ice12key - ICE#12 Multiple Choice Identify the choice that...

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ICE#12 Multiple Choice Identify the choice that best completes the statement or answers the question. The Drunken Clam Inc. Data For the following set of questions, indicate how each transaction described would be classified on a statement of cash flows if the operating activities section is prepared under the indirect method. 1. Refer to The Drunken Clam Inc. Data. Depreciation expense is recorded. Operating activity Investing activity Financing activity Noncash investing and financing activity Not reported on statement of cash flows 2. Refer to The Drunken Clam Inc. Data. Equipment is purchased for cash. Operating activity Investing activity Financing activity Noncash investing and financing activity Not reported on statement of cash flows 3. Refer to The Drunken Clam Inc. Data. Stock is issued for cash. Operating activity Investing activity Financing activity Noncash investing and financing activity Not reported on statement of cash flows 4. Refer to The Drunken Clam Inc. Data. Accounts receivable increased during the year. Operating activity Investing activity Financing activity Noncash investing and financing activity Not reported on statement of cash flows 5. Refer to The Drunken Clam Inc. Data. Bonds payable are retired at their maturity date. Operating activity
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This note was uploaded on 04/07/2008 for the course ACCOUNTING 1 taught by Professor Worst during the Fall '06 term at Temple.

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ice12key - ICE#12 Multiple Choice Identify the choice that...

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