Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Skateboards, Inc. identified the following selected transactions that occurred during the year ended December 31, 2018: (Click the icon to view the transactions.) Identify any

image text in transcribed

Skateboards, Inc. identified the following selected transactions that occurred during the year ended December 31, 2018: (Click the icon to view the transactions.) Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows. (If a box is not used in the table, leave the box empty, do not select a label or enter a zero.) Skateboards, Inc. Statement of Cash Flows (Partial) Year Ended December 31, 2018 Non-cash Investing and Financing Activities: More Info a. Issued 950 shares of $3 par common stock for cash of $26,000. b. Issued 5,400 shares of $3 par common stock for a building with a fair market value of $97,000. c. Purchased new truck with a fair market value of $36,000. Financed it 100% with a long-term note. d. Retired short-term notes of $25,000 by issuing 2,900 shares of $3 par common stock. e. Paid long-term note of $9,500 to Bank of Tallahassee. Issued new long-term note of $16,000 to Bank of Trust. Total Non-cash Investing and Financing Activities Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CPAexcel Exam Review 2016 Study Guide January Auditing And Attestation

Authors: O. Ray Whittington

1st Edition

1119119960, 978-1119119968

More Books

Students also viewed these Accounting questions