26. The appropriate section in the statement of cash flows for reporting the pur

Question

26. The appropriate section in the statement of cash flows for reporting the purchase of land in exchange for common stock is:
a. operating activities
b. financial activities
c. investing activities
d. schedule of noncash investing or financing activity
e.none of these. this is not reported on the statement of cash flows

29. Use the following information to calculate cash paid for wages and salaries:
Salaries expense $168,000
Salaries payable Jan. 1 $64,000
Salaries payable Dec 31 $10,600
a. $157,400 b. $163,800 c.$168,000 d. $172,200 e. $174,400

Explanation / Answer

26. d. schedule of noncash investing or financing activity and 29. c.$168,000 The correct answer is $ 168,000, the actually cash paid in salaries and wages is reflected in the Salaries & Wages Expense account, as for Salaries Payable account, it shows how much in salaries and wages is accrued (meaning payable, needs to be paid) at a certain date but it also means that those salaries are still not actually paid

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