Selected transactions of Ahmed Company are listed below. 1. Ordinary shares are sold for cash above par value. C/ INFLOW Bonds payable are issued for cash at a discount. C/ INFLOW Interest receivable on a current note receivable is collected. A/ INFLOW 2. 3. Land is sold for cash at book value. B/ INFLOW Accounts payable are paid in cash. A/ OUTFLOW Equipment is purchased by signing a 3-year, 10% note payable. D Cash dividends on ordinary shares are declared and paid. C/ OUTFLOW 100 shares of XYZ ordinary shares are purchased for cash. B/ OUTFLOW Merchandise is sold to customers for cash. A/ INFLOW 4. 5. 6. 7. 8. 9. 10. Bonds payable are converted into ordinary shares. D

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
Exercise2:
Selected transactions of Ahmed Company are listed below.
Ordinary shares are sold for cash above par value. C/ INFLOW
Bonds payable are issued for cash at a discount. C/ INFLOW
1.
2.
3.
Interest receivable on a current note receivable is collected. A/ INFLOW
Land is sold for cash at book value. B/ INFLOW
Accounts payable are paid in cash. A/ OUTFLOW
Equipment is purchased by signing a 3-year, 10% note payable. D
Cash dividends on ordinary shares are declared and paid. C/ OUTFLOW
100 shares of XYZ ordinary shares are purchased for cash. B/ OUTFLOW
Merchandise is sold to customers for cash. A/ INFLOW
4.
5.
6.
7.
8.
9.
10.
Bonds payable are converted into ordinary shares. D
Instructions
Classify each transaction as either (a) an operating activity, (b) an investing activity, (c) a
financing activity, or (d) a non-cash investing and financing activity.
Transcribed Image Text:Exercise2: Selected transactions of Ahmed Company are listed below. Ordinary shares are sold for cash above par value. C/ INFLOW Bonds payable are issued for cash at a discount. C/ INFLOW 1. 2. 3. Interest receivable on a current note receivable is collected. A/ INFLOW Land is sold for cash at book value. B/ INFLOW Accounts payable are paid in cash. A/ OUTFLOW Equipment is purchased by signing a 3-year, 10% note payable. D Cash dividends on ordinary shares are declared and paid. C/ OUTFLOW 100 shares of XYZ ordinary shares are purchased for cash. B/ OUTFLOW Merchandise is sold to customers for cash. A/ INFLOW 4. 5. 6. 7. 8. 9. 10. Bonds payable are converted into ordinary shares. D Instructions Classify each transaction as either (a) an operating activity, (b) an investing activity, (c) a financing activity, or (d) a non-cash investing and financing activity.
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education