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Houston Shoe Co

Question 147

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Houston Shoe Co.is preparing a statement of cash flows using the indirect method.Indicate whether each item is an operating activity,an investing activity,a financing activity ,a noncash transaction ,or an item that would not appear on or with Houston's statement .

Premises:
Depreciation expense
Income taxes paid
Dividends paid
A gain on the sale of equipment
Purchase of equipment
Purchases of treasury stock
Borrowing by issuing bonds
The change in Accounts Payable during the period
Proceeds from sale of long-term investments at a loss
Collections from customers
The change in Inventory for the period
Exchange of stock for a building
Responses:
noncash transaction
investing activity
would not appear on or with Houston's statement
financing activity
operating activity

Correct Answer:

Depreciation expense
Income taxes paid
Dividends paid
A gain on the sale of equipment
Purchase of equipment
Purchases of treasury stock
Borrowing by issuing bonds
The change in Accounts Payable during the period
Proceeds from sale of long-term investments at a loss
Collections from customers
The change in Inventory for the period
Exchange of stock for a building
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