I. Exercise 8-9 Impact of Transactions Involving Operating Assets on Statement o

Question

I. Exercise 8-9 Impact of Transactions Involving Operating Assets on

Statement of Cash Flows

From the following list, identify each item as operating (O), investing (I), financing (F), or not

separately reported on the statement of cash flows (N).

________ Purchase of land

________ Proceeds from sale of land

Norton; Porter (2013-02-01). Using Financial Accounting Information: The Alternative to Debits and Credits (Page 414). South-Western. Kindle Edition.  

________ Gain on sale of land

________ Purchase of equipment

________ Depreciation expense

________ Proceeds from sale of equipment

________ Loss on sale of equipment

Impact of Transactions Involving Operating Assets on Statement of Cash Flows From the following list, identify each item as operating (O), investing (I), financing (F), or not separately reported on the statement of cash flows (N). Purchase of land Proceeds from sale of land Norton; Porter (2013-02-01). Using Financial Accounting Information: The Alternative to Debits and Credits (Page 414). South-Western. Kindle Edition. Gain on sale of land Purchase of equipment Depreciation expense Proceeds from sale of equipment Loss on sale of equipment

Explanation / Answer

1.

Purchase of land - Investing(I)

Proceeds from sale of land- Investing(I)

2.

Gain on sale of land - Credit

Purchase of equipment - Debit

Depreciation expense - Debit

Proceeds from sale of equipment - Debit

Loss on sale of equipment - Debit

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