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Sam's Sporting Goods is a company that sells sports apparel and equipment. Sam's Sporting Goods experienced the following transactions during 2019. Determine if each transaction
Sam's Sporting Goods is a company that sells sports apparel and equipment. Sam's Sporting Goods experienced the following transactions during 2019. Determine if each transaction should be classified as an operating, investing, or financing activity. Also label each transaction as a cash inflow or outflow. 1. Sam's Sporting Goods collected $150,000 from customers for apparel sales. 2. Sam's Sporting Goods borrowed $40,000 from a bank. 3. Sam's Sporting Goods repaid $20,000 to the bank. 4. Sam's Sporting Goods paid salaries totaling $25,000. 5. Sam's Sporting Goods spent $75,000 cash to purchase a new building. 6. Sam's Sporting Goods collected $37,000 from shareholders for the issuance of common stock. 7. Sam's Sporting Goods put $9,000 in a certificate of deposit. 8. Sam's Sporting Goods paid a $6,000 dividend to its shareholders. 9. Sam's Sporting Goods paid $430 to the electric company for December utilities. 10. Sam's Sporting Goods paid its suppliers $17,200 to purchase inventory
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