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For Each of the Following Items, Identify the Section of the Statement

Question 141

Matching

For each of the following items, identify the section of the statement of cash flows you would find the item. Assume the direct method is used.

Premises:

Responses:

Paid taxes of $15,000.

Operating activities

Borrowed $35,000 from the bank on a long-term note payable.

Investing activities

Collected $690,000 from customers.

Financing activities

Received $40,000 in dividend income.

Paid $12,000 to suppliers for inventory.

Issued common stock for $170,000 cash.

Purchased $120,000 in long-term securities for cash.

Paid $18,000 dividend on common stock.

Purchased land for $345,000 cash.

Sold long-term securities for cash. No gain or loss on sale.

Paid $210,000 on long-term debt.

Received $31,000 cash on sale of equipment. No gain or loss on sale.

Premises:

Paid taxes of $15,000.

Borrowed $35,000 from the bank on a long-term note payable.

Collected $690,000 from customers.

Received $40,000 in dividend income.

Paid $12,000 to suppliers for inventory.

Issued common stock for $170,000 cash.

Purchased $120,000 in long-term securities for cash.

Paid $18,000 dividend on common stock.

Purchased land for $345,000 cash.

Sold long-term securities for cash. No gain or loss on sale.

Paid $210,000 on long-term debt.

Received $31,000 cash on sale of equipment. No gain or loss on sale.

Responses:

Operating activities

Investing activities

Financing activities

Correct Answer:

Premises:

Responses:

Paid taxes of $15,000.

Borrowed $35,000 from the bank on a long-term note payable.

Collected $690,000 from customers.

Received $40,000 in dividend income.

Paid $12,000 to suppliers for inventory.

Issued common stock for $170,000 cash.

Purchased $120,000 in long-term securities for cash.

Paid $18,000 dividend on common stock.

Purchased land for $345,000 cash.

Sold long-term securities for cash. No gain or loss on sale.

Paid $210,000 on long-term debt.

Received $31,000 cash on sale of equipment. No gain or loss on sale.

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