Exercise 12-1 Indirect: Cash flow classification LO C1 The following transaction

Question

Exercise 12-1 Indirect: Cash flow classification LO C1 The following transactions and events occurred during the year. Assuming that this company uses the indirect method to report cash provided by operating activities, indicate where each item would appear on its statement of cash flows by placing an X in the appropriate column Statement of Cash Flows Noncash Not Repo Investing& Financing Financing Activities on Statement or in Notes Operating Investing ActivitiesActivities Activities a. Declared and paid a cash dividend b. Recorded depreciation expense c. Paid cash to settle long-term note payable d. Prepaid expenses increased in the year e. Accounts receivable decreased in the year f. Purchased land by issuing common st g. Inventory increased in the year h. Sold equipment for cash, yielding a loss i. Accounts payable decreased in the year ock Income taxes payable increased in the year

Explanation / Answer

non cash not OA IA FA I & FA reoarted Declared and paid cash dividend X Recorded depreciation expense X paid cash to settle long term note payable X prepaid expenses increased in the year X accounts receivable decreased in the year X purchased land by issuing common stock X inventory increased in the year X sold equipment for cash ,yeilding a loss X X Accounts payable decreased in the year X income taxes payable increased in the year X

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