Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Determine the specific citation for accounting for each of the following items: 1. Disclosure of interest and income taxes paid if the indirect method is used. 2. Primary objectives of a statement of cash flows. 3. Disclosure of noncash investing and financing activities.

On the statement of cash flows, which of the following items will affect both financing activities and operating activities? Select one: a. Collection of loans to other entities. b. Payment of dividends. c. Redemption of debt. d. Issuance of equity securities.

The statement of cash flows classifies all cash inflows and outflows into one of the three categories shown below and lettered from a through c. In addition, certain transactions that do not involve cash are reported in the statement as noncash investing and financing activities, labeled d. a. Operating activities b. Investing activities c. Financing activities d. Noncash investing and financing activities Required: For each of the following transactions, use the letters above to indicate the appropriate classification category. 1. _____ Purchase of equipment for cash. 2. _____ Payment of employee salaries. 3. _____ Collection of cash from customers. 4. _____ Cash proceeds from a note payable. 5. _____ Purchase of common stock of another corporation for cash 6. _____ Issuance of common stock for cash. 7. _____ Sale of equipment for cash. 8. _____ Payment of interest on note payable. 9. _____ Issuance of bonds payable in exchange for land and building. 10. _____ Payment of cash…