PA7. LO 16.3 Analysis of Forest Company's accounts revealed the following activity for its Land account, with descriptions added for clarity of analysis. How would these two transactions be reported for cash flow purposes? Note the section of the statement of cash flow, if applicable, and if the transaction represents a |cash source, cash use, or noncash transaction. Land Account balance, beginning of year Purchase of land this year, for cash Purchase of land this year, with note payable Account balance, end of year $220,000 95,000 75,000 390,000

PA7. LO 16.3 Analysis of Forest Company's accounts revealed the following activity for its Land account, with descriptions added for clarity of analysis. How would these two transactions be reported for cash flow purposes? Note the section of the statement of cash flow, if applicable, and if the transaction represents a |cash source, cash use, or noncash transaction. Land Account balance, beginning of year Purchase of land this year, for cash Purchase of land this year, with note payable Account balance, end of year $220,000 95,000 75,000 390,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 7PA: Analysis of Forest Companys accounts revealed the following activity for its Land account, with...

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