FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Match each transaction to one of the following activities of an organization: financing activity
(F), investing activity (I), or operating activity (O). An owner contributes cash to the business.
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- Please answer the following using the image attached. Thank you 1. Cash Received from customers 2. Cash payment for Salaries 3. Cash payment for Operating Expenses 4. Cash payment for Income Tax 5. Cash Flows from Operating Activities 6. Cash Flows from Investing Activities 7. Cash Flows from Financing Activities 8. Cash flows from acquiring and selling products are classified as 9. Cash flows from acquiring and disposing long-term assets are classified as 10. Cash flows from borrowings and paying of debts are classified asarrow_forwardThe amount business owes to others is known as: Revenue Expense Liabilities Assetsarrow_forwardClearly explain how a cash book can be integrated in the extraction/development of the Trial Balance. Explain the treatment of the proprietor’s additional contribution to an already existing business. In addition, explain the underlying accounting principle you will apply in answering this questionarrow_forward
- Explain accrual basis accounting, and when to recognize revenues and expenses and how it differs from cash accounting. Provide a detailed example of a business that may use cash accounting.arrow_forwardIdentify transactions that are classified as investing activities.arrow_forwardWhat business record shows the results of the proprietorship’s borrowing assets from the business, usually anticipation of profits? A. Proprietor’s Withdrawals B. Proprietor’s Investment C. Proprietor’s Capital D. Proprietor’s Assetsarrow_forward
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