Reference no: EM132386763
Question
Harry Corporation had the following transactions during 2020. The company follows ASPE. For each transaction, identify whether the transaction should be considered a cash flow from operating, investing, or financing activities, or whether the transaction is not a cash activity.
1) Issued common shares for $100,000 cash.
a.Financing activity
b.Investing activity
c.Not a cash transaction
d.Operating activity
2) Issued $22,000 worth of common shares in exchange for equipment.
a.Financing activity
b.Investing activity
c.Not a cash transaction
d.Operating activity
3) Collected $52,000 cash for services rendered.
a.Financing activity
b.Investing activity
c.Not a cash transaction
d.Operating activity
4) Purchased shares in another company as a long-term investment for $18,000 cash.
a.Financing activity
b.Investing activity
c.Not a cash transaction
d.Operating activity
5) Collected $9,000 of accounts receivable.
a.Financing activity
b.Investing activity
c.Not a cash transaction
d.Operating activity
6)Paid $14,000 of accounts payable.
a.Financing activity
b.Investing activity
c.Not a cash transaction
d.Operating activity
7) Declared and paid a cash dividend of $12,000.
a.Financing activity
b.Investing activity
c.Not a cash transaction
d.Operating activity
8) Sold a long-term investment with a cost of $18,000 for $18,000 cash.
a.Financing activity
b.Investing activity
c.Not a cash transaction
d.Operating activity
9) Purchased a machine for $35,000 by giving a long-term note in exchange.
a.Financing activity
b.Investing activity
c.Not a cash transaction
d.Operating activity
10)Exchanged land with a fair value of $20,000 for equipment with a fair value of $20,000.
a.Financing activity
b.Investing activity
c.Not a cash transaction
d.Operating activity
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