FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Classify transactions by type of activity.
E12.1 (LO 1), C Kiley Corporation had these transactions during 2022.
a. Purchased a machine for $30,000, giving a long-term note in exchange.
b. Issued $50,000 par value common stock for cash.
c. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
d. Declared and paid a cash dividend of $13,000.
e. Sold a long-term investment with a cost of $15,000 for $15,000 cash.
f. Collected $16,000 from sale of goods.
g. Paid $18,000 to suppliers.
Instructions
Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity, or
noncash investing and financing activity.
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Transcribed Image Text:Classify transactions by type of activity. E12.1 (LO 1), C Kiley Corporation had these transactions during 2022. a. Purchased a machine for $30,000, giving a long-term note in exchange. b. Issued $50,000 par value common stock for cash. c. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. d. Declared and paid a cash dividend of $13,000. e. Sold a long-term investment with a cost of $15,000 for $15,000 cash. f. Collected $16,000 from sale of goods. g. Paid $18,000 to suppliers. Instructions Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity.
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