12. Credit sale of merchandise (Use the periodic inventory system)13. Collection of trade accounts receivable14. Collection of notes receivable (non-trade)15. Purchase of raw materials issuing a note (Use the perpetual inventory system)16. Purchase of long-term stock securities IIClassify the following cash flow-related activities into:A. Operating activities (inflow; or outflow)B. Investing activities (inflow; or outflow)C. Financing activities (inflow; or outflow)D. No cash flowWrite your answers using capital letters only. A letter answer cannot stand alone. Write inflowor outflow, except of course for answer D. Erasures and alterations will not be honored.

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12. Credit sale of merchandise (Use the periodic inventory system) 13. Collection of trade accounts receivable 14. Collection of notes receivable (non-trade) 15. Purchase of raw materials issuing a note (Use the perpetual inventory system) 16. Purchase of long-term stock securities

12. Credit sale of merchandise (Use the periodic inventory system) 13. Collection of trade accounts receivable 14. Collection of notes receivable (non-trade) 15. Purchase of raw materials issuing a note (Use the perpetual inventory system) 16. Purchase of long-term stock securities

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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12. Credit sale of merchandise (Use the periodic inventory system)
13. Collection of trade accounts receivable
14. Collection of notes receivable (non-trade)
15. Purchase of raw materials issuing a note (Use the perpetual inventory system)
16. Purchase of long-term stock securities

II
Classify the following cash flow-related activities into:
A. Operating activities (inflow; or outflow)
B. Investing activities (inflow; or outflow)
C. Financing activities (inflow; or outflow)
D. No cash flow
Write your answers using capital letters only. A letter answer cannot stand alone. Write inflow
or outflow, except of course for answer D. Erasures and alterations will not be honored.

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