Determine if the activity described flows through the SoCF, if so, what category? (Operating, Investing, or Financing). If it does not flow through the statement, identify it as non cash. If more than one, explain 1 234 5 6 7 Description Received payments on account from customers Paid cash for wages and salaries Purchased inventory for cash Received repayment on a loan with interest Paid the balance on an outstanding note payable, including interest Sold a piece of equipment for $75,000 resulting in a $2,000 gain Borrowed money from the bank. SOCF Category

Determine if the activity described flows through the SoCF, if so, what category? (Operating, Investing, or Financing). If it does not flow through the statement, identify it as non cash. If more than one, explain 1 234 5 6 7 Description Received payments on account from customers Paid cash for wages and salaries Purchased inventory for cash Received repayment on a loan with interest Paid the balance on an outstanding note payable, including interest Sold a piece of equipment for $75,000 resulting in a $2,000 gain Borrowed money from the bank. SOCF Category

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter23: Statement Of Cash Flows

Section: Chapter Questions

Problem 1CE

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