Answers only I don't need work.Please answer all parts of question B. 4.All-Star Automotive Company experienced the following accounting events during Year 1:1. Performed services for $15,000 cash.2. Purchased land for $8,000 cash.3. Hired an accountant to keep the books.4. Received $40,000 cash from the issue of common stock.5. Borrowed $10,000 cash from State Bank.6. Paid $5,000 cash for salary expense.7. Sold land for $10,000 cash.8. Paid $4,000 cash on the loan from State Bank.9. Paid $5,200 cash for utilities expense.10. Paid a cash dividend of $2,000 to the stockholders.ippedBookPrintRequireda. Indicate how each of the events would be classified on the statement of cash flows as operating activities (OA), investing activities(IA), financing activities (FA), or not applicable (NA).b. Prepare a statement of cash flows. Assume All-Star Automotive had a beginning cash balance of $10,00o.erencesComplete this question by entering your answers in the tabs below.Required ARequired BPrepare a statement of cash flows, Assume All-Star Automotive had a beginning cash balance of $10,000. (Amounts to be Prepare a statement of cash flows. Assume All-Star Automotive had a beginning cash balance of $10,000. (Amounts to bededucted should be indicated with a minus sign.)3.75pointsALL-STAR AUTOMOTIVE COMPANYSkippedStatement of Cash FlowsFor the Year Ended December 31, Year 1Cash flows from operating activities:eBookPrintNet cash flow from operating activitiesCash flows from investing activities:References$4Net cash flow from investing activitiesCash flows from financing activities:Net cash flow from financing activitiesEnding cash balanceNext >

a Sr. No. Events Classification 1 Performed services OA 2 Purchased land IA 3 Hired…

rformed services for $15,000 rchased land for $8,000 cash. red an accountant to keep the eceived $40,000 cash from the prrowed $10,000 cash from St. aid $5,000 cash for salary exp old land for $10,000 cash. aid $4,000 cash on the loan fr aid $5,200 cash for utilities ex "aid a cash dividend of $2,000 uired

rformed services for $15,000 rchased land for $8,000 cash. red an accountant to keep the eceived $40,000 cash from the prrowed $10,000 cash from St. aid $5,000 cash for salary exp old land for $10,000 cash. aid $4,000 cash on the loan fr aid $5,200 cash for utilities ex "aid a cash dividend of $2,000 uired

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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