreciation expense7. Sale of goods on credit8. Purchase of goods on credit9. Cash received from getting a loan from a bank
When a business owner sells merchandise to or provides a service for a customer on account instead of receiving cash (cash to be received at a later date), this is a type of asset called a/an ____________________. Group of answer choices liability owner’s equity accounts receivable none of these
Assume a company has a $350 credit (not cash) sale. How would the transaction appear if the business uses accrual accounting? A. $350 would show up on the balance sheet as a sale. B. $350 would show up on the income statement as a sale. C. $350 would show up on the statement of cash flows as a cash outflow. D. The transaction would not be reported because the cash was not exchanged.
What specific accounts are recognized when a business purchases equipment on credit?
To purchase an asset such as office equipment on account, you would credit which account? (a) Cash (c) Accounts Payable (b) Accounts Receivable (d) Capital
Which of the following would be classified as a cash outflow from an operating activity? a. Purchase of an investment b. Payment of dividends c. Purchase of equipment d. Payment of goods purchased from suppliers

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