Mandeep, the president of Cool Air Inc., a public company, asked the controller to reclassify $1 million

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Mandeep, the president of Cool Air Inc., a public company, asked the controller to reclassify $1 million of cash payments for interest from the operating activities section to the financing section of the cash flow statement. "We can change it back next year and report it in operating activities next year if we want to." Explain why Mandeep may want to reclassify the interest payments. Is Mandeep correct about changing the classification the following year? Why or why not?
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Accounting Principles Part 3

ISBN: 978-1118306802

6th Canadian edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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