Determining Cash Flow Statement Effects of Transactions
Stanley Furniture Company is a Virginia-based furniture manufacturer. For each of the following first - quarter transactions, indicate whethernet cash inflows (outflows) from operating activities (NCFO), investing activities (NCFI), or financing activities (NCFF) are affected and whether the effect is an inflow (+) or outflow (−), or (NE) if the transaction has no effect on cash.(Hint: Determine the journal entry recorded for the transaction. The transaction affects net cash flows if and only if the account Cash is affected.)
_____ 1. Recorded an adjusting entry to record accrued salaries expense. |
_____ 2. Paid cash to purchase new equipment. |
_____ 3. Collected payments on account from customers. |
_____ 4. Recorded and paid interest on debt to creditors. |
_____ 5. Declared and paid cash dividends to shareholders. |
_____ 6. Sold used equipment for cash at book value. |
_____ 7. Prepaid rent for the following period. |
_____ 8. Repaid principal on revolving credit loan from bank. |
_____ 9. Purchased raw materials inventory on account. |
_____ 10. Made payment to suppliers on account. |
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