1 Classifying Items Indirect Statement Cash Flows

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    The cash flow statement categorizes like transactions for optimal reporting.

    Requirement

    1.         Identify each of the following transactions as one of the following:

    •           Operating activity (O)

    •           Investing activity (I)

    •           Financing activity (F)

    •           Noncash investing and financing activity (NIF)

    •           Transaction that is not reported on the statement of cash flows (N)

    For each cash flow, indicate whether the item increases (+) or decreases (–) cash. The indirect method is used to report cash flows from operating activities.

    _____ a.          Loss on sale of land.

    _____ b.          Acquisition of equipment by issuance of note payable.

    _____ c.          Payment of long-term debt.

    _____ d.          Acquisition of building by issuance of common stock.

    _____ e.          Increase in salary payable.

    _____ f.           Decrease in inventory.

    _____ g.          Increase in prepaid expenses.

    _____ h.          Decrease in accrued liabilities.

    _____ i.           Cash sale of land.

    _____ j.           Issuance of long-term note payable to borrow cash.

    _____ k.          Depreciation.

    _____ l.           Purchase of treasury stock.

    _____ m.         Issuance of common stock.

    _____ n.          Increase in accounts payable.

    _____ o.          Net income.

    _____ p.          Payment of cash dividend.

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      • E14-13 Classifying items on the indirect statement of cash flows

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        E14-13 Classifying items on the indirect statement of cash flows [5–10 min]

        The cash flow statement categorizes like transactions for optimal reporting.

        Requirement

        1.Identify each of the following …

        class=css-1j18aoo8 years ago

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