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Wildcat Corporation has the following transactions with Falcon Incorporated. Required: 1., 2., & 3. For each transaction, indicate whether Wildcat would report the related account
Wildcat Corporation has the following transactions with Falcon Incorporated. Required: 1., 2., & 3. For each transaction, indicate whether Wildcat would report the related account in the balance sheet or income statement For accounts in the balance sheet, indicate whether it would be classified as an asset, liability, or stockholders' equity. For accounts in the income statement, indicate whether it would be classified as a revenue or an expense. Indicate whether each transaction is classified as operating, investing, or financing activity. Financial Statement Account Activity Transactions 1. Wildcat issues common stock to Falcon 2. Wildcat lends to Faloon by accepting a note. 3. Wildcat receives services from Falcon 4. Widcat receives interest from Falcon on lending, Wildcats Related Account Common stock Notes receivable Service fee expense Interest revenue
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