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14 Jan 2018
PROBLEM 14-8 Classification of Transactions (L014-1] Below are several transactions that took place in Seneca Company last year a. Paid suppliers for inventory purchases. b. Bought equipment for cash. c. Paid cash to repurchase its own stock. d. Collected cash from customers. e. Paid wages to employees. f. Equipment was sold for cash. g. Common stock was sold for cash to investors. h. Cash dividends were declared and paid. i. A long-term loan was made to a supplier. j. Income taxes were paid to the government. k. Interest was paid to a lender. 1. Bonds were retired by paying the principal amount due. Required: Prepare an answer sheet with the following headings: Activity Investing Transaction Operating Financing Cash Inflow Cash Outflow Etc. Enter the transactions above on your answer sheet and indicate how each of them would be clas- sified on a statement of cash flows. As appropriate, place an X in the Operating, Investing, or Financing column. Also, place on X in the Cash Inflow or Cash Outflow column.
PROBLEM 14-8 Classification of Transactions (L014-1] Below are several transactions that took place in Seneca Company last year a. Paid suppliers for inventory purchases. b. Bought equipment for cash. c. Paid cash to repurchase its own stock. d. Collected cash from customers. e. Paid wages to employees. f. Equipment was sold for cash. g. Common stock was sold for cash to investors. h. Cash dividends were declared and paid. i. A long-term loan was made to a supplier. j. Income taxes were paid to the government. k. Interest was paid to a lender. 1. Bonds were retired by paying the principal amount due. Required: Prepare an answer sheet with the following headings: Activity Investing Transaction Operating Financing Cash Inflow Cash Outflow Etc. Enter the transactions above on your answer sheet and indicate how each of them would be clas- sified on a statement of cash flows. As appropriate, place an X in the Operating, Investing, or Financing column. Also, place on X in the Cash Inflow or Cash Outflow column.
Elin HesselLv2
14 Jan 2018
Related questions
For each transaction listed below, indicate where it would bepresented on the statement of cash flows. Enter the number thatcorresponds to your answer in the box provided. Answer choices maybe used once, more than once, or not at all.
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