Second Task

In: Business and Management

Submitted By diankalviv
Words 1187
Pages 5
(this task is for the course
Introduction to Financial Accounting (11th Edition) by Charles T. Horngren (Author), Gary L. Sundem (Author))

Write your answer in the space provided or on a separate sheet of paper.

QUESTION 1
Designate how each transaction would be reported on the statement of cash flows using OP for operating activities, IN for investing activities, FI for financing activities, I for an inflow of cash and O for an outflow of cash. If the transaction is included only in a supplemental schedule, denote this as SS. Section Inflow or Outflow 1. Paid cash dividends ________ ________ 2. Purchased 6 months of insurance in advance ________ ________ 3. Sold inventory for cash ________ ________ 4. Purchased equipment signing a two-year note ________ ________ 5. Collected accounts receivable balance from a customer ________ ________ 6. Sold shares of another company's stock held for speculative purposes ________ ________ 7. Reclassified a note from long term to short term ________ ________ 8. Issued bonds at a premium ________ ________

QUESTION 2
The following data pertains to Joss Decorating for the year of 2012:
a. Salaries and wages: accrued, $175,000; paid in cash $200,000.
b. Depreciation, $50,000.
c. Interest expense, all paid in cash, $12,500.
d. Other expenses, all paid in cash, $112,000.
e. Income taxes accrued, $35,000; income taxes paid in cash, $33,000.
f. Bought plant and facilities for $365,000 cash.
g. Sales of $1,500,000, all on credit. Cash collections from customers, $1,250,000.
h. The cost of items sold was $750,000. Purchases of inventory totaled $825,000; inventory and accounts payable were affected accordingly.
i. Cash payments on trade accounts payable were $700,000.
j. Issued long-term debt for $110,000 cash.
k. Paid cash dividends of $45,000.
Prepare a statement of cash flows using the direct…...

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