Homework Help is Here – Start Your Trial Now!
Business
Accounting
The Statement of Cash Flows 85 25 Identifying and reporting non-cash transactions Motorcross, Inc. identified the following selected transactions that occurred during 2016: Learning Objective 2 Issued 850 shares of $5 par common stock for cash of $21,000. Total Non-cash Inv. and L. Issued 5,600 shares of $5 par common stock for a building with a fair market value Fin. Act. $161,000 of $99,000. c Purchased new truck with a fair market value of $36,000. Financed it 100% with a long-term note. 1. Retired short-term notes of $26,000 by issuing 2,500 shares of $5 par common stock. - Paid long-term note of $8,500 to Bank of Tallahassee. Issued new long-term note of $17,000 to Bank of Trust. lentify any non-cash transactions that occurred during the year, and show how they ould be reported in the non-cash investing and financing activities section of the

The Statement of Cash Flows 85 25 Identifying and reporting non-cash transactions Motorcross, Inc. identified the following selected transactions that occurred during 2016: Learning Objective 2 Issued 850 shares of $5 par common stock for cash of $21,000. Total Non-cash Inv. and L. Issued 5,600 shares of $5 par common stock for a building with a fair market value Fin. Act. $161,000 of $99,000. c Purchased new truck with a fair market value of $36,000. Financed it 100% with a long-term note. 1. Retired short-term notes of $26,000 by issuing 2,500 shares of $5 par common stock. - Paid long-term note of $8,500 to Bank of Tallahassee. Issued new long-term note of $17,000 to Bank of Trust. lentify any non-cash transactions that occurred during the year, and show how they ould be reported in the non-cash investing and financing activities section of the

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Fill in the green boxes with the correct answers

Identify any non-cash transactions that occurred during the year and show how they would be reported in the non-cash section of the cash flow statement. Solution: MOTOCROSS, INC. Statement of Cash Flows-Partial Year Ended December 31, 2016 Non-cash Investing and Financing Activities:
Transcribed Image Text:Identify any non-cash transactions that occurred during the year and show how they would be reported in the non-cash section of the cash flow statement. Solution: MOTOCROSS, INC. Statement of Cash Flows-Partial Year Ended December 31, 2016 Non-cash Investing and Financing Activities:
E16-25 Identifying and reporting non-cash transactions The Statement of Cash Flows 857 Mororcross, Inc. identified the following selected transactions that occurred during 2016: Learning Objective 2 Issued 850 shares of $5 par common stock for cash of $21,000. Total Non-cash Inv, and h Issued 5,600 shares of $5 par common stock for a building with a fair market value Fin. Act. $161,000 of $99,000. c Purchased new truck with a fair market value of $36,000. Financed it 100% with a long-term note. d. Retired short-term notes of $26,000 by issuing 2,500 shares of $5 par common stock. e. Paid long-term note of $8,500 to Bank of Tallahassee. Issued new long-term note of $17,000 to Bank of Trust. Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows. Learning Objective 3
Transcribed Image Text:E16-25 Identifying and reporting non-cash transactions The Statement of Cash Flows 857 Mororcross, Inc. identified the following selected transactions that occurred during 2016: Learning Objective 2 Issued 850 shares of $5 par common stock for cash of $21,000. Total Non-cash Inv, and h Issued 5,600 shares of $5 par common stock for a building with a fair market value Fin. Act. $161,000 of $99,000. c Purchased new truck with a fair market value of $36,000. Financed it 100% with a long-term note. d. Retired short-term notes of $26,000 by issuing 2,500 shares of $5 par common stock. e. Paid long-term note of $8,500 to Bank of Tallahassee. Issued new long-term note of $17,000 to Bank of Trust. Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows. Learning Objective 3
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
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
SEE MORE TEXTBOOKS