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Selected Transactions of Humble Landings, a Private Corporation, Reporting Under

Question 167

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Selected transactions of Humble Landings, a private corporation, reporting under ASPE, are listed below:

Premises:

Responses:

100 shares of XYZ common shares are purchased for cash.

an operating activity

Cash dividends on common shares are declared and paid.

a noncash investing and financing activity.

Land is sold for cash at carrying amount.

a financing activity

Bonds payable are issued for cash at a discount.

an investing activity

Bonds payable are converted into common shares.

Merchandise is sold to customers for cash.

Accounts payable are paid in cash.

Equipment is purchased by signing a 3-year, 6% note payable.

Common shares are sold for cash.

Interest receivable on a short-term note receivable is collected.

Premises:

100 shares of XYZ common shares are purchased for cash.

Cash dividends on common shares are declared and paid.

Land is sold for cash at carrying amount.

Bonds payable are issued for cash at a discount.

Bonds payable are converted into common shares.

Merchandise is sold to customers for cash.

Accounts payable are paid in cash.

Equipment is purchased by signing a 3-year, 6% note payable.

Common shares are sold for cash.

Interest receivable on a short-term note receivable is collected.

Responses:

an operating activity

a noncash investing and financing activity.

a financing activity

an investing activity

Correct Answer:

Premises:

Responses:

100 shares of XYZ common shares are purchased for cash.

Cash dividends on common shares are declared and paid.

Land is sold for cash at carrying amount.

Bonds payable are issued for cash at a discount.

Bonds payable are converted into common shares.

Merchandise is sold to customers for cash.

Accounts payable are paid in cash.

Equipment is purchased by signing a 3-year, 6% note payable.

Common shares are sold for cash.

Interest receivable on a short-term note receivable is collected.

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