Brief Exercise 1-23 Business Activities
Marni Restaurant Company engaged in the following transactions during March, its first month of operations.
Required:
For each of the above business activities, indicate whether it is an operating, investing, or financing activity.
Concept Introduction:
Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.
Cash Flow statement:
The Cash flow statement shows the movement of cash during a particular period. The Cash flows are categorized into three categories as follows:
To Indicate:
The type of the activity for each of the given transactions.
Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements. The Cash flow statement shows the movement of cash during a particular period. The Cash flows are categorized into three categories as follows:
The type of the activity for each of the given transactions is explained as follows:
Transaction | Type of activity | |
a... |
Accounting Information Systems
Financial & Managerial Accounting
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