An analysis of comparative balance sheets, the current years income statement, and the general ledger accounts of Guillen Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary. Indicate where each item should be reported in the statement of cash flows (indirect method), using these categories: (1) operating activity (added to net income), (2) operating activity (deducted from net income), (3) investing activity, (4) financing activity, (5) significant noncash investing and financing activity, or (6) not separately reported in the statement of cash flows. More than one number can be used per item.

* Your answer is incorrect. Try again. Sale of land for an amount less than cost. Operating activity (added to net income) Operating activity (deducted from net income) Investing activity Financing activity Significant noncash investing and financing activity Not separately reported in the statement of cash flows Your answer is correct. Retirement of bonds. Operating activity (added to net income) Operating activity (deducted from net income) Investing activity Financing activity Significant noncash investing and financing activity Not separately reported in the statement of cash flows F * Your answer is incorrect. Try again. Cost of goods sold. Operating activity (added to net income) Operating activity (deducted from net income) Investing activity Financing activity Significant noncash investing and financing activity Not separately reported in the statement of cash flows Your answer is correct. Purchase of treasury stock. Operating activity (added to net income) Operating activity (Geducted from net income) Investing activity Financing activity Significant noncash investing and financing activity Not separately reported in the statement of cash flows * Your answer is incorrect. Try again. Increase in accounts receivable. Operating activity (added to net income) Operating activity (deducted from net income) Investing activity Financing activity Significant noncash investing and financing activity Not separately reported in the statement of cash flows Question Attempts: 1 of 2 used