Kelly Corporation had these transactions during 2017. Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity. ✓ [Select] ) Purchased a machine for $30,000 for cash. Operating Activity Investing Activiey Financing Activity ) Issued $50,000 par value common stock for cash. ([Select] ✓) Paid $18,000 to suppliers. [Select] ✓) Collected $16,000 from sale of goods. ([Select] ) Received $10,000 cash dividends. ([Select] ) Paid $5,000 cash dividends. ([Select] ✓) Paid $5,000 salaries to employees. ([Select] ) Borrowed $5,000 cash from a local bank.
Kelly Corporation had these transactions during 2017. Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity. ✓ [Select] ) Purchased a machine for $30,000 for cash. Operating Activity Investing Activiey Financing Activity ) Issued $50,000 par value common stock for cash. ([Select] ✓) Paid $18,000 to suppliers. [Select] ✓) Collected $16,000 from sale of goods. ([Select] ) Received $10,000 cash dividends. ([Select] ) Paid $5,000 cash dividends. ([Select] ✓) Paid $5,000 salaries to employees. ([Select] ) Borrowed $5,000 cash from a local bank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Kelly Corporation had these transactions during 2017.
Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity.
✓ [Select]
) Purchased a machine for $30,000 for cash.
Operating Activity
Investing Activiey
Financing Activity
) Issued $50,000 par value common stock for cash.
([Select]
✓) Paid $18,000 to suppliers.
[Select]
✓) Collected $16,000 from sale of goods.
([Select]
) Received $10,000 cash dividends.
([Select]
) Paid $5,000 cash dividends.
([Select]
✓) Paid $5,000 salaries to employees.
([Select]
) Borrowed $5,000 cash from a local bank.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education