Relating accounting events to entities
Wright Company was started in 2012 when it acquired $25,000 cash by issuing common stock to Cal Wright.
Required
a.Was this event an asset source, use, or exchange transaction for Wright Company?
b. Was this event an asset source, use, or exchange transaction for Cal Wright?
c. Was the cash flow an operating, investing, or a financing activity on Wright Company’s 2012 statement of cash flows?
d. Was the cash flow an operating, investing, or a financing activity on Cal Wright’s 2012 statement of cash flows?
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