Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Question
Chapter 21, Problem 7C
1.
To determine
Explain financing and investing activities not involving cash.
2.
To determine
List the types of financing and investing activities not involving cash.
3.
To determine
Explain the effect in the
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The statement of cash flows is normally a required basic financial statement for each period for which an earnings statement is presented. The statement should include a separate schedule listing the financing and investing activities not involving cash.
Required:
What are financing and investing activities not involving cash?
What are two types of financing and investing activities not involving cash?
Explain what effect, if any, each of the following seven items would have on the statement of cash flows.
accounts receivable
inventory
depreciation
deferred tax liability
issuance of long-term debt in payment for a building
payoff of current portion of debt
sale of a fixed asset resulting in a loss or gain
The statement of cash flows classifies all cash inflows and outflows into one of the three categories shown below and lettered from a through c. In addition, certain transactions that do not involve cash are reported in the statement as noncash investing and financing activities, labeled d. a. Operating activities b. Investing activities c. Financing activities d. Noncash investing and financing activities Required: For each of the following transactions, use the letters above to indicate the appropriate classification category. 1. _____ Purchase of equipment for cash. 2. _____ Payment of employee salaries. 3. _____ Collection of cash from customers. 4. _____ Cash proceeds from a note payable. 5. _____ Purchase of common stock of another corporation for cash 6. _____ Issuance of common stock for cash. 7. _____ Sale of equipment for cash. 8. _____ Payment of interest on note payable. 9. _____ Issuance of bonds payable in exchange for land and building. 10. _____ Payment of cash…
Which of the following is not one of the four basic financial statements?a. The balance sheetb. The audit reportc. The income statementd. The statement of cash flows
Chapter 21 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 21 - What information does the statement of cash flows...Ch. 21 - Briefly describe the three types of activities a...Ch. 21 - Thompson Company sold a piece of equipment that...Ch. 21 - Give two examples of a companys (a) cash inflows...Ch. 21 - Prob. 5GICh. 21 - Prob. 6GICh. 21 - Prob. 7GICh. 21 - Prob. 8GICh. 21 - Prob. 9GICh. 21 - List the three operating cash inflows that a...
Ch. 21 - Prob. 11GICh. 21 - Prob. 12GICh. 21 - Prob. 13GICh. 21 - Dunn Company recognized a 5,000 unrealized holding...Ch. 21 - Jordan Company recognized a 5,000 unrealized...Ch. 21 - Indicate how a company computes the amount of...Ch. 21 - Prob. 17GICh. 21 - Prob. 18GICh. 21 - Prob. 19GICh. 21 - Which of the following would be considered a cash...Ch. 21 - In a statement of cash flows (indirect method),...Ch. 21 - The net cash provided by operating activities in...Ch. 21 - The retirement of long-term debt by the issuance...Ch. 21 - Prob. 5MCCh. 21 - Selected information from Brook Corporations...Ch. 21 - Prob. 7MCCh. 21 - Prob. 8MCCh. 21 - Which of the following need not be disclosed in a...Ch. 21 - The following information was taken from Oregon...Ch. 21 - Prob. 1RECh. 21 - Prob. 2RECh. 21 - Given the following information, convert Cardinal...Ch. 21 - Given the following information, convert Robin...Ch. 21 - In the current year, Harrisburg Corporation had...Ch. 21 - Tifton Co. had the following cash transactions...Ch. 21 - Tifton Co. had the following cash transactions...Ch. 21 - Trenton Corporation has the following items....Ch. 21 - Prob. 9RECh. 21 - In the current year, Harrisburg Corporation...Ch. 21 - Providence Company sold equipment for 25,000 cash....Ch. 21 - Annapolis Corporation paid 270,000 to retire bonds...Ch. 21 - Given the following information, compute Lemon...Ch. 21 - Prob. 14RECh. 21 - Prob. 1ECh. 21 - Prob. 2ECh. 21 - Visual Inspection Noble Companys accounting...Ch. 21 - Prob. 4ECh. 21 - Prob. 5ECh. 21 - Prob. 6ECh. 21 - Prob. 7ECh. 21 - Prob. 8ECh. 21 - Partially Completed Spreadsheet Hanks Company has...Ch. 21 - Spreadsheet The following 2019 information is...Ch. 21 - Spreadsheet and Statement The following 2019...Ch. 21 - Fixed Asset Transactions The following is an...Ch. 21 - Retirement of Debt Moore Company is preparing its...Ch. 21 - Interest and Income Taxes Staggs Company has...Ch. 21 - Investments On October 4, 2019, Collins Company...Ch. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Investing Activities and Depreciable Assets...Ch. 21 - Spreadsheet and Statement The following 2019...Ch. 21 - (Appendix 21.1) Operating Cash Flows The following...Ch. 21 - (Appendix 21.1) Statement of Cash Flows The...Ch. 21 - (Appendix 21.1) Visual Inspection The following...Ch. 21 - Prob. 22ECh. 21 - Classification of Cash Flows A company's statement...Ch. 21 - Prob. 2PCh. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Partially Completed Spreadsheet The following...Ch. 21 - Spreadsheet and Statement of Cash Flows The...Ch. 21 - Prob. 7PCh. 21 - Spreadsheet from Trial Balance Heinz Companys post...Ch. 21 - Prepare Ending Balance Sheet On December 31, 2019,...Ch. 21 - Infrequent Transactions The following transactions...Ch. 21 - Prob. 11PCh. 21 - Comprehensive Angel Company has prepared its...Ch. 21 - Comprehensive The following are Farrell...Ch. 21 - (Appendix 21.1) Operating Cash Flows Refer to the...Ch. 21 - (Appendix 21.1) Statement of Cash Flows The...Ch. 21 - Comprehensive The following are Farrell...Ch. 21 - (Appendix 21.1) Comprehensive The following are...Ch. 21 - Prob. 18PCh. 21 - Financial Statement Interrelationships Prepare an...Ch. 21 - Statement of Cash Flows A friend of yours is...Ch. 21 - Prob. 3CCh. 21 - Operating, Investing, and Financing Activities The...Ch. 21 - Prob. 5CCh. 21 - Spreadsheet Method The spreadsheet method is...Ch. 21 - Prob. 7CCh. 21 - Inflows and Outflows Alfred Engineering Company is...Ch. 21 - Ethics and Cash Flows You are the accountant for...
