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Part 1: Statement of Cash Flows Categories Indicate if each transaction should be classified as an operating, investing, or financing activity on the statement of cash flows. Operating Activity Investing Activity Financing Activity a) Cash received from notes payable b) Cash paid for building Cash received from shareholders for c) issuance of common stock d) Cash received from customers e) Cash paid for salaries Cash received for repayment of note f) receivable 9) Cash paid for utilities h) Cash paid for interest i) Cash paid for dividends 2 Cash paid for inventory k) Cash paid for supplies Cash paid for equipment Totals 6 3 3 Part 2: Statement of Cash Flows Analysis Below are the subtotals from the statements of cash flows for Bannister Corporation and Callie Corporation Callie Corporation Bannister Corporation Net cash flows from operating activities (1,400) Net cash flows from investing activities 4,200 Net cash flows from financing activities 9.500 Net change in cash 12,300 21,600 (4,000) 15.300) 12,300 Which company has a stronger statement of cash flows? Part 4: Multiple Choice Questions 1. Which transaction would appear as an inflow of cash in the financing section of the statement of cash flows? a A company sold a delivery vehicle for $5,000 cash. b. A company sold inventory to customers for $210,000 A company paid off a $50,000 note payable to a bank d. A company received $100,000 from its shareholders in exchange for common stock. 2. When reviewing a company's statement of cash flows, in which section would you prefer to see strong positive cash flows? a. Financing activities b. Investing activities Operating activities 3. Sally's Candy Store sold 120 bars of chocolate at $3 each during the day. At the end of the day, Sally will make a journal entry that includes a credit to which account? a Unearned Revenue b. Cost of Goods Sold C Cash d. Revenue 4. Blue Corporation recorded the following journal entry. Which is a possible explanation for this entry? Accounts Receivable $888 Revenue 5888 . Blue Corporation is being paid for services they performed for a customer b. Blue Corporation is purchasing from a supplier on account c Blue Corporation performed services, and the customer charged on account. d. This is an incorrect journal entry that should not appear in the accounting records. 5. Which financial statement(s) is impacted by the following journal entry? 260 Inventory Accounts Payable 260 1 11. III IV. Income Statement Statement of Stockholders' Equity Balance Sheet Statement of Cash Flows a. I and II b. I and III C. lll only d. II, III, and IV 6. Good Vibez Inc, borrowed $13,000 on October 31, 2020 at 5% interest. The note is due to the bank on October 31, 2021. What should Good Vibez Inc. credit in the adjusting journal entry on December 31, 2020 before preparing their annual financial statements? a. Interest expense b. Interest payable Notes payable d. Nothing, as there is no entry to be recorded on December 31, 2020. C