ACC 206 Week 1 Assignment: Chapter One Problems
Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document and submit it in the appropriate week using the Assignment Submission button.Ch 1 Critical Thinking Question 5:Answer the following questions: Why are noncash transactions such as the exchange of common stock for a building for example included on a statement of cash flows? How are these noncash transactions disclosed?Chapter 1 Exercise 1:1. Classification of activitiesClassify each of the following transactions as arising from an operating (O) investing (I) financing (F) or noncash investing/financing (N) activity.Chapter 1 Exercise 4:4. Overview of direct and indirect methodsEvaluate the comments that follow as being True or False. If the comment is false briefly explain why.Chapter 1 Exercise 6:6. Equipment transaction and cash flow reportingLand$94000$94000New equipment purchased during 20 4 totaled $280000. The 20 4 income statement disclosed equipment depreciation expense of $41000 and a $9000 loss on the sale of equipment.Chapter 1 Problem 3:3. Cash flow information: Direct and indirect methodsThe comparative year-end balance sheets of Sign Graphics Inc. revealed the following activity in the company s current accounts:The accounts payable were for the purchase of merchandise. Prepaid expenses and accrued liabilities relate to the firm s selling and administrative expenses. The company s condensed income statement follows.SIGN GRAPHICS INC.Income Statementfor the Year Ended December 31 20 5$713800323000$390800$1860001700027000230000$16080021800$18260036800$145800Other data:Instructions:

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