Identify each of the following transactions as one of the following:
■ Operating activity (O)
■ Investing activity (I)
■ Financing activity (F)
■ Noncash investing and financing activity (NIF)
For each item, indicate whether it represents an increase (+) or a decrease (–) in cash.
The indirect method is used to report cash flows from operating activities.
a. ____Cash sale of land
b. ____Issuance of long-term note payable in exchange for cash
c. ____Depreciation expense of equipment
d. ____Purchase of treasury stock
e. ____Issuance of common stock for cash
f. ____Increase in Accounts Payable
g. ____Net income
h. ____Payment of cash dividend
i. ____Decrease in Accrued Liabilities
j. ____Loss on sale of land
k.____Acquisition of building by issuance of notes payable
l. ____Payment of long-term debt
m.____Acquisition of building by issuance of common stock
n. ____Decrease in Accounts Receivable
o. ____Decrease in Inventory
p. ____Increase in prepaid expenses