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Accounting Ii Practice Questions

In: Business and Management

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E13-1
Pioneer Corporation had these transactions during 2011. | (a) | Issued $50,000 par value common stock for cash. * Cash inflow from financing activities. | | (b) | Purchased a machine for $30,000, giving a long-term note in exchange. * Noncash investing and financing activities. | | (c) | Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. * Noncash financing activities. | | (d) | Declared and paid a cash dividend of $18,000. * Cash outflow from financing activities. | | (e) | Sold a long-term investment with a cost of $15,000 for $15,000 cash. * Cash inflow from investing activities. | | (f) | Collected $16,000 of accounts receivable. * Cash inflow from operating activities. | | (g) | Paid $18,000 on accounts payable. * Cash outflow from operating activities. | |

Classify transactions by type of activity
Instructions
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.

E13-2
An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Gagliano Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary. | (a) | Payment of interest on notes payable.Operating activity | | (b) | Exchange of land for patent.Noncash investing and financing activity | | (c) | Sale of building at book value. | Investing activity | (d) | Payment of dividends.Financing activity | | (e) | Depreciation.Operating activity | | (f) | Receipt of dividends on investment in stock.Operating activity | | (g) | Receipt of interest on notes receivable.Operating activity | |

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