On October 15, 2011, Maxx Duggan Enterprises accepts a $10,000 note receivable from the YNR Company in exchange for cash. The acceptance of the note receivable would be classified on Maxx Duggan's 2011 statement of cash flows as:

Question

Quizplus · Accepted Answer

The acceptance of a note receivable in exchange for cash is classified as an investing activity on the statement of cash flows, as it involves the use of cash to acquire a financial asset.

On October 15, 2011, Maxx Duggan Enterprises Accepts a $10,000