Lucas Company had the following transactions in March: a. Purchasing inventory on account b. Borrowing cash from
Question:
Lucas Company had the following transactions in March:
a. Purchasing inventory on account
b. Borrowing cash from a bank
C. Cash sales of merchandise
d. Disposal of a truck
e. Paying employees' salaries
1. Classify each of the above transactions as an operating, investing or financing activity.
2. Which of the above transactions has an immediate effect on cash balance of Lucas Company?
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Related Book For
Principles Of Financial Accounting IFRS Edition
ISBN: 9789814962605
3rd Edition
Authors: Earl K Stice, James D Stice, W Steve Albrecht, Monte R Swain, Rong-Ruey Duh, Audrey Wenhsin Hsu
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