The Following Transactions Apply to Fort Bend Corporation

question 15

Essay

The following transactions apply to Fort Bend Corporation:
1)Issued common stock for $21,000 cash
2)Provided services to customers for $28,000 on account
3)Purchased land for $18,000 cash
4)Incurred $9,000 of operating expenses on credit
5)Collected $15,000 cash from customers
6)Paid $7,000 on accounts payable
7)Paid $2,500 dividends to stockholders
Required:
a)Identify the effect on the Statement of Cash Flows,if any,for each of the above transactions.Indicate whether each transaction involves operating,investing,or financing activities and the amount of increase or decrease.
b)Classify the above accounting events into one of four types of transactions (asset source,asset use,asset exchange,claims exchange).

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Definitions:

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A user-interface element that triggers automation of tasks in software applications, programmed through macros.

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A feature in graphic design software that allows multiple shapes to be combined and manipulated as a single object.

Apply Macro

The process of executing a predefined set of instructions or a macro to automate repetitive tasks in software applications.

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A command or action used to cease the capture of audio or video content, frequently used in multimedia production and surveillance systems.