Classify Each of the Following Transactions for the Purpose of the Statement

question 97

Essay

Classify each of the following transactions for the purpose of the statement of cash flow as operating activities (OA), investing activities (IA), financing activities (FA), or not reported on the statement of cash flows (NA).________ Sold land________ Provided consulting services on account________ Borrowed funds from the bank________ Paid cash to settle accrued salary expense________ Collected accounts receivable

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Definitions:

Inelastic Demand

A scenario in which the need for a product remains largely unaffected despite variations in its price.

Excise Tax

A tax levied on specific goods, services, and activities, such as tobacco, alcohol, and gambling, often used to discourage their use and generate government revenue.

Largest Source

Refers to the main or biggest origin of something, such as the largest source of revenue for a business or the largest source of pollution in an area.

Sales Tax

A tax levied on the cost (at retail) of a broad group of products.