Skateboards, Inc. identified the following selected transactions that occurred during the year ended December 31, 2024:...
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Skateboards, Inc. identified the following selected transactions that occurred during the year ended December 31, 2024: i (Click the icon to view the transactions.) Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) More info a. Issued 1250 shares of $4 par common stock for cash of $27,000. b. Issued 5,200 shares of $4 par common stock for a building with a fair market value of $101,000. c. Purchased new truck with a fair market value of $32,000. Financed it 100% with a long-term note. d. Retired short-term notes of $22,000 by issuing 2,000 shares of $4 par common stock. e. Paid long-term note of $12,500 to Bank of Tallahassee. Issued new long-term note of $20,000 to Bank of Trust. Skateboards, Inc. Statement of Cash Flows (Partial) Year Ended December 31, 2024 Non-cash Investing and Financing Activities: Acquisition of Building by Issuing Common Stock Acquisition of Truck by Issuing Long-term Note Payable Payment of Short-term Note Payable by Issuing Common Stock Total Non-cash Investing and Financing Activities Skateboards, Inc. identified the following selected transactions that occurred during the year ended December 31, 2024: i (Click the icon to view the transactions.) Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) More info a. Issued 1250 shares of $4 par common stock for cash of $27,000. b. Issued 5,200 shares of $4 par common stock for a building with a fair market value of $101,000. c. Purchased new truck with a fair market value of $32,000. Financed it 100% with a long-term note. d. Retired short-term notes of $22,000 by issuing 2,000 shares of $4 par common stock. e. Paid long-term note of $12,500 to Bank of Tallahassee. Issued new long-term note of $20,000 to Bank of Trust. Skateboards, Inc. Statement of Cash Flows (Partial) Year Ended December 31, 2024 Non-cash Investing and Financing Activities: Acquisition of Building by Issuing Common Stock Acquisition of Truck by Issuing Long-term Note Payable Payment of Short-term Note Payable by Issuing Common Stock Total Non-cash Investing and Financing Activities
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Skateboards Inc Statement of Cash Flows Partial Year Ended December 31 2024 Noncash Investing and Fi... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
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