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All-Stor Autonative Company exxperienced the following accounting events during Year 3: 1 Performed services for $25,000 cash. 2 Purchased land for $6,000 cash. 3. Hired on accountant to keep the books. 4 Received $50,000 cash from the issue of common stock. 5. Borrowed $5,000 cash from State Bank. 6. Paid $14,000 cash for salary expense. Z Sold land for $9,000 cash 8. Paid $10,000 cash on the loan from State Bank. 9. Poid $2,800 cash for utilities expense. 10. Paid a cash dividend of $5,000 to the stockholders. Required a. Indicate how each of the events would be classified on the statement of cash flows as operating activities (OA), investing oc (IA), or financing activities (FA) b. Prepare a statement of cash flows. Assume All-Stor Automotive hød o beginning cash balance of $9,000.

All-Stor Autonative Company exxperienced the following accounting events during Year 3: 1 Performed services for $25,000 cash. 2 Purchased land for $6,000 cash. 3. Hired on accountant to keep the books. 4 Received $50,000 cash from the issue of common stock. 5. Borrowed $5,000 cash from State Bank. 6. Paid $14,000 cash for salary expense. Z Sold land for $9,000 cash 8. Paid $10,000 cash on the loan from State Bank. 9. Poid $2,800 cash for utilities expense. 10. Paid a cash dividend of $5,000 to the stockholders. Required a. Indicate how each of the events would be classified on the statement of cash flows as operating activities (OA), investing oc (IA), or financing activities (FA) b. Prepare a statement of cash flows. Assume All-Stor Automotive hød o beginning cash balance of $9,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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work (LOa 7-10) 0 All-Stor Automotive Company experienced the following accounting events during Year 3: 1 Performed services for $25,000 cash. 2 Purchased land for $6,000 cash. 3. Hired on occountant to keep the books. 4 Received $50,000 cash from the issue of common stock. 5. Borrowed $5,000 cash from State Bank. 6. Poid $14,000 cash for salory expense. 7 Sold land for $9,000 cosh & Paid $10,000 cash on the loan from State Bank. 9. Poid $2,800 cash for utilities expense. 10. Paid a cash dividend of $5,000 to the stockholders. Required a. Indicate how each of the events would be classified on the statement of cash flows as operating activities (OA), investing aci (IA), or financing activities (FA) b. Prepore o statement of cosh flows. Assume All-Star Automotive hød a beginning cash balance of $9,000. Complete this question by entering your answers in the tabs below. Required A Required B Indicate how each of the events would be classified on the statement of cash flows as operating activities (04), investing activities (IA), or financing activities (FA). (If the event would not appear on the statement of cash flows, leave the cell Dlank.) Event Classification 1. 3. 4. 5. 16. 10 Required B > Prev Type here to search
Transcribed Image Text:work (LOa 7-10) 0 All-Stor Automotive Company experienced the following accounting events during Year 3: 1 Performed services for $25,000 cash. 2 Purchased land for $6,000 cash. 3. Hired on occountant to keep the books. 4 Received $50,000 cash from the issue of common stock. 5. Borrowed $5,000 cash from State Bank. 6. Poid $14,000 cash for salory expense. 7 Sold land for $9,000 cosh & Paid $10,000 cash on the loan from State Bank. 9. Poid $2,800 cash for utilities expense. 10. Paid a cash dividend of $5,000 to the stockholders. Required a. Indicate how each of the events would be classified on the statement of cash flows as operating activities (OA), investing aci (IA), or financing activities (FA) b. Prepore o statement of cosh flows. Assume All-Star Automotive hød a beginning cash balance of $9,000. Complete this question by entering your answers in the tabs below. Required A Required B Indicate how each of the events would be classified on the statement of cash flows as operating activities (04), investing activities (IA), or financing activities (FA). (If the event would not appear on the statement of cash flows, leave the cell Dlank.) Event Classification 1. 3. 4. 5. 16. 10 Required B > Prev Type here to search
2. https://ezto.mheducation.com/ext/mapfindex.html?_com 1 Homework (LOs 7-10) 3. Required A Required B Prepare a statement of cash flows. Assume All-Star Automotive had a beginning cash balance outflows should be indicated with a minus sign.) nts 5 02:03:49 ALL-STAR AUTOMOTIVE COMPANY Statement of Cash Flows Skipped For the Year Ended December 31, Year 3 Cash flows from operating activities: eBook Eeferences Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from finanoing activities: Net cash flow from financing activities Ending cashn balance < Required A Graw < Prev Type here to search
Transcribed Image Text:2. https://ezto.mheducation.com/ext/mapfindex.html?_com 1 Homework (LOs 7-10) 3. Required A Required B Prepare a statement of cash flows. Assume All-Star Automotive had a beginning cash balance outflows should be indicated with a minus sign.) nts 5 02:03:49 ALL-STAR AUTOMOTIVE COMPANY Statement of Cash Flows Skipped For the Year Ended December 31, Year 3 Cash flows from operating activities: eBook Eeferences Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from finanoing activities: Net cash flow from financing activities Ending cashn balance < Required A Graw < Prev Type here to search
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