Given an activity and have to decide if it is investing finance or operating Given two...

Given an activity and have to decide if it is investing finance or operating
Given two accounts and have to determine what account are they (liability, asset, or expense)
You’re asked a question about the timing of the dates on the financial statements

A: income statement for period of time while, balance sheet is for point in time. Statement of cash is for a period of time

Accounting equation is what the balance right you are asked about
Ask about a classified balance sheet (specific current liabilities)
Generally accepted accounting principals
Given a transaction and given a journal entry
Left side of an account is
The description of a normal balance (what does that mean)
Another general entry about revenue

Answer the ones you can

Expert Solution

Given an activity and have to decide if it is investing finance or operating

Activity
Sale purchase of long term investment	Investing
Payment to Creditor	Operating
Sale /purchase of Plant and machinery	Investing
Issue or redemption of bond	Financing
Issue of share	Financig
Receipts from debtor	operating
Notes receivable	Investing
Long term notes payable	Financing
Sale /purchase of inventory	Operating

Ask about a classified balance sheet (specific current liabilities

Current Liabilities

Accounts payable	xxxx
Rent payaple	xxxx
Un earned revenue	xxxx
Notes payable	xxxx
Interest payable	xxxx
Current portion of long term loan	xxxx

Given a transaction and given a journal entry

Transaction Sale of goods amounting $50000 out of which 30% on credit

	Debit	Credit

Cash (50000 x 70% or 50000-15000)	35000
Accounts receivable (50000x 30%)	15000
Sales		50000

Left side of an account is

Left side of account is debit

Particular(debit)	Amount	Particular	Account(credit)

Another general entry about revenue

Cash	xxx
Revenue earned		xxx
(being revenue received in cash)

Accounts receivable	xxx
Deferred Revenue		xxx
(accruing revenue)

ekkarill92 answered 1 year ago

Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity.

Classify transactions by type of activity. E17.1 (LO 1), C Kiley Corporation had these transactions during 2022. a. Purchased a machine for $30,000, giving a long-term note in exchange. b. Issued $50,000 par value common stock for cash. c. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. d. Declared and paid a cash dividend of $13,000. e. Sold a long-term investment with a cost of $15,000 for $15,000 cash. f. Collected $16,000...

Classify each transaction as either a(n)operating activity, investing activity, financing activity, or non-cash investing and financing...

Classify each transaction as either a(n)operating activity, investing activity, financing activity, or non-cash investing and financing activity by placing a X in the correct column. Operating Investing Financing Non-cash invest/fin a. a. Decrease in prepaid expense. b. b. Increase in accounts payable. c. c. Purchase of treasury stock. d. d. Building is sold for cash at book value. e. e. Bonds payable are converted into common stock. f. f. Equipment is purchased for cash. g. g. Issued preferred stock above...

Classify each of the following items as an (O) operating activity, (I) investing activity, or (F)...

Classify each of the following items as an (O) operating activity, (I) investing activity, or (F) financing activity ____Purchase of a building ____issuance of capital stock ____receipt of interest revenue ____cash receipts from customers ____paid cash dividend to stockholders ____ paid inventory suppliers ____ collection of long term note ____ issuance of a long-term note payable ____ paid interest expense ____ purchased the stock of another company

Decide on the two grocery stores to use in this activity Decide on the 15 products...

Decide on the two grocery stores to use in this activity Decide on the 15 products you want to compare. The brand name, product, and size have to be exactly the same at each store. Therefore, do not compare generic brands as they have different names at different stores. You may have to wait until your visit to the first store to determine the “size” as you may not be aware of the different size packages for different products. Use...

Explain what types of transactions are reported in the Operating, Investing, and Financing activity sections of...

Explain what types of transactions are reported in the Operating, Investing, and Financing activity sections of the statement of cash flows.

ACTIVITY 4 – The Budget or Finance Policy If you have found a budget or finance...

ACTIVITY 4 – The Budget or Finance Policy If you have found a budget or finance policy then, 1. Review the policy in line with the 11 dot points below. How many of these elements does your policy have? A budget policy would ideally consider the following elements: - The organisation’s functions, programs, outputs and outcomes and how these relate to organisational and budget structures; - The organisation’s current and longer-term fiscal strategy (including, for example, senior management’s position on...

Use the Assessment 3, Part 2 Template to determine the appropriate activity (operating, investing, or financing)...

Use the Assessment 3, Part 2 Template to determine the appropriate activity (operating, investing, or financing) for each transaction listed for Skylar Enterprises, Inc., and prepare the cash flow statement using the indirect method in good form for reporting. Data is provided in the Information worksheet in the template; complete the statement of cash flow in the Cash Flow Statement worksheet. Skylar Enterprises, Inc. Comparative Balance Sheets Assets 12/31/12 1/1/12 Difference Cash $73,000 $22,000 $51,000 Accounts receivable $85,000 $76,000 $9,000...

Which is NOT a finance activity?

Which is NOT a finance activity?planning/budgetingfinancing decisions financial reportingfinancial risk management or facilities management

Companies normally have a demand for credit due to the operating, investing and financing activities that...

Companies normally have a demand for credit due to the operating, investing and financing activities that they engage. For each activity provide a specific reason why a company would need credit

Go to a finance/investing site such as yahoo finance or the “investor relations” page of a...

Go to a finance/investing site such as yahoo finance or the “investor relations” page of a company and find the annual report (10K) for a public corporation. Describe and analyze examples from the “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. Explain if the company is doing well or not according to the management discussion and analysis for the company Disneyland

Question