ACC 206 Entire Course Principles of Accounting II

ACC 206 Entire Course Principles of Accounting II

ACC 206 Entire Course Principles of Accounting II
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ACC 206 Week 1 Assignment Chapter One Problems

Why are noncash transactions, such as the exchange of common stock a building, included on a
statement of cash flows? How are these noncash transactions disclosed?

Chapter 1 Exercise 1:
1. Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I),
financing (F), or noncash investing/financing (N) activity.

 ________ Received $80,000 from the sale of land.

 ________ Received $3,200 from cash sales.

 ________ Paid a $5,000 dividend.


 ________ Purchased $8,800 of merchandise for cash.

 ________ Received $100,000 from the issuance of common stock.

 ________ Paid $1,200 of interest on a note payable.

 ________ Acquired a new laser printer by paying $650.

 ________ Acquired a $400,000 building by signing a $400,000 mortgage note.

Chapter 1 Exercise 4:
4. Overview of direct and indirect methods
Evaluate the comments that follow as being True or False. If the comment is false, briefly
explain why.

 Both the direct and indirect methods will...

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