Selected Transactions of Horner Inc. Are Listed Below

question 87

Essay

Selected transactions of Horner Inc. are listed below.
1. Common shares are sold for cash.
2. Bonds payable are issued for cash at a discount.
3. Interest on a short-term note receivable is collected.
4. Merchandise is sold to customers for cash.
5. Cash is paid to purchase inventory.
6. Equipment is purchased by signing a 3-year, 5% note payable.
7. Cash dividends on common shares are declared and paid.
8. One hundred XYZ common shares are purchased for cash.
9. Land is sold for cash at book value.
10. Recorded an increase in the market value of available-for-sale securities.
Classify each transaction as either (a) an operating activity, (b) an investing activit
(c) a financing activity, or (d) a noncash investing and financing activity.

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Definitions:

Lion Gate

The main entrance of the Bronze Age citadel of Mycenae in Greece, famous for its relief sculpture of two lions standing on either side of a column.

Post And Lintel

An architectural system involving the use of two upright posts supporting a horizontal beam or lintel, found in many ancient structures.

Tholos Tombs

Beehive-shaped burial structures made of stone, found in the Mycenaean civilization, used for royal or noble interments.

Corbeled Dome Structure

A dome constructed using the corbeling technique, where stones are laid horizontally, each one extending slightly beyond the one below, until the opening is closed.