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Go W/ Flow

In: Business and Management

Submitted By redcoupe01
Words 858
Pages 4
Accounting 381
Project 2: Go with the Flow Case Study (15 points)

Due: Thursday, March 10 (at beginning of class). Also, please be prepared to discuss the case and your group’s solution in class on this date.

Groups: Please work in groups of 3-5 students (submit 1 discussion per group). You may select your own groups. Please contact me if you are having difficulty finding a group.

Required: Prepare a discussion outlining the alternatives for determining the appropriate cash flow statement classification for Go with the Flow’s insurance settlement proceeds, sale of accounts receivable, and acquisition of property, plant, and equipment on account. Relying on the applicable guidance, discuss the appropriate way for Go with the Flow’s to classify these transactions. Your discussion should include cites to the applicable guidance and how it applies to Go with the Flow’s transactions. Your discussion should be no more than 4 pages in length.

Applicable Professional Pronouncements
ASC 230, Statement of Cash Flows (formerly FASB Statement No. 95, Statement of Cash Flows)
ASC 320, Investments — Debt and Equity Securities (formerly FASB Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities)

You may access the FASB Codification database through the American Accounting Association by logging in at http://aaahq.org/ascLogin.cfm using the following:

User ID: AAA51686
Password: SLb736y

Additional Notes
1. Insurance Settlement Proceeds: Your discussion should begin by discussing alternatives for determining the appropriate cash flow statement treatment for classification and timing of the insurance settlement proceeds. There are two alternative ways to think about how these should be classified:

Alternative 1 — The insurance settlement proceeds should be classified as an investing cash inflow in the...

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