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Similar questions
- Describe three examples of financing activities, and identify whether each of them represents cash collected or cash spent.arrow_forwardClassification of Cash Flows A company's statement of cash flows and the accompanying schedule of investing and financing activities not affecting cash may contain the following major sections: a. Operating Activities b. Investing Activities c. Financing Activities d. Investing and Financing Activities not Affecting Cash The following is a list of items that might appear on a company's statement of cash flows or in the accompanying schedule. Required: Using the letters A through D, indicate in which section of the statement of cash flows (or the accompanying schedule) the preceding item would most likely be classified. After each letter, indicate with a plus (+) or a minus () whether the item would be reported on the statement (or the accompanying schedule).arrow_forwardDescribe three examples of operating activities, and identify whether each of them represents cash collected or cash spent.arrow_forward
- How should significant non-cash transactions be reported in the statement of cash flows? a. They should be incorporated in the statement of cash flows in a section labeled, "Significant Noncash Transactions." O b. Such transactions should be incorporated in the section (operating, financing, or investing) that is most representative of the major component of the transaction. O c. These noncash transactions are not to be incorporated in the statement of cash flows. They appear in a note to the financial statements. O d. They should be handled in a manner consistent with the transactions that affect cash flows.arrow_forwardTotal cash inflow in the operating section of the statementof cash flows should include which of the following?a. Cash received from customers at the point of sale.b. Cash collections from customer accounts receivable.c. Cash received in advance of revenue recognition(unearned revenue).d. All of the above.arrow_forwardClassifying items on the statement of cash flows Cash flow items must be categorized into one of four categories. Identify each item as operating (O), investing (I), financing (F), or non-cash (N). a. Cash purchase of merchandise inventory b. Cash payment of dividends c. Cash receipt from the collection of long-term notes receivable d. Cash payment for income taxes e. Purchase of equipment in exchange for notes payable f. Cash receipt from the sale of land g. Cash received from borrowing money h. Cash receipt for interest income i. Cash receipt from the issuance of common stock j. Cash payment of salariesarrow_forward
- SB: Financial Accountingarrow_forward. Provide the cash receipts and cash payments two examples which are fit into the following classifications. Operating activities. Investing activities. Financing activities.arrow_forwardConcept introduction: Cash flow statement: Cash Flow statement: The Cash flow statement shows the movement of cash during a particular period. The Cash flows are categorized into three categories as follows: * Cash flows from operating activities. * cash flows from investing activities. * Cash flows from financing activities. To choose: The false statement regarding the statement of cash flows.arrow_forward
- 1. What is the purpose of a statement of cash flows? How does it differ from a balance sheet and an income statement? 2. Difference between operating activities, investing activities, and financing activities. 3. What is the purpose of a free cash flow analysis? 4. What are some of the techniques of disclosure for the balance sheet? 5. What is a “Summary of Significant Accounting Policies”?arrow_forwardIn preparing the statement of cash flows, how should non-cash investing/financing activities be reported? Select one: a. In the financing activities section of the statement of cash flows b. Should not to be reported c. In a separate schedule accompanying the statement of cash flows d. In the investing activities section of the statement of cash flowsarrow_forwardOne output of the accounting information system is the balance sheet. Transactions commonly associated with an organization's purchases and cash disbursements cycle are most likely to be reflected in which sections of balance sheet? A Current assets and current liabilities B Current assets and long-term liabilities C Long-term assets and current liabilities D Long-term assets and long-term liabilitiesarrow_forward
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