3. Selected transactions for the Locey Company are listed below 1. 2. 3. 4. 5. 6

Question

3. Selected transactions for the Locey Company are listed below 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Collected accounts receivable Declared and paid dividends on common stock. Sold long-term investments for cash Issued stock for equipment. Repaid five year note payable Paid employee wages Converted bonds payable to common stock. Acquired long-term investment with cash Sold buildings and equipment for cash Sold merchandise to customers Instructions Classify each transaction as either (a) an operating activity, (b) an investing activity, (c) a financing activity, or (d) a noncash investing and financing activity Operating activity Financing activity Investing activity Noncash activity Financing activity Operating activity Noncash activity Investing activity Investing activity Operating activity 6 2 3 4 5 8 9 10

Explanation / Answer

SOLUTION

Transations Activity Collected accounts receivable Operating Declared and paid dividends on common stock Financing Sold long term investments for cash Investing Issued stock for equipment Non-cash Repaid five years note payable Financing Paid employee wages Operating Converted bonds payable to common stock Non-cash Acquired long term investments with cash Investing Sold buildings and equipment for cash Investing Sold merchandise to customers Operating

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