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Business
AccountingCornerstones of Financial Accounting4th Edition

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Chapter 1, Problem 34E
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
Problem 14DQ
Problem 15DQ
Problem 16DQ
Problem 17DQ
Problem 18DQ
Problem 19DQ
Problem 20DQ
Problem 21DQ
Problem 22DQ
Problem 1MCQ
Problem 2MCQ
Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
Problem 9MCQ
Problem 10MCQ
Problem 11MCQ
Problem 12MCQ
Problem 13MCQ
Problem 14CE
Problem 15CE
Problem 16CE
Problem 17CE
Problem 18CE
Problem 19CE
Problem 20CE
Problem 21BE
Problem 22BE
Problem 23BE
Problem 24BE
Problem 25BE
Problem 26BE
Problem 27BE
Problem 28BE
Problem 29BE
Problem 30BE
Problem 31E
Problem 32E
Problem 33E
Problem 34E
Problem 35E
Problem 36E
Problem 37E
Problem 38E
Problem 39E
Problem 40E
Problem 41E
Problem 42E
Problem 43E
Problem 44E
Problem 45E
Problem 46E
Problem 47E
Problem 48E
Problem 49E
Problem 50E
Problem 51E
Problem 52E
Problem 53E
Problem 54E
Problem 55E
Problem 56APSA
Problem 57APSA
Problem 58APSA
Problem 59APSA
Problem 60APSA
Problem 61APSA
Problem 62APSA
Problem 63APSA
Problem 64APSA
Problem 65APSA
Problem 56BPSB
Problem 57BPSB
Problem 58BPSB
Problem 59BPSB
Problem 60BPSB
Problem 61BPSB
Problem 62BPSB
Problem 63BPSB
Problem 64BPSB
Problem 65BPSB
Problem 66C
Problem 67.1C
Problem 67.2C
Problem 68.1C
Problem 68.2C
Problem 69.1C
Problem 69.2C
Problem 70.1C
Problem 70.2C
Problem 70.3C
Problem 71C
Problem 72C
Problem 73.1C
Problem 73.2C
Problem 73.3C
Problem 73.4C
Problem 73.5C
Problem 73.6C
Problem 73.7C
Problem 74.1C
Problem 74.2C
Problem 74.3C
Problem 74.4C
Problem 74.5C
Problem 74.6C
Problem 75.1C
Problem 75.2C
Problem 75.3C
BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
21 views

Exercise 1-34 Business Activities

Bill and Steve recently formed a company that manufactures and sells high-end kitchen appliances. The following is a list of activities that occurred during the year.

  1. Bill and Steve each contributed cash in exchange for common stock in the company
  2. Land and a building to be used as a factory to make the appliances were purchased for cash.
  3. Machines used to make the appliances were purchased for cash.
  4. Various materials used in the production of the appliances were purchased for cash.
  5. Three employees were paid cash to operate the machines and make the appliances.
  6. Running low on money, the company borrowed money from a local bank.
  7. The money from the bank loan was used to buy advertising on local radio and television stations.
  8. The company sold the appliances to local homeowners for cash.
  9. Due to extremely high popularity of its products, Bill and Steve bum another factory building on its land for cash.
  10. The company paid a cash dividend to Bill and Steve

Required:

Classify each of the business activities listed as either an operating activity (0). an investing activity (I), or a financing activity (F).

To determine

Concept Introduction:

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:

  • Operating Activities: Operating Activities are day to day business transactions, for example sales purchase etc.
  • Investing Activities: Investing Activities belong to the sale or purchase of assets or investments of a business. For example sales of fixed assets etc, purchase of investments.
  • Financing Activities: Financing Activities includes the transactions related to raising business finds through equity or debts. For example, issuance of shares and payment of dividend to shareholders.

To Indicate:

The type of the activity for each of the given activity.

Explanation

The type of the activity for each of the given activity is explained as follows:

    Activity Type of activity
    a.FContribution by investors is a financing activity
    b.IPurchase of property is an Investing activity for the business
    c.IPurchase of machinery is an Investing activity for the business
    d.OCash payment to suppliers is an operating activity for the business
    e...

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Ch-1 P-1DQCh-1 P-2DQCh-1 P-3DQCh-1 P-4DQCh-1 P-5DQCh-1 P-6DQCh-1 P-7DQCh-1 P-8DQCh-1 P-9DQCh-1 P-10DQ
Ch-1 P-11DQCh-1 P-12DQCh-1 P-13DQCh-1 P-14DQCh-1 P-15DQCh-1 P-16DQCh-1 P-17DQCh-1 P-18DQCh-1 P-19DQCh-1 P-20DQCh-1 P-21DQCh-1 P-22DQCh-1 P-1MCQCh-1 P-2MCQCh-1 P-3MCQCh-1 P-4MCQCh-1 P-5MCQCh-1 P-6MCQCh-1 P-7MCQCh-1 P-8MCQCh-1 P-9MCQCh-1 P-10MCQCh-1 P-11MCQCh-1 P-12MCQCh-1 P-13MCQCh-1 P-14CECh-1 P-15CECh-1 P-16CECh-1 P-17CECh-1 P-18CECh-1 P-19CECh-1 P-20CECh-1 P-21BECh-1 P-22BECh-1 P-23BECh-1 P-24BECh-1 P-25BECh-1 P-26BECh-1 P-27BECh-1 P-28BECh-1 P-29BECh-1 P-30BECh-1 P-31ECh-1 P-32ECh-1 P-33ECh-1 P-34ECh-1 P-35ECh-1 P-36ECh-1 P-37ECh-1 P-38ECh-1 P-39ECh-1 P-40ECh-1 P-41ECh-1 P-42ECh-1 P-43ECh-1 P-44ECh-1 P-45ECh-1 P-46ECh-1 P-47ECh-1 P-48ECh-1 P-49ECh-1 P-50ECh-1 P-51ECh-1 P-52ECh-1 P-53ECh-1 P-54ECh-1 P-55ECh-1 P-56APSACh-1 P-57APSACh-1 P-58APSACh-1 P-59APSACh-1 P-60APSACh-1 P-61APSACh-1 P-62APSACh-1 P-63APSACh-1 P-64APSACh-1 P-65APSACh-1 P-56BPSBCh-1 P-57BPSBCh-1 P-58BPSBCh-1 P-59BPSBCh-1 P-60BPSBCh-1 P-61BPSBCh-1 P-62BPSBCh-1 P-63BPSBCh-1 P-64BPSBCh-1 P-65BPSBCh-1 P-66CCh-1 P-67.1CCh-1 P-67.2CCh-1 P-68.1CCh-1 P-68.2CCh-1 P-69.1CCh-1 P-69.2CCh-1 P-70.1CCh-1 P-70.2CCh-1 P-70.3CCh-1 P-71CCh-1 P-72CCh-1 P-73.1CCh-1 P-73.2CCh-1 P-73.3CCh-1 P-73.4CCh-1 P-73.5CCh-1 P-73.6CCh-1 P-73.7CCh-1 P-74.1CCh-1 P-74.2CCh-1 P-74.3CCh-1 P-74.4CCh-1 P-74.5CCh-1 P-74.6CCh-1 P-75.1CCh-1 P-75.2CCh-1 P-75.3C

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